# Economics Dopers--I'm Worried. Very worried.

**URL:** <https://boards.straightdope.com/t/economics-dopers-im-worried-very-worried/276487>\
**Category:** In My Humble Opinion\
**Created:** [November 24, 2004, 4:43pm UTC](https://boards.straightdope.com/t/economics-dopers-im-worried-very-worried/276487 "2004-11-24T16:43:35Z")\
**Posts on this page:** 3\
**Page:** 3

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**Author:** ![Aeschines](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/aeschines/32/16251_2.png) [@Aeschines](https://boards.straightdope.com/u/Aeschines)\
**Post date:** [November 26, 2004, 5:58pm UTC](https://boards.straightdope.com/t/economics-dopers-im-worried-very-worried/276487/41 "2004-11-26T17:58:06Z")

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> [@ianzin](#):
>
> 1. Understand this: \*\*economists do not know what is going to happen about anything, ever.

**Ftg** got this right: there were economists who saw through the dotcom bubble, and they saw through it by means of tested and proven theories and metrics. Those same tools are applicable to the current situation.

> [@](#):
>
> \*\* For every economist who predicts x, there are just as many, just as ‘qualified’, who predict not-x.

If an economist can predict X and state the causes accurately and precisely, s/he will rightly be congratulated for his/her precience. BTW, I am unaware of any economist right now that says things are hunky-dory.

At any rate, one must try. What you are saying, in essence, is that econmics is so unsuccessful a science that it is hopeless even to consider the matter. But _some_ things, at least, are known by means of that science, and one must at least pay attention to the broad edges. For example, if the dollar tanks and the yen goes through the roof, it is a _fact_ that many Japanese companies will be pushed to the brink of bankruptcy. It’s not only predicting things that matters; also important is understanding what could happen under various scenarios and preparing for them.

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**Author:** ![AskNott](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/asknott/32/5790_2.png) [@AskNott](https://boards.straightdope.com/u/AskNott)\
**Post date:** [November 27, 2004, 7:46pm UTC](https://boards.straightdope.com/t/economics-dopers-im-worried-very-worried/276487/42 "2004-11-27T19:46:19Z")

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**Don’t decide based on one economist’s opinion.** At any time, there are some economists predicting disaster. The time to worry is when all the economists are bullish. Economists have predicted 11 of the last 4 recessions.

Regardless of predictions, though, **never pay just the minimum payment on your credit card. Never.** You’ll be paying on it for 35 years if you do. I’m not exaggerating.

[http://www.pbs.org/wgbh/pages/frontline/shows/credit/](http://www.pbs.org/wgbh/pages/frontline/shows/credit/)

The link is to PBS’s Frontline show on credit cards. Used wisely, credit cards are a valuable tool. Used foolishly, they’ll bleed you dry.

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**Author:** ![AmericanMaid](https://avatars.discourse-cdn.com/v4/letter/a/e480ec/32.png) [@AmericanMaid](https://boards.straightdope.com/u/AmericanMaid)\
**Post date:** [December 7, 2004, 5:57pm UTC](https://boards.straightdope.com/t/economics-dopers-im-worried-very-worried/276487/43 "2004-12-07T17:57:31Z")

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This story is worrisome (need to subscribe to read fully):

[http://www.nytimes.com/2004/12/06/international/middleeast/06opec.html?ex=1103349105&ei=1&en=9f6b2165d071af7c](http://www.nytimes.com/2004/12/06/international/middleeast/06opec.html?ex=1103349105&ei=1&en=9f6b2165d071af7c)

If we piss off enough OPEC nations, they can really screw with the dollar. Are we approaching a time when currencies won’t be pegged to the U.S. dollar?

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