The Great Panic of 2008
Posted July 2nd, 2008 by declarationofre...
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100 Years Later: The more things don't change, the more they stay the same.
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Just an observation
Any one else notice the rapidly increasing number of new Chase banks that are popping up. Remember JP Morgan Chase? They seem to building a new one on every corner available. They are in a growth period while everyone else is shrinking. What are they planning for. More "failures"? Distribution of Amero or other alternative currency?
I've noticed the same thing.
Furniture stores, fabric stores, restaurants, and gardening stores are closing and the buildings are knocked down and replaced by Chase Bank. It looks like the only place that still has money.
bump
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BoA looking?
The Retrocon
Hope for America, Ron Paul for President in 2008!
It's just beginning. This
It's just beginning. This year is the easy stage.
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Support the Constitution of the United States
IndyMac Bank bump
:
IndyMac Bank seized by federal regulators
http://www.latimes.com/bu...
The federal government took control of Pasadena-based IndyMac Bank on Friday in what regulators called the second-largest bank failure in U.S. history.
Citing a massive run on deposits, regulators shut its main branch three hours early, leaving customers stunned and upset. One woman leaned on the locked doors, pleading with an employee inside: "Please, please, I want to take out a portion." All she could do was read a two-page notice taped to the door...
They did not get out fast enough
Per news report today, there is aproximately $500 million uninsured deposits. In your posted article, one woman says she will be back Monday to close her account, but I don't think it will work that way now that it is in the regulators control.
Paper Money
I have some gold and silver, to protect against inflation, but you could be correct in that there are at least some grounds to expect that there might be deflation but perhaps after a period of high inflation, worst case instead of. It is difficult for the man in the street to know exactly. However if you don't like gold and silver perhaps other buying at least some currencies such as Euros or Swiss Francs would spread the risks for you.
(This is a reply to greedisbad)
Hi freeuk, Thank you for the comment.
Are you from UK? Are you familiar with what happened to the UK in the 30's? Was it inflation or deflation? I think it was deflation, even though, the UK went off the gold standard based on what I could find so far, but I haven't been able to find as much as I like. If you know good references, please let me know.
I don't like debt based money, therefore, I don't like the U.S. dollar system. However, I cannot help but to see the U.S. dollar as one of the best financial opportunities that have ever been presented in front of me, in my opinion. I have no plan of taking anything from anyone. I am just trying to save what I earn from my work. But, the situation as I see it is so favorable for me to hold the U.S. dollars in my view. Why? First, I think I see the enormous demand for the U.S. dollars. In other words, the dollar based debt. Second, despite the demand for the dollars that I think exist, it seems that it is getting harder and harder to earn dollars as far as I can see. Third, as far as I know, none of the debtors has the power to print the U.S. dollars. Therefore, in my view, the U.S. dollar looks like a rare commodity with huge demand.
So, yes, even though, I don't like the U.S. dollar as a debt based money system, I like the U.S. dollar much better than gold and silver right now.
But, having said this, I also agree with the opinion that gold is a much better store of value in the long run. However, to get to the long run, I have to be able to get through the short run and the mid term run. I believe that this is very important. Considering my personal finance situation, it doesn't make sense for me to buy gold right now, let alone silver.
I agree that there must be some people whoes situations are such that it makes very good sense for them to buy gold right now. Personally, I don't know anyone in person who has such situation. It is certainly not me as far as I can tell.
"Only a virtuous people are capable of freedom. As nations become corrupt and vicious, they have more need of masters."
Benjamin Franklin
?
None of the debtors have the power to print the US dollar? The biggest debtor of all, the US government, has unlimited power to create dollars and doesn't even have to print them. A little electronic wizardry and voila! the new money is there to be spent.
Not only CAN the US government create new dollars, it almost has no choice. It is being squeezed. It can't meet its existing obligations without borrowing. Its lenders are getting antsy and will soon stop lending. Its revenues are falling due to the growing depression. And its programmatic obligations are growing. It will soon have only two choices: default or inflate. I think terrible inflation is almost inevitable.
Not only that, but the massive holdings of dollars abroad - where we have been exporting our inflation- are going to come pouring back into the country, buying up our resources and assets and driving up prices.
The US dollar has got to be one of the worst possible places to store wealth right now. Almost any hard asset is better. Even real estate is going to bottom out and start climbing as it is bid up by foreign dollars. Although I don't think it has hit bottom yet. Holders of gold and silver should be on the lookout. There may be a point when it makes sense to trade some PMs for real estate.
Good luck everyone!
correction
the US government has no power nor authority for the issuance of fiat currency. That part of the constitution was sidestepped by the creation of the FED which is a private banking cartel owned by the shareholders of the 12 branch banks. The government can issue bonds, notes and bills (called treasuries) which are sold through the FED as a debt instrument for the power to go into debt was not denied by the constitution.
protect yourself your family
5 year food supply
water
gold and silver
tents warm clothing
survival stuff like gasoline matches............
