michaelr

No...No..no, we have never seen whats coming up. I used to think that we did, but then took a look at the bigger picture. We are at the very beginning of this. There already has been a 120% increase in foreclosures this year, retailers are shutting down at an unprecedented rate. The fractional lending system is guaranteed to bring many many more banks down. We lost our safety net. You better hang the fuck on to what you can.

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Burning Giraffe

We've seen the national banks go under before. We've seen the safety net collapse before. Its' ok. We'll do what every other group of people has done throughout history (who've dealt with MUCH MUCH worse problems that this)... we'll rebound, struggle through it, learn from our mistakes (this has happened from time to time I swear), and move on.

michaelr

You don't understand, we owe about 90 trillion dollars, inflation is killing us, banks will begin to fall from the top down, your dollar is getting weaker by the minute, wages have not gone up, personal debt is out of control, it is getting harder to borrow money, bankruptcies are sky rocketing, and were just getting started. Soon food will become scarce, round two of the foreclosures will start, national spending will increase, wages will decline. We have never lost our safety net, we always had the ability to create good paying jobs. Thats gone now. Globalism has crushed this country.

william the wierd

I have to partially agree with BG on this one homeownership is likely to decline to 40-50% of the population and the stock market will decline by 90+% but that is not total collapse. The hedonics of understating unemployment and inflation thus adding about 10% vaporware to GDP for more than 10 years and reducing stated unemployment by 60% has kept panic under control. When by any reasonable measure the current inflationary great depression started in 2006/7 it went unnoticed because it was never reported as such. When we hit 50% unemployment, which we almost certainly will in the next term, I doubt reported unemployment will exceed 15%. That kind of book cooking only requires two technical fixes:

A revision of the term "Actively seeking employment"
Redefining "Labor force"

As witness to how this will work the claims that we are not in recession because GDP adjusted for "core" inflation has not turned negative are widely accepted as accurate. By simply ignoring food and fuel increases, at least 2/3s of actual inflation, when adjusting GDP highly negative growth has been concealed for over a decade. DC will conceal 35+% unemployment the same way.

Socio-biology and selection is a fact of life and death not a political option

Politics is a continuation of war by other means

Calling congress a parliament of whores insults the morals and principle of crack whores

Burning Giraffe

*shaking my head* Alright, fine. So what do you propose we do? Run and hide? Cry? Freak out? I mean, the Ron Pauls, Chuck Baldwins, and Bob Barr's of the world don't have enough support to change the system.

michaelr

I would suggest that you hang to what you can. I do not believe there is a way out..

Here is an mp3 for you....

Banks are over leveraged.

w14

Hi there,

First post. I found this conversation because michaelr posted my list of failed and failing banks. Just wanted to add my 2 (Euro) cents worth ...

We have seen this kind of situation before, or at least we Europeans have. Look into the 14th Century Lombard banking collapse. Very similar to today, although they didn't have the same kind of "advanced" financial instruments, and managed the same thing through currency speculation. That resulted in a very bad time, and the deaths of about a third of Europe's population through hunger, disease and warfare. Out of it came the Renaissance, eventually.

The answer to that is simple. Bankruptcy. The entire system has to be declared bankrupt, all debt frozen, reorganised, and speculative debt written off. That can only be done through international agreement. There is support for this strategy coming from Italy's finance minister (Tremonti), but no other nation's leader is speaking up, because they are all owned. It won't work anyway unless the US is at the centre of it, because the Dollar is still the global reserve currency.

You're right that the support for people in the US that might do the right thing is not there right now, but the way things are going, the picture will be very different by the end of August. When the majority see their lifestyles threatened, then maybe so-called elected representatives will feel the pressure to act in the right way. I think that's the only hope, really.

william the wierd

I know Bardi and Peruzzi were bad but wasn't there an even earlier set of banking crises Richard I using the England as the milch cow of his crusade and ransom? His father Henry castrated the goldsmiths for currency debasement earlier and the assassination of Philip the good of Flanders also had some sort of banking connection didn't it?

Socio-biology and selection is a fact of life and death not a political option

Politics is a continuation of war by other means

Calling congress a parliament of whores insults the morals and principle of crack whores

Buddha86

Yep, yep, and you know in advance, so prep up. You'll be better off than 99% of these douchebags.

Buddha86

The three G's Gold, Grub, Guns