As gold soars, the dollar sinks: Forbes warns US headed towards 1970s-style inflation nightmare

[mystery-ak]

 April 21, 2025 12:41pm EDT
As gold soars, the dollar sinks: Forbes warns US headed towards 1970s-style inflation nightmare
Weak US dollar means ‘turbulence and higher prices,’ Steve Forbes cautions

By Kristen Altus FOXBusiness

Tariffs, the Fed and America’s crumbling reserve currency – the economic volatility is painting a gloomy fiscal picture that will result in a recessionary slowdown, according to one expert.

"The dollar is weakening, and that always leads to future inflation," Forbes Media Chairman and editor-in-chief Steve Forbes said on "Varney & Co." Monday.

"Since 2023, gold's gone from $1,800 to $3,400 an ounce. That's a sure sign we're going to have a weak dollar ahead," he expanded, "which means ultimately turbulence and higher prices in the marketplace. Just look at the 1970s, and we can see where that leads unless something is done about it now. But I don't see any sign that the authorities have any idea, constructively, of what to do, sadly."

Wall Street’s top indexes each lost more than 1% and the U.S. dollar fell to a three-year low on Monday, Reuters reported, as President Donald Trump’s public criticism of Federal Reserve Chairman Jerome Powell continues and markets battle global trade and tariff tensions.

Trump most recently called Powell a "major loser" and said the central bank should make "preemptive cuts" to interest rates. Trump's comments come after he said in a Truth Social post last week that Powell is "always TOO LATE AND WRONG" and that, "Powell's termination cannot come fast enough," though the chair has confirmed serving the remainder of his term through May 15, 2026.

more
https://www.foxbusiness.com/media/gold-soars-dollar-sinks-forbes-warns-us-headed-towards-1970s-style-inflation-nightmare

[Weird Tolkienish Figure]

Yeah, this is the sort of article we should see under Democratic Presidents, not GOP ones.

[IsailedawayfromFR]

Yeah, this is the sort of article we should see under Democratic Presidents, not GOP ones.

When Democrats are in power, a falling dollar is a good thing.

Ever hear about how weak the dollar was during Obama's term?

See the graph
https://www.cnbc.com/quotes/.DXY/

[LMAO]

When Democrats are in power, a falling dollar is a good thing.

Ever hear about how weak the dollar was during Obama's term?

See the graph
https://www.cnbc.com/quotes/.DXY/

So now the MAGA response is to go back and blame Obama. Good luck with that!!!!


In case you forgot, Obama’s tenure ended in January 2017. It’s April 2025. Try to keep updated



But, continue to defend all of this and we’ll see if the voters next year agree that a weak dollar and their purchasing power declining is actually a plus for them. Of course, what else should we expect from  people who support a president who claimed not long ago that egg prices are getting too low.


https://thehill.com/homenews/administration/5256708-trump-egg-prices-low/amp/

[Weird Tolkienish Figure]

So now the MAGA response is to go back and blame Obama. Good luck with that!!!!

It's all they got.

[LMAO]

It's all they got.

They’re doing the exact same thing that eventually cost the Democrats and destroyed the Biden presidency

Dismissing people’s economic concerns is a sure path towards electoral defeat. Trump also claim that grocery prices were going down when they are not.

https://amp.cnn.com/cnn/2025/04/17/politics/fact-check-trump-grocery-prices-down

Donald Trump says a lot of things that are  untrue because he knows his cult will not question him. But telling people they’re not seeing what they’re seeing didn’t work for Biden and the Democrats and it will not work for Trump and his MAGA movement

[catfish1957]

DJT...

We need to see some of these negotiations come to fruition soon.  I have supported this strategy, but this is towards equity, not lengthy  market downturns that will over bleed the equity to the point we have lost not only business value, but currency stability.   $3500 /oz. gold,. and doubling in a year is not that. 

