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Meltdown US banks within weeks says Fortis chairman

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posted on Jun, 29 2008 @ 03:39 PM
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Meltdown US banks within weeks says Fortis chairman


www.wakeupfromyourslumber.com

I was shocked when I read the following, which was brought out 4hours ago:

American 'meltdown' reason for money injection Fortis.
28th of June, 9:10
BRUSSELS/AMSTERDAM - Fortis expects a complete collapse of the US financial markets within a few days to weeks. That explains, according to Fortis, the series of interventions of last Thursday to retrieve € 8 billion. "We have been saved just in time. The situation in the US is much worse than we thought", says Fortis chairman Maurice Lippe
(visit the link for the full news article)


Related News Links:
www.politics.ie

Related AboveTopSecret.com Discussion Threads:
www.telegraph.co.uk.../money/2008/06/27/cnfortis127.xml




posted on Jun, 29 2008 @ 03:39 PM
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This has been a subject of discussion on ATS for a while and a lot of predictions are made. To hear this from the chairman of the third bank of the world did stun me a little. I was planning on visiting the US this summer, but I don't want to be a disaster tourist. I am pretty stunned by the scales mentioned in this prediction.

Fortis was in the news this week because of all kinds of measures they took to safeguard themselves from disaster. Their stocks dropped 60 % when they surprised their stockholders with it. That is discussed in the related threadlink.

www.wakeupfromyourslumber.com
(visit the link for the full news article)

[edit on 29-6-2008 by Pjotr]



posted on Jun, 29 2008 @ 04:49 PM
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Any more sources for this? I found the dutch article very hard to follow after machine-translation... The other sites mostly parroted just 1 article... Not enough hard info... However seems like big news.. if it is all true..

So again.. if anyone has more information on this, would be great if you shared...

[edit on 29-6-2008 by Alphard]



posted on Jun, 29 2008 @ 05:28 PM
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reply to post by Alphard
 


Yep the chief economist of RBS (which is owned by Fortis) said this last week. I think this article and the one the OP posted were of the same ilk.

Also there was an entire ATS Thread on this recently.



posted on Jun, 29 2008 @ 07:55 PM
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reply to post by Quazga
 


RBS is not owned by Fortis. RBS and Fortis do have some collaborative relationships as peers, but there is no common ownership or control whatsoever.



posted on Jun, 29 2008 @ 08:34 PM
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reply to post by Anonymous ATS
 


Hey anonymous, thanks for the clarification. I mis-read the article the OP posted, which said that Fortis along with RBS purchased ABM Amro.

So that means that the links I posted are more corroborative then.



posted on Jun, 29 2008 @ 09:55 PM
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Why is this up in the top link? It only has a couple of replies?
I feel like it is probably true, however I can be no more prepared for this than anyone else. I am NOT ready for the total collapse of the USD and all of the repercussions of this...

Blessing to all of us, if this is bs I am just floored by the inconsideration of sites that are out to scare me.



posted on Jun, 29 2008 @ 10:54 PM
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reply to post by antar
 


this is a disaster of such proportions if it comes true the WORLD will feel the wind knocked out of it
let's hope it isn't true
of course starting with a clean slate is always good.



posted on Jun, 29 2008 @ 11:04 PM
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It's one of those things that you wish it weren't true... but when you hear someone such as this speaking like that then there must be something going on.

I sincerely hope it doesn't..for everyones sake..but at least we'll all know where we stand and what we gotta do to get through the next day...



posted on Jun, 29 2008 @ 11:38 PM
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This is just one group predicting how markets will unfold. If it was multiple major entities, I would be worried....but not just because of one opinion.
There is doomsday every month at ATS, and has been like that for years.



posted on Jun, 30 2008 @ 01:19 AM
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Fortis verwacht de komende dagen tot weken een volledige instorting van de Amerikaanse financiële markten. Dat verklaart volgens Fortis-voorzitter Maurice Lippens waarom de bank-verzekeraar vorige week de noodmaatregelen doorvoerde. Dat alles blijkt uit een interview met de topman in De Telegraaf.
(tijd) - 'Het gaat in de VS veel slechter dan gedacht', zegt Lippens (foto) in de Nederlandse krant. Fortis verwacht faillissementen onder 6.000 Amerikaanse banken die weinig ingedekt zijn. Maar ook Citigroup en General Motors lopen gevaar. 'Er begint een complete meltdown (instorting) in de VS', weet Lippens.
De vrees voor dat scenario steunt op gesprekken met bankiers. 'Twee maanden geleden wisten we niet dat het zo slecht gaat in Amerika. En het wordt nog veel slechter. We hebben een dikke matras nodig om de komende achttien maanden door te komen wanneer we ABN AMRO kunnen inbrengen', stelt de topman.
Fortis voerde donderdag een kapitaalverhoging door van 1,5 miljard euro door de uitgifte van 150 miljoen nieuwe aandelen tegen 10 euro per stuk. De groep besloot bovendien over 2008 geen interimdividend uit te keren en het dividend over heel 2008 in aandelen uit te keren. De maatregelen moeten de solvabiliteit van de groep versterken.

