So glad I haven't had any plans to touch my IRA for 10 years. I feel bad for people who are living off their retirement plans. It's got to be hard to see such big dips in the stock market with no time to recover from them. The next few weeks will be an interesting ride. Good luck!
I haven't checked to see how my mutual funds have been affected. If I had the cash and the nerve, now would be a good time to buy/
I was just reading another article tonight from an online blog of an economist, and what he is reporting is definitely not good news for our dollar system, either. The report from RT (Russia Today) is that President Putin has submitted a proposal to stop using the US dollar in trading with some countries. There has been talk of something like this happening for some time now, and it seems like it will now be likely in the near future. This would not collapse the US dollar; but it would certainly not be a good thing for it at all. The article says we use more of our money in other countries than we use here in America, and the dollar has been the default world currency for many years now. China, Russia, India, and Brazil have all been forming a monetary system that would use the Chinese yuen as their trading currency, and if this happens also, then it actually would stop a lot of our trading, since China is one of the main countries we now trade with. http://theeconomiccollapseblog.com/...to-pass-a-law-formally-dumping-the-u-s-dollar
Yes, I've read reports over the summer about how China was going to try to make a bid to overtake the U.S. dollar as soon as Sept 15th. Since their recent economic fallout though, I thought maybe they would postpone this to take some time to get their financial house in order. Guess we'll find out soon enough!