[berdie]

They’re doing the exact same thing that eventually cost the Democrats and destroyed the Biden presidency

Dismissing people’s economic concerns is a sure path towards electoral defeat. Trump also claim that grocery prices were going down when they are not.

https://amp.cnn.com/cnn/2025/04/17/politics/fact-check-trump-grocery-prices-down

Donald Trump says a lot of things that are  untrue because he knows his cult will not question him. But telling people they’re not seeing what they’re seeing didn’t work for Biden and the Democrats and it will not work for Trump and his MAGA movement

Totally agree. If the economy doesn't improve before the mid-terms we are in deep doo-doo. Even worse if there is no improvement before 2028. And hopefully there won't be a full on crash. Most people vote on how well they are doing financially.

[IsailedawayfromFR]

So now the MAGA response is to go back and blame Obama. Good luck with that!!!!


In case you forgot, Obama’s tenure ended in January 2017. It’s April 2025. Try to keep updated



But, continue to defend all of this and we’ll see if the voters next year agree that a weak dollar and their purchasing power declining is actually a plus for them. Of course, what else should we expect from  people who support a president who claimed not long ago that egg prices are getting too low.


https://thehill.com/homenews/administration/5256708-trump-egg-prices-low/amp/

Your comments show you obviously have an agenda as your comments do not pertain to what is shown on the graph.

How idiotic to say I am blaming Obama for anything, just looking at the graph it is apparent that our dollar did much poorly during Obama's time in office than it is doing now.

Get yourself together, troll.

[Smokin Joe]

So now the MAGA response is to go back and blame Obama. Good luck with that!!!!


In case you forgot, Obama’s tenure ended in January 2017. It’s April 2025. Try to keep updated



But, continue to defend all of this and we’ll see if the voters next year agree that a weak dollar and their purchasing power declining is actually a plus for them. Of course, what else should we expect from  people who support a president who claimed not long ago that egg prices are getting too low.


https://thehill.com/homenews/administration/5256708-trump-egg-prices-low/amp/

Might want to update that. Obama's tenure ended January 2021. Biden sure wasn't running the show.

[kevindavis007]

I feel so liberated.

[kevindavis007]

https://twitter.com/StealthQE4/status/1914396577650893043

[kevindavis007]

https://twitter.com/JamesSurowiecki/status/1914414385641963546

[kevindavis007]

https://twitter.com/KenGardner11/status/1914539847311675729

[Right_in_Virginia]

It's all they got.

Who's the "they" @Weird Tolkienish Figure ?

[kevindavis007]

Who's the "they" @Weird Tolkienish Figure ?

A**holes like you.

[LMAO]

It’s obvious that Donald Trump is already looking for scapegoats to blame for his failures. Right now it’s  Powell. 

It’ll  sell with the red cap brigade. Doubtful the public at large is gonna buy Trump’s bullshit

[rustynail]

Will this bring back Disco?

[DefiantMassRINO]

Foreign nations used their trade surplus dollars to purchase US Government Debt.

Now, they are not doing that; they are parking their trade surplus dollars in gold.

Trump has also made thinly veiled threats that he won't allow nations that store gold at the NY Federal Reserve Bank to repatriate their gold.

When demand for Treasury Bonds drops, bond yields increase (prices decrease) to attract more buyers.  That's what's happening.  Higher rates have little to do with Powell; it's payback from foreign nations for Trump's tariff tantrum.

[kevindavis007]

https://twitter.com/KenGardner11/status/1914740739243958321

[kevindavis007]

https://twitter.com/KenGardner11/status/1914785987361968375

[IsailedawayfromFR]

https://twitter.com/StealthQE4/status/1914396577650893043

Those % drops do not even make the alltime top 20 drops of the DOW in history.

So easy to also forget the 2,962 point increase of March 9, 2025 that did make the alltime top 20 increase, isn't it?

[MeganC]

Your comments show you obviously have an agenda as your comments do not pertain to what is shown on the graph.

