MikeHawk

Here some video info for thought...

https://youtube.com/watch?v=3fuagzJcsYI

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seeandsee

i think i will withdraw my $$$ to euro

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MovieMaster

And we want a liberal in office?

Fiscal Conservatives are in need!

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RedShoe

They said wamu collapsed so fast at the end because Americans ran the bank. If we all pull out now... what would happen?

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MikeHawk

Saturday, 2 February 2008
America in Denial - Financial Collpase and Ron Paul
America is in denial.

The US economy has been technically insolvent for over 30 years. Ever since the Bretton Woods agreement broke down in 1971, America has spent itself into a bottomless chasm. The USA has a massive $9 trillion USD deficit and Medicare and pension obligations for the retiring Boomer generation that will send this already massive deficit to stratospheric heights. The writing is on the wall and has been for decades. No amount of tax cuts for the rich or booming of the Dow Jones index is going to compensate for America's looming bankruptcy. The temporary solution being followed by the Federal Reserve is to drastically cut interest rates and decimate their own currency. The Dollar is literally DYING!

The dire state of the US economy has basically been ignored by all the presidential candidates except from that 'kook' and 'nutcase' Ron Paul. All I can hear are the democrats promising social programs and the promise of a universal healthcare system that the country can't possibly afford. The American people are totally ignorant of the dire state of the US economy. They have no idea their governments have spent their children?s' inheritance and the country has been sucked dry by decades of military spending, maintaining a global empire and allowing their centralized monetary system, the Federal Reserve to print into existence whatever funds are required to keep this huge charade going indefinitely. It simply cannot continue.

The housing boom in the USA is just a symptom of this very same problem (mirrored in the UK) where easy credit has pumped up the price of property to ridiculous levels. Now those investors who bought into the sub-prime debacle are finding their investments are worthless and the entire global banking industry is caught in a tsunami of foreclosures and falling house prices. You can't create money for nothing forever.........

Before we get too smug, we should remind ourselves that the UK is in an even worse situation. The latest statistics from Credit Action state that the UK now owes £1.4 trillion GBP. Per capita, we are in an even worse situation than the USA. We do not possess the manufacturing base or the dynamicism in our economy to even begin shrinking our national debt. It is a positively horrendous inheritance for our children. Once again, this huge problem is totally ignored by our politicians and media. There can be only one outcome. In future we will pay EVEN MORE tax just to service the interest on our national debt AND we will undoubtedly ALL be POORER than we are today. The future ain't bright and it ain't orange!

The beneficiaries of this rotten and broken system on both sides of the Atlantic are the banks and financial institutions. The interest repayments on our respective national debts will guarantee truly eye watering profits for generations to come. It will be the biggest transfer of wealth away from the poor and the middle class to the wealthiest in human history. The evilness is allowed to continue purely because of our own ignorance and stupidity

This should be a wakeup call to the British and American people why Ron Paul's tirades against government sanctioned deficit spending are so justified and correct. The crime of allowing private banks to hold to ransom a nation?s monetary system is by no means new. Here is a quote from Thomas Jefferson, America's 3rd President

"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [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."
Thomas Jefferson, Letter to the Secretary of the Treasury Albert Gallatin (1802)3rd president of US (1743 - 1826)


Never has a quotation been so appropriate.

I would urge all people to get on the internet and actually try to learn how our monetary system works. You will quickly understand that our political system is a charade. We listen to programs like Question Time on the BBC, read our Murdoch owned newspapers and foolishly assume there is serious political debate in the UK. There isn't! The bills are about to become due for Gordon Brown Keynesian economic miracle of the last decade. It is going to be very very unpleasant for a lot of people.

resource: full story

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MikeHawk

I don't like the idea that the average American has to pay more taxes to bail out the rich guys.

I think some of what these guys did was criminal and they should be prosecuted accordingly.

I think putting a large part of the housing market in America into the hands of the Federal Government is a mistake.

I think when President Bush was speaking the other night and he said that when the market went back up in the future and the property holdings were then sold off by the Government "every single dollar of tax money will be repaid" is a joke. Even if they make the money back they'll give it to some special interest group.

I think the fact that irresponsible people have defaulted on their loans shouldn't leave those that do meet their financial obligations holding the "bag of sh*t".

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RedShoe

How do you buy gold?

Do you just go to a coin shop and say give me as much gold as this money is worth and drop down my life's savings?

