10/9/08 - FSME Denninger Special Report - IT'S HERE!, page 23

reply to post by maudeeb

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You got it my friend, America was brutally raped by the Globalization process.. where America was once the hub of all economic transactions in the World, we can now place our institutions in Delhi, Shanghai and Hong Kong .. New York and LA just don't look as good as those three cities now.. If we cannot bring in real wealth, we cannot be the largest economy in the World..

Every Empire has it's end..

reply to post by Mainer

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Not exactly a bank run, he's saying to have cash on hand for the worst case scenario.

People need to understand a bank run is not going to help if it all fails, (cause it will be worthless anyway) but you might need to have some cash on hand for basics if our cards stop working (gas food, etc.)

Along those lines, I have just enough for the short term, and it's not 3 - 6 months .

I also will admit that a senior LEO in my City had a chat with me while responding to one of our multiple reports of the increased crime hitting the properties we manage. We got beyond the incident report and he stayed to chat. He actually told me (when he found out I was currently a female living alone in my house) that I need to have a gun (luckily I live in a State where home protection is no big deal) because there is a serious rise in home invasions, especially against women living alone - and it's not rape - it's burglaries while the homeowner is there. This was two weeks ago, and his final words were - I kid you not - "especially if this Bailout fails".

So no, I'm not stocking that much cash in the house myself, cause that would be unfortunately stupid in my position, and my 3 day waiting period to pick up my "home protection" (already have the big dog) ended just before coming home and finding the KD alert that prompted me to start this thread.

reply to post by Voice1776

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Don't despair Voice. The fact of the matter is the majority of people are going to have to deal with whatever comes, without any real preparation.

We are at the mercy of the gov't now, fail us or not. I personally cannot do anything to protect myself right now either. (There are people I have to be here for - and I have no problem with that).

I for one don't see long term bug out plans as any more than a panacea to tell you the truth. If it gets that bad that people have to do that, what's left? I'd rather go down sufferring with the masses, but with my dignity in tact, than be the one who can say I survived (for what?????) while I watched the world crumble.

If I prepare for myself, it will be given away anyhow to those I think are worse off than me (and I always see someone worse off than me). My situation is tenuous at best, but last Christmas, I ended up (privately) paying rent for single mothers about to lose their homes, and I'm the property manager (rent collector).

As for your situation, get to your local housing office NOW and do the paperwork to get on the list for Section 8. There is a wait in my area of two years, but every now and then I see funds come through suddenly and a rash of applications head to my office. There is no room for shame at this point. Just do it!

BTW - this thread is discussing this type of thing now.

www.abovetopsecret.com...

It focuses more on your topic, so lets try to keep this one on facts and reports. I think you will get more perspective there.




[edit on 10/12/2008 by Relentless]

We got another Country taking action:

Australia To Guarantee Bank Deposits

Note the timeline - 3 years. they think they need to do this for 3 years!!!!!

Oct. 12 (Bloomberg) -- Australia's government will guarantee all deposits with institutions for the next three years to bolster confidence in the banking system amid a worsening global financial crisis.

The government will also guarantee all ``term wholesale funding'' by Australian banks operating in international credit markets to ensure they can compete against global rivals getting similar backing, Prime Minister Kevin Rudd told reporters today in Canberra. Rudd was speaking after a two-day crisis meeting with senior ministers in the Australian capital.

The measures come after the Group of Seven finance chiefs meeting in Washington pledged to take ``all necessary steps'' to unfreeze credit and money markets, without providing details. The U.K. last week agreed to guarantee loans between banks, while Ireland, Greece and Germany are among nations that have pledged to guarantee savers' deposits.

New Zealand seems to be following their lead too.

SO WHAT THE HEY IS THE US DOING GOSH DARN IT?

Are we just going to sit here and let all the foreign markets rebound before we open tomorrow thinking that will shore up our markets? What is it going to take to see some leadership here?

DO SOMETHING!

reply to post by Relentless

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Looking for confirmation, but am not finding anything concrete..

However, you can go back on ATS and find my posts as far back as 2006 which says that the economy will take a severe downturn..

But we won't feel it right away in our big economies..

But we need to watch the service nations (IE, Iceland, Bulgaria, Romania, Ireland, Luxembourg, small countries that service larger countries..) .. they will begin folding under the pressure, as the cycle eats away their reserves.