Half of that might go bad
or to the mice, before you get to it. Since space and funds are tight I would be lucky to have 6 months....
Mountain House Freeze Dried Foods
comes in large cans and has a minimum 25 year shelf life.
Preserve your food in glass
Preserve your food in glass jars and mice or weevils won't get to it.
SUPPORT OUR FOUNDERS' AMERICA
Support the Constitution of the United States
5 year food supply! Even
5 year food supply! Even Mormons don't keep that much food on hand. I think they typically have 1 year's supply, or more if possible.
I think they're supposed to keep that much
but most don't.
I have an LDS preparedness manual. It's fantastic Google it, it's over 200 pages and it's free.
___________
Lisa C.
“Elections are short term efforts; revolutions are long term projects.”
--Ron Paul
Join the rEVOLution here: http://www.campaignforlib...
as for me and my home, we shall accumulate U.S. dollars
not because I like the debt based money, but to survivie, in my opinion.
"Only a virtuous people are capable of freedom. As nations become corrupt and vicious, they have more need of masters."
Benjamin Franklin
Then you probably won't survive, in my opinion.
So many people giving you good advice too.
Good luck.
___________
Lisa C.
“Elections are short term efforts; revolutions are long term projects.”
--Ron Paul
Join the rEVOLution here: http://www.campaignforlib...
Yeah, you think he would have caught on
sometime in the last 28 weeks.
Lisa, did you every read this? I've been thinking about this book a lot in the last few days.
http://en.wikipedia.org/wiki/Galápagos_%28novel%29
Hey e_
No, I've never read that book. Looks great. I'll see if it's at the library.
___________
Lisa C.
“Elections are short term efforts; revolutions are long term projects.”
--Ron Paul
Join the rEVOLution here: http://www.campaignforlib...
25 Reasons To Remain Cautious - good analysis
http://biz.yahoo.com/miny...
great video
Everyone should see this one.
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Just moved most of my money out of WashingtonMutual
It may be time to move some money folks. A lot of these banks are teetering on the edge. Do your research on which banks are more solid. Some are waiting for the Dodd bailout bill to pass whereby their exposure on foreclosures would be limited to only a 10% loss. Too bad Dodd doesn't extend this nice package to WE the People who are losing their homes. Write to your Congressman and local paper editorials to get the word out on this new bank bail-out bill. It's a license to steal for the banks. I'm a realtor and we are seeing that the banks are not responding to short sales. Now we know why they are stalling....
it's incredible
Fortune Favors the Bold
that even with the Term Auction Facilities and all the other tricks banks are still short on capital
Wow, Wow, Wow
This needs to be front page. Thanks
And Another WOW!!
Bump!
And Another Another WOW!!!
This video is not getting the attention it deserves.
A little more on this
The reason that the Knickerbocker Bank became insolvent was because rumors began to circulate that the bank had financial problems and this led to a run on the bank as people flocked to take their money out. An investigative journalist, years later amassed a great deal of evidence that J P Morgan & Co. was the originator of those rumors and started them to cause a default by the bank so they could take it over, which they did as their purchased politicians in DC ensured. Now, look at the "bail out" of Bear-Sterns and what has been found in the aftermath.
1. Bear-Sterns was on the uphill side of a large set of derivatives and the holder of the dirty end of the feces stick was (tada) J P Morgan.
2. Bear-Sterns had a large position that was long on gold that someone was short - J P Morgan?
3. Bear-Sterns had a large position that was short on the dollar.
But all the rumors said that Bear-Sterns was insolvent! Hmmmmmmmmmmmmmmm?????????????? Where do you think those rumors came from?
And, what happened after this so called "Bail-Out? Despite the market going way down, the price of gold crashed as the long position of Bear-Sterns was eliminated and the dollar rallied as their short position was closed.
Now 3 questions
1. Who was really insolvent?
2. Was this blatant market manipulation in the most criminal manner?
3. Are those people from Bear-Sterns that have been criminally charged any more than scapegoats ,for a criminal governments attempt to "maintain a strong dollar"?
And this ain't even the tip of the iceberg - maybe a cube or two on the top.
So Broke…
… can’t pay attention.
There is little doubt in my mind -- This is what is going down.
Don't take comfort that things are under control, as if you can rest easy circumstances will be contained.
Just because events are contrived, does not make effects less devastating.
What's wrong... is wrong.
http://www.youtube.com/wa...
money changers have used every form of abuse, intrigue, deceit,
If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks...will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.