I can't pay mortgage with gold coins.

How do you buy it? Where do you buy it?

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Vendot

http://goldmoney.com

not the cheapest but the most secure, easy way

buzzy

Yeah that would probally be the smartest choice for now. But ultimatley the only real SAFE investment is gold.

onlineriches

Any brokerage firm or trader will be able to assist you with acquiring gold certificates, or taking possession of the actual gold (for a premium).

Another proven stable investment is the Swiss Franc, which is one of the only currencies still using the gold standard. For every dollar they print they have an equal amount of gold stored in a vault. Look at the long term trends for the Swiss Franc v.s the US Dollar.

BlackCrayon

If America collapses so does everything else. I'm not worried.

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The Duck

And everyone is so amazed, this stuff has been said by alternative researchers for years.

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- Jesus Christ -

Not everyone is amazed. My father and I have been hording up gold for a few years now.

At first I thought he was crazy...

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Amen

OMG Jim

I totally agree with you on all points here Mike. We've got a cluster fuck on our hands.

My question to you is what do you think that the average American can do to have ANY kind of impact on this current situation? Don't you think that it will take some major U.S. corporations that are NOT joined at the hip with the U.S. government to step up and use their clout and resources to start the process of figuring out the best possible solutions to our economic debacle?

This means that you would have to have major corporations stand up to the Oil, Banking, Insurance & Medical/Pharmaceutical industries to make this work as I see it... and therein lies the root of America's problem. Too few controlling too many!

In other words the U.S. citizens, corporate executives, that have the power must in some way exercise that potential power since the average "Joe" is too busy trying to survive and provide for his own. Maybe we are taking the wrong approach by writing and calling our elected officials but instead we should start putting the pressure on the corporations whom we have invested our saving and retirement with to Step Up and confront the government with every damn corporate lawyer they've got. We need to have corporate laywers swarm Washinton D.C. like locust until all the government gets it's shit together.

Just my worth Mike.
_

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Useless Warrior

They're all dead.

DWB

This has been a LONG time coming and if you would have had this conversation just ONE MONTH ago, most of the people would say you were nuts and should wear a tin foil hat.

Well now it's real and America is caught with it's pants down.

You can either buy gold or invest in a currency that is actually still backed by gold. Any currency that is backed by a Promissory note from the government is going to fail sooner or later. That is a no brainer, it's backed by NOTHING!!! How stupid do you have to be to believe that currency backed by nothing can survive?

DWB

I blame it on the outsourced Filipino call center. Once they switched to that, I knew the end was near.

pornguy

the US still has gold. More than any of you can imagine. But... it will be used to maintain the rich and powerful before it will be used for anyone else.

But 700 billion dollar deal is a cluster fuck, and we would recover a lot faster if it did NOT happen.

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sltr

more gfy misinformation.

the swiss franc went OFF the gold standard 10 years ago.

please do your own fact finding on this financial crisis people and do not use gfy for that.

buzzy

The 700 billion bailout will collapse the USA and the worlds economy, triggering everyone to go onto the gold standard as it is the only safe and stable way.

This is what happens when you have gangsters behind the scenes in power, they fuck things up.

Don Pueblo

nachos ncahos nachos

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seeric

i will be in costa rica by 09. already have the move planned.

coming at the end of nov to look at places. ticket is bought.

CaptainHowdy

I'll second that ...

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Just_Dave

i am planning on moving to montreal

biskoppen

Just invade all of the middle east and steal their oil, problem solved

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WarChild

Hahah more pornographers in a panic. Some of you are too much, really.

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bronco67

Just asking anyone who is astute in these matters, which it seems some of you are very much so....

Would I be an idiot to get everything out of my 401k and get gold instead? Give it to me straight.

directfiesta

You are either sick or just plain stupid ... seek treatment asap

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I know that Asspimple is stoopid ... As he says, it is a FACT !

But I can't figure out how he can breathe or type , at the same time ....

pigman

Dont worry, USA can borrow a lot more money without collapsing.
Public debt (% of GDP) just a few countries with more debt than the US.

Japan 195.50%
Italy 104.00%
Germany 63.10%
United States 60.80%

http://en.wikipedia.org/wiki/List_of...by_public_debt

pigman

There is a gold bubble and it will burst sooner or later.

- Jesus Christ -

28 years ago gold reach its highest price of $2,400 (inflation adjusted)

The precious metal "bubble" is no where near bursting... especially in this economic climate.