When the Service countries are economically destroyed and are lying in ruins, the effects will slowly begin appearing in the larger countries..

Think of it as a domino effects.. the epicenter is in the major economies of the World.. the G20 .. the ripple effect knocks smaller pieces of the puzzle off the table, countries like Iceland and Romania, Poland and Bulgaria..

Eventually, pieces of our own economies, one by one, will begin to fail.. for instance, it is quite possible for the entire US Auto industry to fail because of this credit crisis ..

reply to post by Relentless

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Wow Relentless, I have to pop in here to keep my timeline updated

Thanks, I'll see if I can find confirmation on those 3 countries

Did find this looks like Austria got bitten by the gold bug

[edit on 10/12/08 by redhatty]

reply to post by Relentless

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The "Bullet" was meant for the US.
Western Europe and parts of Asian are simply "collateral damage".

Don't you find it interesting that those reportedly "bankrupt" countries are all Eastern European, all formally under the old Soviet sphere of influence?


If they are forced to find new financial support, who do you think will be there to offer an timely "Bear" hug?


Want to bet that "Puppet-master Putin" is waxing the strings for his new marionettes as we speak?

reply to post by redhatty

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Gawd redhatty! Lil ole ladies buying gold?

I never got the gold thing, you can't eat it and it doesn't make very good bullets.

Austrians flooding the local bullion store is definately not a good sign though.

reply to post by Bhadhidar

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See, now this is what I love about ATS, it is so easy to lose focus, but someone sees a red herring!

reply to post by maudeeb

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I think this one?

www.denninger.net...

Interesting..not sure about source; make of it what you will:

GERMAN FINANCE MINISTER INADVERTENTLY LETS THE CAT OUT OF THE BAG Exposure has moved mountains. Exposure of this huge corruption WILL move mountains. And the Settlements WILL be paid. It was crystal clear to all present that Herr Steinbruck knew all about the illegally blocked funds, held hostage by the Bush Crime Family-controlled White House, 'Paulson' and other operatives; and since the Editor would not yield back the microphone until the German Finance Minister had admitted this, WE ARE NOW IN A COMPLETELY NEW SITUATION with regard to exposure of this criminality. With the posting of this report, the cat is well and truly out of the bag.

source

this may be a little OT so I appologize; but my impression reading through this is that the G7, probably the G-all of em, are not very happy with Bush, Paulson and Co.

Also, maybe the reason we haven't done anything yet..is because we can't? Maybe we're waiting to see how the other countries respond to their efforts first and how our markets respond. But I'm sure they have to realize we are pretty low on bunnies to pull out of the hat at this point.

More lovely news to ponder: (hey guys how did we miss this????)

Financial crisis: Countries at risk of bankruptcy from Pakistan to Baltics

Hungary had to intervene yesterday to prop up its markets following a run on country's biggest lender OTP. The Budapest bourse fell 13pc. The treasury had to scrap a bond auction.

The most new mortgages in Hungary are in Swiss francs, leaving the homeowners facing a vicious squeeze as the forint plunges against the franc.

In Pakistan, the rupee has fallen to an all-time low. Standard & Poor's downgraded the country's sovereign debt to near write-off levels of CCC-plus. The central bank's foreign reserves have fallen to $4.7bn (£2.73billion).

"The danger of default is hovering," said Professor Kaisar Bengali from Karachi University.

"Pakistan may not be able to re-pay its debt or import anything," he said, adding that the country cannot assume that it will be bailed out for strategic reasons.

Apparently the drop in oil prices (which kinda looked good for us) is having a disastorous effect elsewhere.

I give up! It's all so intertwined and totally in the blender now. I'm done trying to figure it out.



[edit on 10/12/2008 by Relentless]

reply to post by toepick

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Can't judge the source either, but I have to tell you, at this point, nothing would surprise me.

I do find it very odd that all the other Countries have been taking actions of some sort and the US seems to be sitting on it's hands.

reply to post by Relentless

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Dow futures for monday are +230.

Figured I would mention that. BTW, that doesn't mean that we are in the clear, since all bear markets have these nice little jumps. All I all saying is the 24-72 hour time frame seems extremely unlikely.

reply to post by grimreaper797

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I would be surprised if we don't see a positive day Monday or Tuesday .. It's very rare for a market to go negative so far and fast without a breather of positive gains..

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