How idiotic to say I am blaming Obama for anything, just looking at the graph it is apparent that our dollar did much poorly during Obama's time in office than it is doing now.

Get yourself together, troll.

Some people refuse to let facts get in the way of their agenda. Reminiscent of the pro-Russian crowd at a certain website.

[LMAO]

https://twitter.com/KenGardner11/status/1914785987361968375

Conservatives used to know all this pre Trump

I guess those red caps keep information from reaching the MAGA brain and making them  low information voters

They still believe foreign countries pay the tariffs

Now he's caving to China and claiming he never wanted to remove Powell....lol.  He would have been better off in doing nothing. Now China will smell weakness in US policy. Must be his “Art of the Kneel”

Watching some defend Trump's chaotic policy(when we know they wouldn't do the same if this was done by a Democrat) has been telling and further evidence that MAGA is indeed a cult

[DefiantMassRINO]

Dollar-phobes are feeing to gold as their preferred store of value because there is no other currency they trust as much or more than gold.

America's elites needs to get their $h!t together or get out of the way.

[LMAO]

Whenever the subject of economics comes up, I’m always reminded of the speech given by Gregory Peck and Danny DeVito in the movie “Other People’s Money”

Here’s the administration and its supporters


https://m.youtube.com/watch?v=xJRhrow3Jws

Here’s economic reality


https://m.youtube.com/watch?v=62kxPyNZF3Q&pp=0gcJCdgAo7VqN5tD


We are experiencing severe labor shortages across many fields. In my line of work, it’s at a crisis level. The administration has never answered where all these new workers making buggy whips and screwing screws in iPhones are going to come from.

Folks, if you went and asked 10 of the most apolitical people on the street if they would rather see farmers selling food products on the world markets or would they rather see them being bailed out with taxpayer dollars I have no doubt they would choose the former. Not the administration, though. And there’s not enough Americans to buy all of this food, even if we pigged out every day.

Even  if Trump decided tomorrow to abandon his tariff scheme, it’s not that easy to rebuild trust

It’s actually people like us that are trying to help the administration. We don’t want to  end up with a president AOC with vice president Jasmine Crockett in 2028 with newfound powers like ignoring court orders, creating new departments and staffing them with people that have not been confirmed by the Senate,  and declaring emergency after emergency to give themselves more power.

And when President AOC creates the newly found “department of energy efficiency” and appoints  Greta Thunberg to it and gives her power, well, don’t say you weren’t warned

[DefiantMassRINO]

American won't even make hamburgers any more.  We'll have to smuggle them into America from Brazil and Botswana.

[kevindavis007]

https://twitter.com/ZaidJilani/status/1915077421688094808

[kevindavis007]

Is this winning 🤔

https://twitter.com/FreightAlley/status/1915249557295817209

[kevindavis007]

Or is this winning 🤔

https://twitter.com/SpencerHakimian/status/1915210399642800563

[DefiantMassRINO]

Legal shipments = decrease
Illegal shipments = increase

[LMAO]

A while back when Trump was hawking  his trading cards of he being a muscular Superman, I suggested to somebody at the time that that may be how he really sees himself

Now that’s all unraveling. Trump has been very good at cultivating an image, a myth about himself that is not true at all.  The myth of Trump as very successful businessman who forces Titans of industry to their knees on his negotiating skills is now being exposed as a mirage

After an erratic rollout of a tariff policy that even his own  cabinet can’t articulate, the so-called master negotiator is reduced to softening his stance on China after taking a hard stand and begging Vladimir Putin to stop attacking Ukraine. He’s also reduced to attacking Fox News now over their polls as Fox News can no longer prop him up.