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Amen

seeric

i have been planning my move for a couple years.

this had little to do with my decision.

MikeHawk

Warchild...if you live in the USA...you are also "glazed over with Denial" this is very real....

Fed Pumps Further $630 Billion Into Financial System (Update2)

By Scott Lanman and Craig Torres


Sept. 29 (Bloomberg) -- The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression.

The Fed increased its existing currency swaps with foreign central banks by $330 billion to $620 billion to make more dollars available worldwide. The Term Auction Facility, the Fed's emergency loan program, will expand by $300 billion to $450 billion. The European Central Bank, the Bank of England and the Bank of Japan are among the participating authorities.

The Fed's expansion of liquidity, the biggest since credit markets seized up last year, comes as Congress prepares to vote on a $700 billion bailout for the financial industry. The crisis is reverberating through the global economy, causing stocks to plunge and forcing European governments to rescue four banks over the past two days alone.

``Today's blast of term liquidity will settle the funding markets down, and allow trust to slowly be restored between borrowers and lenders,'' said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York. On the other hand, ``the Fed's balance sheet is about to explode.''

Stocks around the world plunged the most since 1997 today and credit markets deteriorated further as authorities scrambled to save more financial institutions from collapse.

European Rescue

European governments have rescued four banks in two days and the Federal Deposit Insurance Corp. said today it helped Citigroup Inc. buy the banking operations of Wachovia Corp. after its shares collapsed. The Standard & Poor's 500 Index fell 3.8 percent and the cost of borrowing dollars for three months rose to the highest since January. The rate for euros hit a record.

``If people think the authorities may give in to fears, they are wrong,'' Financial Stability Forum Chairman Mario Draghi said today in Amsterdam, where the international group of regulators and finance officials is meeting. ``There is willingness and determination on winning the battle to restore confidence and stability.''

Banks and brokers have slowed lending as they struggle to restore their capital after $586 billion in credit losses and writedowns since the mortgage crisis began a year ago. The bankruptcy of Lehman Brothers Holdings Inc. also sparked fears among banks they wouldn't be repaid by counterparties, driving up the cost of short-term loans between banks.

Funding Risk

``By committing to provide a very large quantity of term funding, the Federal Reserve actions should reassure financial market participants that financing will be available against good collateral, lessening concerns about funding and rollover risk,'' the central bank said.

The Bank of England and the ECB will each double the size of their dollar swap facilities with the Fed to as much as $80 billion and $240 billion, respectively. The Swiss National Bank and the Bank of Japan will also double their dollar swap lines, while the central banks in Australia, Norway, Sweden, Denmark and Canada tripled theirs.

All the banks extended their facilities until the end of April 2009.

The Fed is also increasing the size of its three 84-day TAF sales to $75 billion apiece, from $25 billion. That means the Fed will make a total of $225 billion available in 84-day loans. The central bank will keep the sales of 28-day credit at $75 billion.

Special Sales

In addition, the Fed will hold two special TAF sales in November totaling $150 billion so banks can have funding available for one or two weeks over year-end. The exact timing and terms will be determined later, the Fed said. The TAF program began in December, totaling $40 billion.

The bank-rescue plan being debated by Congress today would give the Fed more power over short-term interest rates by providing authority as of Oct. 1 to pay interest on reserves held at the central bank by financial institutions. That would make it easier for the Fed to pump funds into the banking system.

Paying interest on reserves puts a ``floor'' under the traded overnight rate, which would allow a central bank ``to provide liquidity during times of stress'' without affecting the rate, New York Fed economists said in a paper last month.

To contact the reporter on this story: Scott Lanman in Washington at [email protected]raig Torres in Washington at [email protected].

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cgu

I am not a fan of Gold. It robs our financial system of investment sitting in your safe. When paper $ is in banks, banks can lend it out meeting the required reserve ratios, but you can't lend out gold. Honest if chaos ensues what are you going to do with your gold? You can't eat it? Can you wire it to foreign countries? Invest like Warren Buffet in companies with a durable competitive advantage.. meaning regardless of times people will still need something from it. I'd rather own a farm that a block of gold. The best company is the USA because regardless of times we can tax people and all people have to work that have jobs. Sure Europe or Japan might not want your $ any more, but you can buy what ever you want made here in the USA. If you plan on retiring to any of those countries then sure, buy some investments there if you can afford it.

