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#1
09-20-2007, 05:37 PM
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Re: Some scary stuff about the dollar
[ QUOTE ]
[ QUOTE ] could this be why absolute (which is a canadian company) can do the 9% interest for elite accounts? [/ QUOTE ] can someone tell me more about this? thanks a lot, tc [/ QUOTE ] Absolute offered 9% interest to VIP players to lure more money onto the site and then used super-user accounts to take said money. But seriously, more information can be found here. 
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#2
09-20-2007, 05:47 PM
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Re: Some scary stuff about the dollar
The sky is definitely falling. Only a matter of time really.
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#3
09-21-2007, 01:00 AM
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Re: Some scary stuff about the dollar
[ QUOTE ]
this could be a real problem for me, as i'm a british online poker pro, so spend in pounds (which are strong) but earn in dollars (which are weak and weakening), and also have quite a bit of money on poker sites in dollars (not loads by high stakes players' standards, but enough that a collapse would be painful for me). how likley to people think a collapse (or just a fairly dramatic decline over the next few years) is? there are sites where you can play in pounds, instead - do people think this is a sensible precaution to take? [/ QUOTE ] I don't know what you consider a "collapse" vs a "fairly dramatic decline". The dollar has stunk and will get worse with the Fed cut. It could really dump with another cut. As bad as it is for foreigners with U.S. dollars, it is very, very bad for Americans. Imported goods, including oil products, will go up significantly. Interest rates are already going up as investors slow down their dollar buying (t-bonds and notes) and may really fly if they dump their dollars. It's going to suck, huge.
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#4
09-21-2007, 11:39 AM
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Re: Some scary stuff about the dollar
[ QUOTE ]
i'm a british online poker pro, so spend in pounds (which are strong) but earn in dollars [/ QUOTE ] This isn't a problem. Just decide what stakes to play by thinking about them in terms of pounds. If you are used to playing 10-20 (dollar), just start playing 15-30 (dollar) to maintain the same level of (pound) earning. Assuming you can beat the 15-30 dollar for the same rate as the 10-20 dollar.
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#5
09-21-2007, 11:45 AM
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Re: Some scary stuff about the dollar
[ QUOTE ]
Assuming you can beat the 15-30 dollar for the same rate as the 10-20 dollar. [/ QUOTE ] Well obviously he can't or he would be playing 15/30 already.
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#6
09-21-2007, 11:58 AM
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Re: Some scary stuff about the dollar
[ QUOTE ]
this could be a real problem for me, as i'm a british online poker pro, so spend in pounds (which are strong) but earn in dollars (which are weak and weakening), and also have quite a bit of money on poker sites in dollars (not loads by high stakes players' standards, but enough that a collapse would be painful for me). how likley to people think a collapse (or just a fairly dramatic decline over the next few years) is? there are sites where you can play in pounds, instead - do people think this is a sensible precaution to take? [/ QUOTE ] Late last year I had a bad day, losing 10 buyins. I took a week off, as I normally do when annoyed with poker. During that week, the USD fell a lot vs. the GBP and I effectively lost a further 4 buyins. I went on bankroll tilt and cashed it all out and started over. That was dumb - $300/hour down to playing $25 NL, and I'm still not close to playing $600 nine months later (I don't play that many hands). So, don't panic/tilt. However, I would suggest you consolidate and only play one site. You should make it a site that you can easily cash in and out of, preferably with minimal conversion fees. Then take out everything but 20 buyins, and obviously put more money in as need be. The exact number of buyins you leave in there and the frequency with which you fund your account depend on the fees for funding it. Put your new money in an instant access savings account. There're a couple out there in the UK that offer > 6.25% and have no withdrawl penalties. I pay top rate tax and still end up +£100 per month as a result, you are probably paying no tax at all and will get the full 6.25%. Profit.
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#7
09-21-2007, 12:12 PM
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Re: Some scary stuff about the dollar
On a related note, I'm in the UK. How would I go about buying gold? I don't want an actual lump of the stuff (sorry if this is naive), but I assume there're trackers for it? For gold companies?
It seems inconsistent of me to have money in a savings account at 6.4% but not in the stock market because I expect the market to fall in the near term, when there're stocks I can put money in that'll do better as the market does badly.
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#8
09-21-2007, 07:56 PM
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Re: Some scary stuff about the dollar
[ QUOTE ]
On a related note, I'm in the UK. How would I go about buying gold? I don't want an actual lump of the stuff (sorry if this is naive), but I assume there're trackers for it? For gold companies? It seems inconsistent of me to have money in a savings account at 6.4% but not in the stock market because I expect the market to fall in the near term, when there're stocks I can put money in that'll do better as the market does badly. [/ QUOTE ] Buy gold futures. Open a futures account and tell them you want to go long gold. Problem solved.
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#9
09-21-2007, 08:22 PM
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Re: Some scary stuff about the dollar
Take with a huge grain of salt, but this is a fun (or scary) read:
http://www.gold-eagle.com/editorials...ack012605.html
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#10
09-20-2007, 07:37 PM
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Re: Some scary stuff about the dollar
[ QUOTE ]
pretty well convinced a dollar collapse is coming [/ QUOTE ] Don't you think you guys are a little late to the party? In the past 5 years the USD is: -30% vs euro -22% vs £ -36% vs Canadian $ -56% vs gold I'm not saying the US$ is not going to continue to fall, but you guys missed a lot of the action already.
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