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Wall Street fears for next Great Depression

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posted on Mar, 17 2008 @ 03:45 PM
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Ok, well I will keep my two month food supply and still buy more ammo. As Long as I have my job I will stay in the city anyway. Personally I am not running out and stocking up on food. I just buy $100.00 worth of stores every payday if I can... That means if nothing else comes up to suck that extra $100.00 away.

Best case.... I have some food for the church just before the expiriation dates on my supplies... I am still dumping the PS3. Its a giant time waster and I can use the exercise. It is amazing how many offers I got on that thing already... One guy is offering $350.00 which is $50.00 over my asking price if I sell it to him... Crazy people...




posted on Mar, 17 2008 @ 04:22 PM
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....something to keep in mind, as this gets 'sorted' out -- a hyperinflation example going on today in a third-world country:


The National Incomes and Prices Commission, the government's price control body, this month allowed sharp increases in the prices of the corn meal staple, sugar, bread and other basics in a bid to restore viable operations by producers and return the goods to empty shelves. But the new prices were still roughly half the price demanded on the black market and were unlikely to guarantee regular supplies to food stores.


"Zimbabwe inflation breaks 100,000%"


That doesn't mean that Zimbabwe is a lonely case of consumer pricing run amok. The IMF paper found no less than 30 cases across 24 countries where the inflation rate surpassed 1,000% between 1980 and 2005. Inflation topped 60,000% in Nicaragua at one point during 1991. It peaked at more than 91,000% in the Democratic Republic of the Congo in 1995.


network.nationalpost.com...
www.jamaica-gleaner.com...
www.imf.org...



posted on Mar, 17 2008 @ 05:04 PM
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IMO, the only metal to invest in comes in a box called Bullets.


It really all depends on how bad it is. If we're talking about total collapse, Weimar Republic style then yes, bullets will be my precious metal of choice. They will be worth their weight in gold. The only things worth anything will be face to face barter items like medicine, food and well, bullets.

I don't think there will be a total collapse as the fed will probably step in and disallow you to draw your money from your bank to keep them from imploding. This itself is bad but it might stave off annihilation of our entire way of life.



posted on Mar, 17 2008 @ 05:06 PM
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The fact is, there is little anyone can do at this point, the dyes have long since been cast and few are prepared to take the drastic last years steps that would be required in order to be the exceptions.

It is the Karma of all to reap what you sow.



posted on Mar, 17 2008 @ 05:13 PM
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Originally posted by DwnitsDwn
We'll know i guess by the end of the year what all that education and theory is worth, I sure hope your right, but I do know that no matter how this depression we are currently in may be downplayed by terminologies, it is indeed a depression, and not even a recession anymore. Grab you a dictionary and show me how I'm wrong, and I'll grab a neighbor and show you I'm right


There is no depression. The US economy has just entered a recession, it's impossible and illogically to suggest it is a depression.

As I said before the housing market might be depressed, but the US economy is far from it.

Depressions leads to the creation of a large welfare state because citizens become dependent on the government.

Government income declines because revenue from taxes dry up. Shops and businesses decline, even close, on a massive scale due to no consumer confidence or spending. Sectors decline as a result of the costs/slowdown in production and employment, economy shrinks because of negative growth.

Inflation could rapidly increase leading to stagflation or even hyperinflation (Germany 1930s), or the opposite and result in deflation (Japan 1990s).

This is currently not happening



posted on Mar, 17 2008 @ 05:25 PM
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Originally posted by infinite
This is currently not happening

Where do you live? I'm in the USA.

[edit on 17-3-2008 by DwnitsDwn]



posted on Mar, 17 2008 @ 05:36 PM
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Originally posted by Quantum_Squirrel
ok .. when this group of elitist have destroyed the U.S.A what then ? why destroy your base of operations? if thier capitalists then they want western society surely , rather than communism or even a heavily religous government being the dominant force on the planet?.

They will strip everyone of everything..that catostrophic? so people basically beg for help and except any situation of rule?

Exactly Quantum_Squirrel,this is about thining out the golbal population imagine a plot to reduce the world's population by 80% that's what they are aiming for.Total domination of the people and resources of the planet.



posted on Mar, 17 2008 @ 05:41 PM
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reply to post by DwnitsDwn
 


Europe, why ask? If you are going to say "come to America and see" then you are seriously clutching straws now.

But my location effects nothing. What I've raised is valid and to the point. There is no depression, you have to be extremely paranoid to think otherwise. Anyone who took cheap credit in the last 10 years, during the global boom, is going to be deeply effected. Especially if you've brought a house. Not everyone will be effected by this recession though.

If the insurance companies collapse or loose their AAA rating, then we are talking a massive economic catastrophe. But that has not happened. Being a student, I have access to many reports from my university facilities (all up to date) and I can see the data you cannot.

