'We are on the verge of a great, great depression!'

Originally posted by gorgi
Did you know that sometimes people will say scary things on tv? In this case people say it because thy probably shorted he stock and made a killing. This happens all the time.

We arent even close to a great depression.

You are 100% wrong. We are very close. Debt at the individual, corporate, and government level is actually worse than it was in 2008, which means it is the worst it has ever been. The government and Banks have been committing fraud, printing money, and breaking laws like crazy to pretend everything is OK.

IT IS NOT OK. Governments ability to continue to borrow money is coming to an end and soon, all the major banks are broke already, and real estate values, as much as they have fallen are just getting started, because interest rates will have to go up.

Social Security, Medicare, Medicade, welfare, nearly every state budget are all going to have massive cuts. Insurance companies, pensions are going to go bankrupt, individuals stock portfolios are going to be at least cut in half.

There is no way out of this short of a miracle, or a mass extinction event - we are going to be going into the worst depression in US history very soon, they have already used every trick they have to stall it, but the tricks have started to not work anymore.

It's not a question of if, it is only a question of when.

reply to post by loam


wont be the first and it wont be the last

Hey some people say after this happens and Amero will be created others say a universal currency wither way we will have our hands tied.

We're sort of falling apart like the Roman Empire. At its end people payed much much more attention to games and specticals. What do we have here? More people watch the Superbowl than vote. Right before Romes end, a few emperors came and tried to revert the done damage, but they were over thrown (Kennedy any one?). The modern day "Barbarians", take no offense will be the Mexicans, when Amero is created, they will pour into Canada and America thus lowering the living standard and crime and poverty will shoot up. Thus an age of greatness ends of America. But i do hope that either the west side (less likley) or East side of America still survives just like Byzantium.

According to this hackers not

Damn at the gloom in the global meltdown forum today. A 2% decline in the DOW brings 'em out doesn't it? It's good to see some folks who've been in this forum since it's launch in '08 still active-- rockpuck, loam, and others.
The current situation for some eerie reason feels like in late 2007 when people really started realizing how bad things were with the banks except this time with governments of the world.

The only reason you are seeing reporting like this on MSM is that there needs to be some cover for QE3. QE2 officially ends at the end of this month. I really wouldn't be surprised if the market drifted a bit more south just so it can rally hard when they announce QE3.

I personally think we've got an interesting 18 months ahead of us. Back in early '08 folks said that nothing would happen because it was an election year. People all already starting to say that now about next year. I don't think we'll make it to the next US election without a major economic event or massive new war theatre.

Nevermind spending money to stock up on food and supplies.

People need to be getting themselves completely out of debt, asap.

Sell your home, use the net proceeds to purchase a smaller more affordable home in an area where housing is cheap, you may be able to actually purchase one paid for in full. Sell all of the excess useless stuff you have to pay off credit cards/loans, etc.

This is what my hubby and I did 5 years ago. Sold our home in the city and all of the excess crap we didn't need. Used the proceeds to fully purchase a small home in the country, found new jobs (for much less pay, but we no longer needed big paycheques to keep up with the Joneses), and within a couple of years of living cheap, had all credit cards and loans paid off.

We now live completely debt/mortgage free, and literally live ten times better out here than we ever did in the city with double the free time on our hands. In fact, now when we buy things, we pay in full, cash. Or if we use the credit card, we only purchase what we can fully pay off before the next statement rolls around... no interest.

It's very do-able. People are just afraid to take the leap.
They're also afraid of letting go of things.

Why does anyone need to live in a 2000 sq ft house ? Because they need someplace to keep all their "stuff".

reply to post by CranialSponge


I agree with you fully, and hope I am not too late, as I have foolishly been holding onto the "American Dream" and my self perceived "Middle Class" life.
Unfortunately it is Uncle Sam I owe, and Philosophically I am having a hard time accepting I must "Pay" for my Freedom as so many have said I need to do. When the government gives 'our' money to the banks, mortgage company, and such,,,,, but will not help me survive at all. Kicked to the Curb America,,, this is what has happened,,, we have all been Kicked to the Curb to survive.
Your words give me hope to accomplish my dream of ''' a cabin in the woods'' life someday,, or maybe just rural, such as it sounds you have done. Sounds good to me.
I have lived below the line for some time now, and have about 20,000 books I was going to start a bookstore with at one time,, along with 2000 square feet of 'stuff' as George states. I need to unload it all,,,, and honestly am overwelmed at the prospect of the job. It is insane, and I want to accomplish the same as you and your husband have done. Good for you, you give inspiration. I am taking head to your words, they almost seemed directed to me.

It is a hard roe to hoe, but I must do what you are suggesting.
Again, I hope I am not too late.

Great response to OP and the craziness at hand.

It's imperative not to put all your eggs in one basket. Experienced fund managers and investors know this too well. Not everything goes down in a crisis. One has to expand the investment scope to overseas.

One can either follow the steps of
■ George Soros (the international financial terrorist - he treats money like a whore, never really go long-term on anything)
■ or the down to earth investors like Jim Rogers and Gerald Celente


 

Yes, no, maybe.
Who knows, who cares, why bother.
And John Galt had a good idea.

Great...again? Been hearing this for quite some time. But how do you explain the fact that I don't know anyone who is jobless right now or losing their home? People survive, they find a way. Unless there's something bad that's coming...

Originally posted by Thunder heart woman
reply to post by DAVID64

 

That generation is on craigslist selling their ipods and xboxes, taking low prices for something they paid hundreds for. I worry about the young people. I know women in their 20's who don't know how to cook, let alone plant vegetables. I guess they are counting on their fancy computer jobs and the internet to save them. What they don't understand is, even those jobs are starting go overseas.