He can bs and bluster and bloviate and the Fox News commentators can tell you all they want that you’re not seeing and experiencing what you’re seeing and experiencing. But it is no longer selling. People are watching their savings  deteriorate, their standard of living deteriorate, destroyed international relationships that will be hard to repair, and a highly unqualified and incompetent staff


Oh, the red cap brigade  will stick with him no matter what. But a good number of the  plurality of voters who voted for him in 2024 because he promised to bring grocery prices down on day one will not. Despite  his claims of a landslide, the 2024 election was no such thing.

Institutions are standing up to him. Courts are standing up to him. The international community is standing up to him. And increasing number of Americans are giving him two big thumbs down.


This is when he’ll become more dangerous and unhinged. Watching him go after Fox News is comical because Fox News does everything to artificially prop him up. It’s also laughable his rants about any companies who oppose his tariffs are bad at business, considering his record of failures.


There is a lot to be critical when it comes to China and how they conduct themselves. But we would’ve been better off doing nothing vs what Trump is doing.

The GOP in Congress are going to have to make a choice of whether to serve the country or Donald Trump. Although the Democrat Party brand is in trouble, that won’t apply to individual democrats running in next year’s midterms

[Timber Rattler]

They’re doing the exact same thing that eventually cost the Democrats and destroyed the Biden presidency

Dismissing people’s economic concerns is a sure path towards electoral defeat.

Yep!  And screaming "Fake News!," "Media Bias!," "Misinformation," and "Democrat Talking Points" gets old really fast as a deflection tactic.

[Timber Rattler]

https://twitter.com/KenGardner11/status/1914539847311675729

And who is Grant Cardone...oh, a major figure in the Scientology cult. 


https://www.youtube.com/watch?v=q1ocR1iu5TA

Millionaire Scientologists crowdfund for Trump legal fees

https://thespectator.com/topic/millionaire-scientologists-crowdfund-trump-legal-fees-grant-elena-cardone/

Evangelical voters flocked to Donald Trump in 2016 and 2020. Now the former president is getting support from a slightly different religious group — or rather, cult.

Millionaire Scientologists Grant and Elena Cardone launched a GoFundMe page on Friday to raise the $355 million that Trump has been ordered to pay following his New York civil fraud trial. At the time of writing, the campaign has raised $63,517 from over 1,500 donors. Cockburn wonders whether Tom Cruise or John Travolta are among them.

[MeganC]

American won't even make hamburgers any more.  We'll have to smuggle them into America from Brazil and Botswana.

Hamburgers are being smuggled in from Brazil and Botswana?

 

[kevindavis007]

Sadly China is going to win this round

https://twitter.com/ianbremmer/status/1915453290789146759

[LMAO]

Yep!  And screaming "Fake News!," "Media Bias!," "Misinformation," and "Democrat Talking Points" gets old really fast as a deflection tactic.

Or Soro's is paying people to show up to townhalls to voice their complaints to their elected officials

In 2025 it's Soro's

In 2009 it was the Koch brothers

[jmyrlefuller]

https://twitter.com/StealthQE4/status/1914396577650893043

For Pete's sake, the Dow wasn't even regularly over 5,000 points until the late 1990s. In just one generation, that number has octupled.

A 1,000 point drop from 40,000 is a blip. A 1,000 point drop from 8,000 like 2008 was is five times as big. So yeah, more drops have happened more recently because stock prices are higher than they have been.

[Smokin Joe]

For Pete's sake, the Dow wasn't even regularly over 5,000 points until the late 1990s. In just one generation, that number has octupled.

A 1,000 point drop from 40,000 is a blip. A 1,000 point drop from 8,000 like 2008 was is five times as big. So yeah, more drops have happened more recently because stock prices are higher than they have been.

Don't confuse them with facts, @jmyrlefuller . It makes them crabby. Some folks are allergic to perspective.

[kevindavis007]

For Pete's sake, the Dow wasn't even regularly over 5,000 points until the late 1990s. In just one generation, that number has octupled.

A 1,000 point drop from 40,000 is a blip. A 1,000 point drop from 8,000 like 2008 was is five times as big. So yeah, more drops have happened more recently because stock prices are higher than they have been.