Volgens De Telegraaf meldde Merrill Lynch, de Amerikaanse zakenbank die Fortis adviseert, twee weken geleden dat minstens 6,2 miljard euro extra kapitaal nodig was.


Just translated the relevant information from this article.:

Fortis expects the American financial markets to fully collapse over the coming days to weeks. That is why, according to Fortis chairman Maurice Lippens, the bank-insurer last week took emergency measures.

(Time) – ‘The situation is much worse than expected’, Lippens says in a Dutch newspaper. Fortis expects bankruptcy of over 6,000 US banks that are not prepared and covered well enough. However, also Citigroup and General Motors are in danger. A full meltdown is about to begin in the US, Lippens knows.

Fear for this scenario is supported by talks with bankers. ‘Two months ago we didn’t know that the situation was so severe the US’. And it’s gonna be much worse.



I wish it was just Fortis saying this, but I am afraid we are heading for a big disaster. RBS predicted a similar scenario last week and it's really not usual that financial institutions say these kind of things as it stimulates speculation. The fact that they are doing so means that the situation is going to be very bad very soon.



posted on Jun, 30 2008 @ 01:37 AM
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Personally, I look forward to it all.

I always dreampt about being part of WW2, or some figurehead statesman.

Atleast ill be able to enjoy the revolution of my time.

I say, crash the economy, send the US to war.. the quicker the better.

because it will give us real people time to rebuild after the fact, and build something so beautiful and wonderous.



posted on Jun, 30 2008 @ 01:52 AM
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Things just seemed to get a whole lot worse for the US Financial System:


Der Spiegel wrote that the IMF had "informed" Federal Reserve chairman Ben Bernanke of plans that would have been unheard of in the past: a general examination of the US financial system. The IMF's board of directors has ruled that a so-called Financial Sector Assessment Program is to be carried out in the US.

This, Der Spiegel wrote, "is nothing less than an X-ray of the entire US financial system", adding that "no Fed chief in US history has been forced to submit to the kind of humiliation that Ben Bernanke is facing".

The fact that the IMF is knocking on the very doors of its parents and waving legal papers about who lost the house, the car and the kids will, if the past is anything to go by, be buried in the US by pom-pom waving on CNBC telling all what a great time it is to buy.


business.theage.com.au...

Now that's gotta hurt!


Is this the rest of the worlds bankers getting a bit edgy and trying to rein in the US systems?



posted on Jun, 30 2008 @ 02:21 AM
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Oh blah...

I can't believe this was was so highly rated after I read it.

This US economy WILL head into a bear market. The US economy has been hit hard for a very long time now. Smart investors are already being careful.

But....

We'll continue to be propped up by Middle Eastern backers for a couple more years at least.

Unless you're money is vested solely in financial holdings like Citigroup, I wouldn't bolt from the market entirely!

Look into emerging markets on the FOREX. Certain currencies WILL gain against the dollar.



Edit: After the Olympics the RMB will shudder.


[edit on (6/30/0808 by PistolPete]



posted on Jun, 30 2008 @ 02:26 AM
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is it possible that the feds are purposely killing the current economic system in order to bring in a new system- at the point where the comman man is so desperate that we will accept a new system?

I am not that savvy when it comes to economics or understanding how widely world politics affect the flow.

what about the rumors of the "amero"- if it came to that what would be the exhange rate for those of us holding US dollars?

is there a broad economic plan that over rides who is in the white house? Who makes those plans and how is the president responsible for the implementation of that plan?

I look forward to your replies so I can better understand what is happening or about to happen.

please don't poo poo my questions, this is only my second posting on ATS.



posted on Jun, 30 2008 @ 02:33 AM
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A small addition from this morning on Fortis:

Fortis Snares $630 Million Infusion From Russian Investor
By Carrick Mollenkamp in London and Gregory L. White in Moscow
Word Count: 515 | Companies Featured in This Article: Morgan Stanley, Credit Suisse Group, Deutsche Bank, Barclays, Royal Bank of Scotland Group
Russian investors could be the new benefactors for Western banks seeking cash to shore up their shaky finances.