Not all 20 somethings are incompetent. Oh and a used xbox is not worth all that much. The older ones are even worth less, fyi. Whats wrong with knowing computers ? They are the future.

Originally posted by proximo

Originally posted by gorgi
Did you know that sometimes people will say scary things on tv? In this case people say it because thy probably shorted he stock and made a killing. This happens all the time.

We arent even close to a great depression.

You are 100% wrong. We are very close. Debt at the individual, corporate, and government level is actually worse than it was in 2008, which means it is the worst it has ever been. The government and Banks have been committing fraud, printing money, and breaking laws like crazy to pretend everything is OK.

IT IS NOT OK. Governments ability to continue to borrow money is coming to an end and soon, all the major banks are broke already, and real estate values, as much as they have fallen are just getting started, because interest rates will have to go up.

Social Security, Medicare, Medicade, welfare, nearly every state budget are all going to have massive cuts. Insurance companies, pensions are going to go bankrupt, individuals stock portfolios are going to be at least cut in half.

There is no way out of this short of a miracle, or a mass extinction event - we are going to be going into the worst depression in US history very soon, they have already used every trick they have to stall it, but the tricks have started to not work anymore.

It's not a question of if, it is only a question of when.

We are not close at all. One bad day no wall street is not a big deal. After 9/11 the stock market was insanely volatile.Its not a big deal really. Just wait it out, or buy cheap now.

SS is not in trouble. Its just right wingers trying o convince us of that so they can gut it. The worst depression in US history is not going to happen very soon. In six months Ill post a new thread showing how wrong you are.

Originally posted by wisdomnotemotion
It's imperative not to put all your eggs in one basket. Experienced fund managers and investors know this too well. Not everything goes down in a crisis. One has to expand the investment scope to overseas.

One can either follow the steps of
■ George Soros (the international financial terrorist - he treats money like a whore, never really go long-term on anything)
■ or the down to earth investors like Jim Rogers and Gerald Celente


 

edit on 6/1/2011 by wisdomnotemotion because:  

Its true that one should diversify, but Soros is not the devil, thats more propaganda from the right because he donates to liberal causes. Celente is a crackpot and not down to earth as you claim.

The market is responding with volatility to the economic conditions, yes it is a correction to bring it back to commensurate levels with economic growth. However the economy itself remains in trouble. It is showing little signs of significant improvement, it's an anemic recovery and that is with all the stimulus capital working to stabilise it. Sovereign debts continue to mount and noone is now or will be willing to sacrifice their living standards to the point of real pain in order to address this issue, not while watching on as fat cats grow their huge coffers. It may take some more time but it is going to come to a crisis situation sooner or later, and bailouts, QE and other monetary or fiscal policy is not going to salvage the shipwreck.

Wow these statements comes from a big trader, so it seems that they don´t know where to put their money, because all starts to seems very dark right now.

yeah does not look good at all.....

and I do think the lower, and middle class will get hit the hardest.

reply to post by iLoGiCViZiOnS


Hunting, fishing, gardening..... it could work for SOME, but really, given the population of our country, its no longer feasible. How many million people live in each state? How many animals are left to hunt if the pressure gets too high from the population flee to rural and wilderness areas? How many fish are left that aren't poisoned? I have seen many signs on many waters saying don't each the fish or eat only a few per month. How much farm land is available for individuals? Consider NYC alone. How many millions are concentrated in a small area and require nearly all foods to be imported? Our nation imports a great deal of food. We create food that now gets turned into fuel. Our population most likely exceeds our ability to feed it within our own borders without a great deal of forethought and preparation. Were something serious to happen, many would die of starvation simply because our cities are concentrated locales full of people with no means to support themselves with regards to self sufficiency in foods, be it hunting, fishing, or gardening. It's a fun idea to think everyone will head to the hills, live as survivalists, and live off the land. Numbers wise though, its just not close to possible with out a great many people dying first. If everyone heads to the hills from the cities, they will be very crowded very quickly. The game will either flee or disappear very fast. Supply versus demand. Most of them will be armed. If they were considering hunting, they will be. The hills will become very dangerous as resources are outpaced by the influx of people from outside the normal local population. Some will be skilled while others will flounder around the hills, armed, hungry, and driving off the game.

The Market. Think baseball cards. The gum companies that sell the gum make their money off the gum. The people that trade the cards buy and sell the cards. These are two separate market structures! The price of stock does not necessarily have anything to do with the company being traded! I start a company. I sell stock to raise money. Non voting stock. I get the money, you get stock to play with, trading with others who purchased stock. Stock prices go up and down, and may or may not affect the company that sold the stock. If I have assets, goods to sell, and customers, maybe I could care less what my stock is worth to those that trade it. As we have seen before, many companies have pricey stock with nothing to back it. Bubbles! Illusion! The stockbrokers want you to buy and sell because they make money either way. You may or may not make money on stock, but they do. Are they nervous because people might not be buying or selling stock? You Bet! But the stock market does not necessarily reflect the health of a company. Rumors true or false can sink or raise a stock price. If a company needs more money it may issue more stock, but if the initial stock sales were good enough to get the business going, there might be a huge disconnect between the company and its stock. Maybe gum sales are great, and that may be all that matters. Enjoy the cards though!

billionaires and millionaires don't care if the stock market crashes, or if there is a massive depression. they'll always have food in the fridge, and can fly out to europe to ride out the economic crisis in their mediterranean villa's.

meanwhile, the rest of the suckers will have to walk to the grocery store to buy a $15 jug of milk, because it's cheaper than wasting the $9 a gallon gas in the car.

reply to post by randomname


That, too. People complain about expensive this and expensive that and yet still buy them. If the price is so high, why still buy it? Personally I can live without milk, bread, coffee, snacks and even meat. And I can live on just two meals a day.