America is doomed.

I went out to dinner last night with one of my coworkers (who I met two days ago for the first time) and we were talking about work, family, and other things that people who don’t really know each other that well talk about. As we were walking back to the hotel we are staying at, he asked me if I’ve started buying gold or silver due to the economic uncertainty in America.

My response. “No.” I wish I would have bought Gold four or five years ago, but I’m personally not convinced it’s a good buy right now (bubble anyone?). The conversation snowballed as we talked about our investment portfolios and the future of America.

My favorite thing about personal finance is that there are a million different ways people can manage their money. Unlike a snuggie, personal finance is not a “one size fits all” gig. I’m aggressive in my investments (all stocks). He’s very conservative (all government bonds).

At one point during the conversation he said something along the lines of “The US Dollar will eventually crumble and we are going to end up exactly like Greece.” I responded, “You really believe that?” Turns out he does.

While I obviously am no political and/or economic expert, I definitely don’t believe America as we know it is going to hell in a hand basket.

Maybe I’m ignorant? Maybe I’m too young to understand? Maybe I’m wrong? Maybe I’m a wishful thinker? I’m just not buying in to all the doom and gloom.

I’ve said it many times before, but I am all stocks for at least the next ten to fifteen years because I believe America will ultimately prosper. If for some reason we don’t, my retirement portfolio allocations will probably be the least of my concerns.

It’s funny how different people can be. Two people, two completely different opinions.

What do you think? What is the future of America? Will we ultimately prosper or are we doomed to epic failure like Greece?

On a completely random note. I took out money from the ATM last night and, for probably the only time in my life, I physically held one hundred thousand dollars. Okay, not dollars. Korean Won; same thing right? Took a screenshot because it’s kinda cool and I’m nerdy like that…

In case you are wondering this is equivalent to $86.

19 thoughts on “America is doomed.

  1. I have to admit that I get rather anxious when I listen to the radio and hear about all of the whining about the economy. Whine whine whine, collapse, whatever. What they don’t realize is that it’s a self fulfilling prophecy – because they’re training themselves to really search out the reason for ‘hell in a handbasket.’ I’m a little bit more local than that because I figure as long as we keep going and keep striving toward the stuff we need, we’ll get it. Don’t need an a looming threat of economy to get me down.

  2. Hope you’re having a great time in Korea. That’s one country I would love to visit, used to have a penpal from there. As for the future of America, I feel that things are changing. Trying to stay on top of things is like trying to keep your balance while log rolling. The whole dynamics of the world economy is changing. India/China are emerging as the new economic powerhouses and if we don’t do some fancy foot shuffling we’ll (meaning the Western world) will be left in the dust. As it is, the gulf between the rich and poor is widening and the middle class is becoming an endangered species. But…that’s one of the great things about the US. Somehow, someway, someone will find a way to turn this to their advantage and BAM…back on top again.

  3. Don’t give into the Doom and Gloom – Young people need tobelieve in the power of America and it will be strong again.

    Be safe and don’t spend all your Won in one place.

  4. Even though I’m an “experienced optimist,” I have been noticing that restaurants and grocery stores are jammed up with consumers. This makes me believe our economy is turning the corner. Personally, I’m feeling the middle class and gen x squeeze still so I don’t feel better. How old is your coworker btw? At risk for sounding like a troll, I think you seem to be overly optimistic and sheltered with your well paying, secure job.

  5. Why is he invested in government bonds if he thinks our government is going to default on our debt? Seems bass-ackwards to me.

    I invested in physical silver because I want to have money if the dollar becomes worthless. I don’t think it will happen, but it’s nice to know that if it does, I’ll be in the very large minority of people who actually have physical precious metals in his house (or wherever else I’ve hidden it…)

    • That was my first thought! My two cents, aside from the many examples of collapsed economies recovering, is that the prophecies of doom-and-gloom scenarios are proliferated by political candidates in major election cycles.

  6. If America absolutely collapses… and I mean 3rd world country collapse.. the best thing to invest in would be good fertile soil (homestead) for growing your own food and bullets to keep the welfare recipients from stealing your freshly grown food. In the current system the ‘something-for-nothings’ use government to steal your money, but if the government collapses the lazy bums will be forced to get up off the couch and try to steal it from you directly.

  7. I was just recently out to coffee with an ex. We were just having light conversation, and suddenly it turned to him trying to tell me to get out of the city because immigration is going to ruin the cities in the next few years and we all need to live out in the boonies, where we will be self-protecting our land.

    Ummm..YIKES dude!! I see why we are EXES. Yeah, things have been pretty rough the last few years in this country, but honestly I think it’s been turning around this year.

  8. Wow, I was in Korea in 1980 and 1981. Took two small trips from Okinawa. The Won was about 900 to a dollar then. So in 30 years it has only gone up 262 Won per dollar. Good for you but I bet the prices have also gone up. I still have some of the stuff I bought there. You should see if they still sell what we called Mink Blankets. Not real mink but very plush. Girl Ninja will love you even more.

  9. Wow. I need to move to Korea so I can be rich. 😉

    I’m still mostly stocks with a few bonds for shits and giggles. I’ll either make money or I won’t. If the U.S. gets as bad as he’s imagining, then I don’t think it really matters what you’ve invested in… unless it’s your social circle.

  10. My mom is was born in 1956 and made a good point about the end of the world a few months ago.

    She said “It’s been the end of the world since I was a little girl!” “Look at me now, I’m old and wrinkly, my kids are grown and they still keep saying that!” in her cute, really thick Asian accent.

    So yeah, I’ll just go about my life based on what my mom said. I’ll continue to pay off my debt, save money and invest, oh yeah and ENJOY LIFE!

  11. Paranoia breeds paranoia. As long as the gloom and doom are spread by the media (and your co-worker) it will be difficult for Americans to go out and spend money- something required to save the economy! I think I’m repeating what Kim said in a less eloquent manner 🙂

  12. I love Hannah’s comment. Maybe the world will end, but it won’t end the way people predict it too, and I don’t think America is doomed anytime soon. I personally believe that we are our own future and America has the ability to invest in and turn around its education system, infrastructure and public institutions. But I don’t know about the all-stocks plan for me. I guess I will figure it out when I finally pay off my debt!

  13. I think I am too optimistic to think we are doomed! I do not own gold or silver. I own stocks, mutual funds and ETFs in good companies that grow over time.

  14. I want to go to Korea for long time; lope you enjoy it. I am an only stock investor too because I believe in corporate america. Although our government is in huge debt right now; the dollar is depreciating, but we have a great corporate foundation that run by smart greedy individuation they will make sure things going well.

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