... The modern theory of the perpetuation of debt has drenched the earth with blood, and crushed its inhabitants under burdens ever accumulating. -Thomas Jefferson
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History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance. -James Madison
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[ http://www.themoneymaster... ]
[ http://www.themoneymaster... ]
I reject the notion that "money changers" are evil.
Even in the Bible, the money changers were fulfilling a need of the public, namely, exchanging currency.
As a traveler, money changers have made my life easier.
Not all money changers are bankers.
___________
Lisa C.
“Elections are short term efforts; revolutions are long term projects.”
--Ron Paul
Join the rEVOLution here: http://www.campaignforlib...
Some Facilitate…
…exchange… some set the terms
That is correct.
Money changers, in and of themselves, are not evil. Setting terms, according to free market supply and demand, also is not evil.
The destruction of free markets, the debasement of currency, and the artificial setting of rates is evil.
___________
Lisa C.
“Elections are short term efforts; revolutions are long term projects.”
--Ron Paul
Join the rEVOLution here: http://www.campaignforlib...
Ayup
You got it.
As the largest shareholder of the FED, JP Morgan
is the "FED's" bank and acts on their behalf.
It's all just so ugly.
___________
Lisa C.
“Elections are short term efforts; revolutions are long term projects.”
--Ron Paul
Join the rEVOLution here: http://www.campaignforlib...
On JP Morgan
Don't have the link here, but if you go to youtube, it has a video showing that JP Morgan bought up all the major newspapers around the 1920's to be able to manipulate the masses. So I suppose that JP Morgan has been the FED's bank from the inception.
So, to the people that think they get more accurate info. from the newspaper than the tv, wrong!
So first they stole the truth in the newspapers, then tv, and now working on closing down the truth on the internet. Can you say, "Monopoly?"
Hi Lisa
Been having an interesting discussion on the religious thread. I like those type things - course my approach is almost entirely solipsistic. Any how - nice to "see" you tonight.
Ah, yes, the religious thread.
I try to steer clear as much as I enjoy badgering people. As a former Christian, I'm not always welcome.
Where are you located? Another Alaskan?
___________
Lisa C.
“Elections are short term efforts; revolutions are long term projects.”
--Ron Paul
Join the rEVOLution here: http://www.campaignforlib...
No - the great and once sovereign state of Albama
Look up pantheistic solipsism (wikepedia has a good article on it) - it's my prime approach. As such, I enjoy discourse on all subjects and study everything. For the greatest creative agency on the surface of the earth is the mind of man, and since I feel that way, it is important for me to develop and grow my mind through mental exercise.
I'll look it up now.
___________
Lisa C.
“Elections are short term efforts; revolutions are long term projects.”
--Ron Paul
Join the rEVOLution here: http://www.campaignforlib...
Interesting.
If physics were a religion that is how I would imagine it.
You're up late?
___________
Lisa C.
“Elections are short term efforts; revolutions are long term projects.”
--Ron Paul
Join the rEVOLution here: http://www.campaignforlib...
Night owl personality
I was created with a circadian rhythm out of whack with the majority. The thing I like about my perspective is that I can tie it all together and use those tools of logic, mathematics, reason, geometry, music, astronomy to verify what I intuitively grasp through the use of thought and my mind. And that is important to me as I am mainly a Jeffersonian. And this is my favorite quote from St. Thomas himself -
"Shake off all the fears of servile prejudices, under which weak minds are servilely crouched. Fix reason firmly in her seat, and call on her tribunal for every fact, every opinion. Question with boldness even the existence of a God; because, if there be one, he must more approve of the homage of reason than that of blindfolded fear."
Love the quote.
I'll take reason over faith any day. The beauty of the real world cannot compare to fairy tales.
I'm a bit of a night owl but probably not to your extent. I used to sleep until 9:30/10:00 and people thought I was lazy. I wasn't lazy, I was just awake when they were asleep. What a presemption -- because I didn't conform to their "9 to 5" world, I was lazy! Not so.
___________
Lisa C.
“Elections are short term efforts; revolutions are long term projects.”
--Ron Paul
Join the rEVOLution here: http://www.campaignforlib...
I am retired now
on disability - 100% disabled vet - mostly from being poisoned by my government with agent orange in Viet-Nam. So I really appreciated the comment on the cover leaf of Te Revolution: A Manifesto where it said -
"This much is true
You have been lied to."
BTW - I can present a logical, rational, and lucid explanation of the true message of the messiah that was bastardized into this Cult of Mithras called Christianity. And you have just read about the core nature of that message.
There is a book called "Stranger in a Strange Land" by Robert A Heinlein that explains it very well. It is a great science fiction novel if you care to give it a try.
Time for me to get off the computer and read a book.
Have a good night.
___________
Lisa C.
“Elections are short term efforts; revolutions are long term projects.”
--Ron Paul
Join the rEVOLution here: http://www.campaignforlib...