# Predicting financial meltdown since 1974



## imogen (21 Mar 2007)

My dad has been predicting financial meltdown since 1974 on the basis of unsustainable budget deficits in major economies. He was a tax barrister and before that a business broker (bought and sold businesses for people) and has always enjoyed pontificating on matters financial and economical.

When will he be right? What constitutes financial meltdown? Is it worth worrying about?

(just responding to the plea for a topic other than property prices... when we came back to Ireland in 1991 one of the joys of being here was that property prices did not dominate every conversation as they did in the UK... that seems a long time ago now...)

Imogen


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## room305 (21 Mar 2007)

*Re: And now for something completely different*

Since that roughly coincides with the dismantling of the second Bretton Woods system (1971) he is most probably correct.

Every single fiat currency throughout history has eventually reduced to its intrinsic value. Zero.


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## Foxtrotmike (11 Apr 2007)

*Re: And now for something completely different*

Anyone heard the story that a US one cent coin contains 1.2 cent worth of copper? Apparently the US authorities are placing restrictions on the quantity of these coins one can export!


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## ClubMan (11 Apr 2007)

*Re: And now for something completely different*



> *And now for something completely different*


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## room305 (11 Apr 2007)

*Re: And now for something completely different*



Foxtrotmike said:


> Anyone heard the story that a US one cent coin contains 1.2 cent worth of copper? Apparently the US authorities are placing restrictions on the quantity of these coins one can export!



Indeed, you are restricted now to taking only $5 of change from the country. Tells you alot that they put no such restrictions on the amount of dollar bills you may take with you!

There was even a suggestion of making the 1c coin worth 5c. I believe the UK has a similar problem with its pennies (i.e. 2p contains nearly 3p worth of metal).


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## ajapale (11 Apr 2007)

I have altered the title somewhat to reflect the issue for debate.


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