As I mentioned a few days ago, the banking system is bankrupt. From their own data, they have to borrow all of their reserves from the Fed in order to stay solvent.
In the comments, people kept telling me I'm being overly dramatic. Ok... let's look at what the Comptroller of the US says:
http://www.ft.com/cms/s/0/db2badd6-d05c-11dc-9309-0000779fd2ac.html
My... isn't' that familiar? He must be one of those wacked-out conspiracy theorists preaching doom and gloom.
Interesting how people who just point out the emperor has no clothes are being marginalized.
Subscribe to:
Post Comments (Atom)
6 comments:
John,
I heard the the likes of Donald Trump were putting down 50 grand as a deposit on a 3 billion dollar building, and after commercial prices have fallen and condo rents are hard to obtain, the big guys are defaulting, thus losing buildings and the other building that they used as collateral.
I believe that we are just in the 3rd ending and we will see credit cards, car loans, and commercial real estate defaults, and even department stores credit lines will default.
What will the end result be a gold or silver backed currency or total chaos?
John,
I subscribe to a Swedish newsletterr fro m a local Swedish gold and silver mine, and they are predicting gold to be 160,000 crowns or 16,000SD in the near futur, i will post the article, and it is written in sedh.
The is to much Fiat in circulation chasing to few gold ounces, their has to be an adjustmet at some point!
Beware of weekends, the preferred time for banking shenanigans–boxes locked over the weekend, unaccessible on Monday.
A snippet found on the Internet:
“A source at Bellaciao.com filed the following report, which I have confirmed from other sources:
‘A family member from Irvine, CA (who’s a branch manager at Bank of America) told us two weeks ago that her bank held a workshop where the last two days were dedicated to discussing their bank’s new security measures… [M]embers from the Homeland Security Office instructed them on how to field calls from customers and what they are to tell them in the event of a national disaster. She said they were told how only agents from Homeland Security (during such an event) would be in charge of opening safe deposit boxes and determining what items would be given to bank customers. At this point they were told that no weapons, cash, gold, or silver will be allowed to leave the bank — only various paperwork will be given to its owners. After discussing the matter with them at length, she and the other employees were then told not to discuss the subject with anyone.
‘The family member has since given her notice to quit the bank. I found the news alarming and decided to find out more myself. On a trip to my bank here in Houston, I remarked to a young bank employee (who’s new there), ‘Well I guess you’ve been told all that stuff by the manager and the Homeland Security about what to tell your customers’ - and to my amazement, the young woman came right out and said yes she’d been through all that, then whispered to me across the counter, ‘but we’re not supposed to talk about it - I could lose my job.’” Lesson to learn: don’t depend on getting access to a safety deposit box. If you must use one, only keep documents in it — no valuables. Obviously the feds plan on confiscating gold again!”
Citigroup division cancels 140,000 credit cards
by Chris in Paris · 2/04/2008 04:10:00 AM ET · Link
Discuss this post here: Comments (39) · reddit · FARK ·· Digg It!
A bank canceling credit cards? In recent weeks I have heard so many stories about people receiving calls from credit card companies asking if payments were still going to be made. There have also been itchy fingers by the banks who are charging massive late fee penalties when payments arrive a day or two late. In the past, grace periods would allow a small window but with banks such as Citigroup having to beg for money around the world, they're becoming much more aggressive. It's all stick and no carrot with the credit industry today.
When Bush and the GOP arrived, these banks couldn't wait to get their precious bankruptcy bill so they could squeeze every last penny out of people. There's not much more left to squeeze and the banks have no one other than themselves to blame. If Citigroup is taking such drastic steps, they really must be in trouble. As the expression goes, you reap what you sow.
I took all of my money out of my Wachovia checking account (over 100K) and put it in a 13-week T-Bill. Some of the comments posted here are scary and make me wonder if it will even be safe there!
Read this
Post a Comment