Has anyone heard of this alleged revaluation of the foreign currencies?  Said to begin on July 20th, although I have no idea if this is just speculation.

 

If that does happen, the dollar will erode within weeks, which means everything we buy from abroad (mostly China) will jump by 30% or more, according to the rumors.

 

That said, is it wise to shift out of cash and into metals, or is that a fallacy as well?

 

Your thoughts?

I would be careful with such rumors and speculation, specially when large amount of money is involved. Anything can happen anytime, but likely, no such thing will happen on 20th. I continue to look for good investment opportunities instead of keeping cash, but that got nothing to do any rumors.

 

Note: Should this be moved to "NJ Prepared" section ?

OK- so suppose we finally do get some of the currencies that have been artificially depressed to float to market value, say China for example allows its currency to float to an equilibrium level maybe tied to it's GDP.  If this does happen there may be an increase in the cost of foreign goods, which would indeed make those foreign goods more expensive, but it would also help our trade deficit and we would either find alternate sources to supply those goods at lower prices or, God forbid, manufacture them here in the USA.

 

Just my $0.02

Hmm googling for the specific date, the magic phrase is global currency reset.

 

My response is how frikin stupid are people?

 

 

Can we at least get conspiracy theories that have internal consistency? Here's a tip. The people in power that are making major bank and expanding power by gaming the reserve system and leveraging debt are not going to go to a gold backed currency willingly. Even if they want it for security as a hedge against their own destabilizing behavior, they aren't going to share with the masses by backing currency with it because FU and suck it peons.

 

 

And if by some miracle they did, what would be the point of hoarding it? They wouldn't go after it like last time?

 

Also of note, every search return was linked to gold bugs shilling for their favorite metal which has been floundering.

 

I wouldn't even call this a rumor.

Investing in various currencies is a good strategy (assuming you pick the right ones) but the notion that the world will end on the 20th is a fallacy and if you are buying into these things you should re-evaluate your investment strategy.

No, just no please.

Absurd. I work with an FX desk and haven't heard a word about this.

 

A credible event would have already been priced into markets

 

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Would be front page news in WSJ - I say BS!

Absurd. I work with an FX desk and haven't heard a word about this. A credible event would have already been priced into markets Sent from my iPhone using Tapatalk

 

This "reset" concept is from an interview of Christine LaGarde, the Managing director of the IMF.  People heard the word "Reset" associated with IMF and ginned up the date by her mentioning "The Magic 7" and touching on Numerology.