In a sign that banks are looking beyond Asian and Middle Eastern investors for help, Dutch-Belgian bank Fortis NV is tapping Russian billionaire Suleiman Kerimov for a €400 million, or about $630 million, capital injection, according to people familiar with the matter.

The midsize European bank, which last week surprised shareholders with plans to raise some €8.3 billion, has secured the money from Mr. Kerimov's Swiss-based investment vehicle, Millennium Group, as part of a €1.5 billion share issue, the people said. Millennium ...


link article Wall Street Journal

That is what we see all around I guess. So far nothing new. Rich people reaping the benefits of situations like this.
All in all a lot of banks will change hands when all this will take place. Middle banks wait untill little banks fall apart and buy them , central baks will thrown a little cash, and big banks will wait untill the middle banks bought a little too much and step in and take over.

It is sofar nothing more then more globalization. Less players, more control.

And during the panic, smart people will buy the right stocks and get very wealthy.




Britguy:
Is this the rest of the worlds bankers getting a bit edgy and trying to rein in the US systems?


Yes, I sincerely think they are armwrestling on the topfloors of financial institutes. The world is afraid to be crippled by what is unfolding in the US and there is only one way to deal with that: TRANSPARANCY.....well there is shocker for the moneymakers.


[edit on 30-6-2008 by Pjotr]



posted on Jun, 30 2008 @ 02:46 AM
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Originally posted by likepaincomefromheaven
is it possible that the feds are purposely killing the current economic system in order to bring in a new system- at the point where the comman man is so desperate that we will accept a new system?

I am not that savvy when it comes to economics or understanding how widely world politics affect the flow.

what about the rumors of the "amero"- if it came to that what would be the exhange rate for those of us holding US dollars?

is there a broad economic plan that over rides who is in the white house? Who makes those plans and how is the president responsible for the implementation of that plan?

I look forward to your replies so I can better understand what is happening or about to happen.

please don't poo poo my questions, this is only my second posting on ATS.


You never know, but the main question is, who decides what? And that is something that is underway in this situation. The people that still stand after the cardhouse collapses will have the power to rebuild. So you have to seek for the financiers behind the banks. Central banks off course and outside capital like the russian mentioned. But you are right that centralization plays a big role in building up.
You see that in the EU were new rules for moneytransfers are bringing more transparancy which makes us able to foresee litlle disasters and properly respond to it and see to it that it will not happen in the future.

With all the new countries with their own habits and administrative habits and rates joining the EU this new transparancy and control is off course very important.



posted on Jun, 30 2008 @ 02:52 AM
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Originally posted by Pjotr
In a sign that banks are looking beyond Asian and Middle Eastern investors for help, Dutch-Belgian bank Fortis NV is tapping Russian billionaire Suleiman Kerimov for a €400 million, or about $630 million, capital injection, according to people familiar with the matter.



It's ironic that Dutch financial tv mentions this, however, they fail to mention the warning of the chairman.... censorship?



posted on Jun, 30 2008 @ 03:00 AM
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reply to post by Mdv2
 


Sure does look like it.. I've been hunting high and low all over the place trying to find something else with this mentioned.. no luck yet..

The trouble is though...word of this is getting around already.. I'm sure most of us who have read this thread are talking about it with those closest to us, or at least someone we know who may be extremely hurt if they were not forewarned.

So who can say how many other people they will talk to. Eventually, so many will know that the MSM will not be able to avoid talking about.

I wouldn't be surprised if we saw nothing else for 4 to 7 days yet...



posted on Jun, 30 2008 @ 03:07 AM
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I'm always wary of announcements such as this. I am not sure what his objective is in making such an assertion. Fiduciary economics relies on one thing and one thing alone... faith in the future market.

We buy shares so because we believe the price will go up and we can make a profit when we sell. We have faith in a currency because we believe that the net worth of a country is on the up.

Statements concerning collapse inevitably produce a collapse. Northern Rock in the UK is a prime example, tell people they have a chance of losing their money and lo, they start withdrawing it in droves, thereby producing the collapse that could have been averted.

I agree that we have to have transparency, however, is this statement an effort to cause collapse so that the market can then be corrected or, is it a bigshot trying to look clever without regard to the socio-economic impact?




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