All US trends point to a recession and clearly indicate we are in one.

Rising food and oil prices are to do with emerging markets. India and China, collectively, need to feed and warm 3 billion people. That's why inflation is up.

If you think I am wrong; Go research, analysis and present some facts and figures to suggest otherwise.



posted on Mar, 17 2008 @ 05:51 PM
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reply to post by infinite
 

I would never suggest that anyone would come here in this economic devastation, do you think I'm that cold. Good God man I have a heart



posted on Mar, 17 2008 @ 06:17 PM
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My relatives Canada have been saying the US was headed for a recession for the last 18 months. My CDn $$ have gone up by 15%!
For some reason the Candaian's have been well aware of this econnomic dowslide...yet Bush day in and day out says "No recession...things aren't rosy but we are OK."
ppfft

Sounds a whole lot like
"Move along folks...nothing to see here, move along."



posted on Mar, 17 2008 @ 06:25 PM
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I live in California. Here Gas has risen dramatically to $3.59 this week.
Most food products are steadily climbing in price as well as utilities.

When taxes (local and federal) rise, becuase they need the money, then things will get tighter. All the extra gas money we pay are being taken from other purchases, so less is bought or put off longer. Low consumer confidence and a weak set of presidential candidates lowers our overall confidence. California has been hit hard by the foreclosure crisis. Large area or low income areas are badly hit and there are no buyers. Most homes are over priced here anyway. This will correct the trend of home ownership to anyone, which is wrong at it's core. It removes the emphasis to strive to improve.

We are not in a recession yet, by what I am feeling. Yes, it more costly to live and I have to cut deeper, but not painfully deep. If another bank fails, then I beleive we will see global meltdowns and a recession that is painful for everyone. If interest rates drop, I'll take it, but inflation will be a bear. If I can keep my job, I'll be OK.

If a depression hits, I'll dig up my backyard for a garden and buy a weapon. Better safe than sorry.



posted on Mar, 17 2008 @ 06:37 PM
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Wall St does not Fear Great Big Depression, Wall St, welcomes Great Big Depression, because....Great Big Depression is invented by Wall St, so that they can legally Loot during the Great Big Depression, when only they have the Invisible Money to purchase Anything for Nothing.



posted on Mar, 17 2008 @ 07:10 PM
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From the OP:


Mr Taylor added that the problems unraveling at Bear Stearns are just the beginning: "There will be more banks and hedge funds heading for collapse."



posted on Mar, 17 2008 @ 07:16 PM
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Originally posted by infinite
My advice would be to visit your local library and loan out numerous books on economics and stop believing the scaremongering theories by some elements of the conspiracy community. I'm not being rude, but people need to be educated when it comes to economics. (I do economics as apart of my degree.)


Sorry school boy, but the model of economics they teach today is based on the very old theory of supply and demand, an outmoded and wrong headed template for what is the reality in todays world.

I'm not being rude, but maybe you should update your theories and data or try going into business to actually see what is transpiring in the real world, not in the classroom. Speculation and the internet, on a global scale has changed everything in a space of just a few years. Those school books you want us to read don't apply in todays world. In fact the new models are mutating and changing so fast the only people that can really understand what is happening arent the econ. profs. but the geek day traders.

Infinite, I don't want to be rude either but I expect you will find like most of us that make it thru the University system, find that what we learned and thought was gospel was actually just academic BS. reguardless of our course of study.

www.fastcompany.com...

If hungry people, that once had a comfortable life, isn't a depression; what would you call it?

It's a brave new world, welcome to the monkey house.



[edit on 17-3-2008 by whaaa]



posted on Mar, 17 2008 @ 07:19 PM
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Originally posted by eagledriver
If a depression hits, I'll dig up my backyard for a garden and buy a weapon. Better safe than sorry.


Eagledriver,

Better you buy a little at a time. I spend about $100.00 every two weeks if I can. Sometimes less but my pantry is pretty darn full. You would be surprised what you can buy for $100.00 at a Save A Lot. In a couple of months I will have a nice littel barter store going. My next mission is to shore up on some ammo and then work on the thyroid prescription my wife needs... I need to research that actually to look at alternatives just incase... Anyone know of any?

One thing that most of us on this board may learn (if you already haven't) is how to live a more frugal life and be happy. I'm not even thinking about a new TV, computer or any big ticket items anymore. Necessities are where its at and being warm at night is really enough for me right now. Having a job is really a huge plus as well!

I was thinking about that this afternoon as I nudged the heat up for the wife. I kind of chuckled at my doom and gloom attitude. I realized I have to be happy for what I have at the moment. Prepare a little at a time but be happy for the moment of peace you have I guess.



posted on Mar, 17 2008 @ 07:28 PM
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All these economic doublespeak terms such as downturns, hyperinflation, deflation, etc. are euphemisms for the much harsher terms like recession, depression, and collapse.

