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Originally Posted by Inmexicocity
I’m interested in others opinions about whether the think there is the basis for a class action lawsuit against major US banks and SIVs that created the current financial crises which has resulted in significant loses for Americans living abroad. The charge: Financial Terrorism and the de-stabilization of the US and Global financial markets. The damages: By forcing the Feds repeated cuts in interest rates, US citizens living on fixed incomes and US citizens abroad who are effected by exchange rates have suffered significant loses of income and a reduction in their standard of living.
Any opinions?
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I don't believe that there would be any standing for a class-action lawsuit in the matter of expats' financial conditions vis-a-via financial situations in the US. The devaluation of the USDollar is the result of market forces and the Federal budget deficit in the US. As paper money has no silver or gold backing, like before the US went off the gold standard in 1934, paper money, in itself, is worthless; only the faith and credit of the US government gives paper money any monetary standing domestically or internationally.
This devaluation of the USDollar is becoming a significant factor in the pricing of crude oil and petroleum products. The is a significant movement in moving th pricing of crude oil and petroleum products to the Euro or a basket of world currencies including the USDollar and the Euro. I can see this happening within the next 10 years.
Expats are aware, or should have been aware, that living in a foreign country and depending on the USDollar for income, is subject to the political and currency fluctuations of the financial markets. That's why moving "on the cheap" domestically, and particularly internationally, in not a bright idea! With 12 years experience as a long-haul household goods hauler, I've seen a significant majority of "cold moves" and/or "on the cheap" moves end with undesired results!