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Time To Bail On The Dollar

With the bailouts that have been going on over the past week, with Dictator Paulson pledging half of our national productivity to bail out failing financials, I think it’s clear time to get out of the dollar. About two months ago, I had devised a plan. To buttress myself against the failing dollar, I would do my best to exchange it for a physical commodity as soon as possible. I decided that I would put away half of my paycheck every month, and in about a year’s time, I would have enough money saved up for a decent down payment on a house. That way, when the bottom fell out, and everyone has to pay $20 for a loaf of bread, comparitively at least my house payment is locked in and cheap. (I realize the falacy in this, that though costs of living may be rising, certainly my salary won’t be rising in tandum, and so my house payment will simply commit a portion of my stale wages, which will be made absolutely meager by raising living cost. However, in renting, I see nothing stopping them from raising my rent every year as the dollar continues to plummet as well)

However, sometime last week, as I noticed the news was going from bad to downright catastrophic, I decided that maybe a year was too long to wait. I checked out gold bullion prices. An ounce of gold was in the $730 neighborhood.

After the Citibank nonsense, I checked again today. Gold is about $810 an ounce. I have no doubt about Peter Schiff’s predictions that it will hit $2k an ounce next year. I’m already starting to think I’m too late. The collapse has come, and I’m woefully unprepared.

So my question to you, dear readers: should I just close out my savings account (where I was storing my money for the downpayments) and just start stocking up on bullion? Or is there still time before the entire economy crumbles beneath us?

Posted in Rants