The miltary likes to use euphemisms too like collateral damage. It sounds like someone had a car accident, but it really means a lot of innocent civilians and their property were destroyed.

Any person or country that thinks they will be left unscathed, is just deluding themselves. The World economy is like a big house of cards, and when you pull out one of the main supports, it all comes tumbling down.



posted on Mar, 17 2008 @ 07:31 PM
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Does anyone know if this graph is authentic? And if so, does it mean anything relative to our current problems? I don't like the sound of it.



Here is the link if the image doesn't work:

www.europe2020.org...



posted on Mar, 17 2008 @ 07:42 PM
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reply to post by eagledriver
 


Not to be a smart arse, but one could also say, Americans have been living way beyond their means & needs, taking unnecesary trips, buying to large and expensive of SUV's and cars, driving way too much, more than needed and in the process driving up fuel prices so that the rest of us are forced to pay for their obscene wastefullness...living way to far away from work (having bought bigger homes in subdivisions farther and farther away from their jobs and thus having to drive farther in their cars burning up more fuel) or shopping when they could live closer in order to walk or bike...refusal to use public transport or support initiatives in cities to put in light rail and trains...burning fuel like no tomorrow (including clogged up airports with taxiways clogged with business and liesure travelers going on rock bottom dirt cheep prices) using up all the resources so your great great grandchildren (overpopulation, not wearing condoms and doing some family planning)the offspring from reckless breading, will have to pick up the tab...refusal walk away from the encandescent bulb, not recycling, not growing their own vegetables, supporting non organic markets that run on petroleum based fertalizers and pump steroids in the cattle...not cutting back on beef that relies on far more acres to sustain them and on and on. Let's face it, most Americans could care less; it's "let the good times roll" and "stay the hell out of my way"...truely an illness.

I mean when you look at from a different angle stepping aside things that the baby boombers are doing (and a lot of their kids for that matter) and have done, and how people are drunk in the American marketing/consumer culture, high on plastic goods that they don't need soon to find their way into the landfills, polluting the air, and in DEEP DENIAL, you begin to see it for what it is. A society revolving around greed and like the Britney pop song (art reflects the culture) gimmie gimmie gimmie more!!! Even the great big corporate plastic mega-churches all marketing spirituality as a product to the masses and go by the parking lots on Sunday morning and look at all the gas guzzlers parked out there while everyone is inside forgeting all about thier guilt....

We need this correction--it's been a long time coming.

[edit on 17-3-2008 by skyshow]

[edit on 17-3-2008 by skyshow]



posted on Mar, 17 2008 @ 07:50 PM
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reply to post by skyshow
 



Good point skyshow! It's a simple matter of "if you are going to play, then you are going to pay" and it's now pay up time!



posted on Mar, 17 2008 @ 08:07 PM
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After today's market performance in the US, I have absolutely NO faith in the stock market's ability to accurately reflect the state of the economy. There was absolutely no reason for the Dow to finish higher than it's last close...It only happened because of wishful thinking.

Traders treat the stock market like it's some Hollywood movie, its down for the count for the first 3/4ths of the story, and then it rallies and wins in the end...That's what happened today. But this is not a movie.

The media here spins it as a victory, a triumph over the worries of last week. But it was just wishful thinking by investors and hedge fund traders. All the while, the dollar keeps decreasing in value, and gold keeps going up slowly. Most people here don't even realize it. They think the US dollar is bulletproof.

Today I bought $1000 USD worth of Euros (a paltry 652 Euros), and I bought ten shares of GLD (Street Tracks Gold Shares). I'm am going to eat canned food and buy $50 cent donuts for lunch, and put all of my money into currencies that are NOT the US Dollar, in hopes that when all of this is over, I can invest in some really, really cheap companies.

In case of complete meltdown, I put real euros in a safe-deposit box in my bank. I don't have a gun (nor do I wish to) to protect myself if civil unrest breaks out. I'm not sure how I will get to the bank to get the euros if the dollar completely collapses.

I asked the bank teller, just for kicks, if I would be able to get my safe deposit box contents out in case something bad, like a "national emergency" happens. She said that as long as the bank is open, I can. Will the bank be open? I don't know.

I may sound completely paranoid, but hey, the Bear Stearns CEO lied bold face last week about his companies future. Now he has no company.

I have to convert my money into anything other than the USD just for it to retain its value. It's all but certain that the USD is going down. People in other countries have absolutely no respect for it, and respect is everything! It's getting ugly. This guy on CNBCW (some Faber dude) pretty much insulted the US, calling it a "junk country." He said the USD is going to lose all of its value. He verbally spit on the currency and the country. Real disturbing stuff, man.

That scares the crap out of me, that he would make such bold and insulting statements on Global TV. How about you?



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