Wow, thanks for the math lesson, Professor Obvious. Nobody’s confused about basic percentages — the point is, a 1,000-point drop still wipes out real money fast, and pretending it’s "no big deal" just because the numbers are bigger is pure delusion. If you think people watching their 401(k)s bleed are sitting there calculating percentage points with a smile on their face, you’re living in fantasy land. Volatility is volatility — and when the floor drops out, it hurts, no matter how "big" the market got.

[LMAO]

Sadly China is going to win this round

https://twitter.com/ianbremmer/status/1915453290789146759

Which will embolden China further along with our other trading  partners

Again, there’s a lot to be critical when it comes to China. But Trump would’ve been better off doing nothing than what he’s done.  There are no participation trophies in international relations especially when it comes to a trading  partner, but adversary like China

[Free Vulcan]

Sadly China is going to win this round

Stamp stamp stamp Porgy Boy! Strut and peacock in your little circle, spewing and shouting BS to any and every kindergartner you can terrorize.

Bottom line is their cash flow has dried up and they are in debt to their eyeballs. Your Big Brother's huffing and puffing is all smoke and mirrors.

[Fishrrman]

I apologize for my insufficient knowledge re economics, but...

... faced with inflation, and the need to slow or stop it, is not RAISING interest rates one of the most effective tools by which to do so?

[MeganC]

I apologize for my insufficient knowledge re economics, but...

... faced with inflation, and the need to slow or stop it, is not RAISING interest rates one of the most effective tools by which to do so?

Exactly.

And if someone is addicted to meth then the best and first thing you must do is to stop them from buying more meth.

The addicts will complain, they'll whine about the pain, but in the end they'll be better off and the drug dealer will need to find new customers.

Ditto with the FOOLS who are addicted to cheap money from the Fed and cheap shit from China. They'll whine about the pain when their drug is cut off but in the end they'll be better off.

[kevindavis007]

If true what a winning strategy NOT!

https://twitter.com/SpencerHakimian/status/1916817733821382840

[Free Vulcan]

If true what a winning strategy NOT!

I can't believe how congenitally arrested development your brain is. Flooded with Chinese import containers is not winning. I get it Massa that you need a new cheap iPhone but winning is containers go out, not the other way around.

You've literally stepped on your own schlong and stabbed yourself in the eye with your own slackjaw self-contradictory stupidity and douchewheel attitude.

What you posted is exactly what is wrong with our trade policy.

[Right_in_Virginia]

FWIW, Forbes, as one of the supporters of our lopsided trade agreements and equally lopsided long-standing tariffs, has a dog in this fight.

[catfish1957]

I can't believe how congenitally arrested development your brain is. Flooded with Chinese import containers is not winning. I get it Massa that you need a new cheap iPhone but winning is containers go out, not the other way around.

You've literally stepped on your own schlong and stabbed yourself in the eye with your own slackjaw self-contradictory stupidity and douchewheel attitude.

What you posted is exactly what is wrong with our trade policy.

Hope you realize that you are arguing with a guy who dresses up in Star Trek Captain garb, and his biggest avowed political heros are Liz Cheney and Adam Kinzinger. 

That's where I get FIN news punditry....   

[Weird Tolkienish Figure]

Hope you realize that you are arguing with a guy who dresses up in Star Trek Captain garb, and his biggest avowed political heros are Liz Cheney and Adam Kinzinger. 

That's where I get FIN news punditry....   

Wish we would stop the ad hominems on both sides in this debate.

[catfish1957]

Wish we would stop the ad hominems on both sides in this debate.

Calling out fans of two criminal seditous  RINOs who needed a dim POTUS pardon?

If that is ad hominem in nature, then we have lost full philosphical functionality here. There is no way, no reason, anything positive should be said about those two, except for the positivity that might be gained getting them imprisoned.