Take a wiki at the Japanese housing crisis. The writing on the walls of history state that regardless of what $ we put forth to "bail out" anyone isn't going to change the underlying reality of how much home you can afford at your level of income. We'll be back to normal home prices sooner than later and those who bought during the bubble will either have to take a loss or just stay in their home for 10 to 20 years until what they owe comes in line with the home's value.

That 700billion $ comes at an immense opportunity cost. If we've got 700billion lets spend it on new sewers so we stop having to drink and eat human and animal waste tainted with pharmaceuticals. Our sewer lines in most of the country are 100s of years old, crumbling with roots growing through them. Most people who live in a 100 year old home know that you've got to hire a company to drill through the roots in your pipes... Then all your sewage leaks into our ground water and people are all amazed at how pharmaceuticals got into our drinking water. We aren't paying the real prices for anything, so its a blessing that housing has this opportunity to crash back down to earth.

sorry just venting!

PS that youtube guy telling people to take $ from banks is a real idiot. All banks would fail and you'd have no where to cash your pay check. All banks can be run, they lend your $ to your neighbors and vice verse, its a great service that keeps our economy growing. That guy wants you to ruin the USA. I'd call him a terrorist.

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MikeHawk

Jim........
I dont know...
But i can tell you this past year I moved my entire family to Costa Rica, Beaches, Guanacaste, it was so amazing and its life the way it should be really. I found this to be refreshing and totally amazing...i saw it as a nice break from all the "brain washing USA bullshit" my kids have to endure watching television or listening to there friends at school.

Costa Rica did not work out for a full time deal, for young kids super dangerous in the rain forest jungle...so it was a move up to Canada, amazing place, people are super nice, it reminds me of what California was like when i was a kid....innocence still exists for kids growing up here... so it looks like 1/2 year here in Canada, and 1/2 beaches of Costa Rica....

So i guess what i am saying, i don't see any real solution ...for the good ol USA

these are some scary times, and i dont see things getting better for some time....

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mrthumbs

Just like GFY drama: it will all fade and be forgotten sooner than you think. No worries.. just stick to work and make money.

Martin

Can't offord to invade anybody right now. Ending the wars in the middle east and making peace with the rest of the world would save billions though.

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Buddy

Whiskey and cigarettes, buy all you can!!!!!

Guns too!

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FlashCa$h
Who the hell am I?

notime

This entire scenario was investigated (as it's happening now more or less) by a Dutch journalist that interviewed bankers and people around the world for a TV network:
http://www.vpro.nl/programma/tegenli...ngen/24877874/

the 50 min. video (in Dutch):
http://www.vpro.nl/programma/tegenli...ites&x=30&y=5#

(I cannot find a full english translation of the page, video, etc. unfortunatly)
But there are many interviews with Morgan Stanley people (!) in this video in english and some others Wallstreet brokers & investors also in english from 2005.....
this is a 2005 (worst case scenario) video broadcasted on national TV in Holland

xclusive

Were safe, I found Ycazas wallet. I'll take care of the bailout

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DWB

China just cut its loans to USA waaaay back about 6 months ago. Was loaning us over 1 billion dollars a day.

AtlantisCash

so can anyone tell me about this pls?

Our sales also might be dropping since USA. is the Biggest market for the Pps/Revshare so what do You think, what our business method direction should be?

Do You think time is better directing business models to alternative nocreditcard billing solutions rather then pps?

e.g. international traffic with phone lines based?

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Marshal

i'm not afraid of usa bankruptcy... what goes down, soon comes up... buy when everybody else's selling!

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datatank

Where did you move your money?

Zebra

BREAKING NEWS - New economic stimulus plan announced: https://gfy.com/fucking-around-and-business-discussion/858307-webcashmaker-com-introduces-webmaster-bailout-plan.html

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Old School

MikeHawk

Oh you are "dead right" ....

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Jman

Please Mike don't tell everyone that Canada is an amazing place.

Seriously folks in Canada you get stab if you take the bus and the streets are filled with pot smoking hippies...

I strongly suggest to stay away.

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AtlantisCash

So You can also answer my question above?

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AlienQ - BANNED FOR LIFE

So whats the next big thing? Porn and Real Estate are out so whats next?

Has to be something!

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Tempest

The only problem with those numbers is that it's based on % of GDP and since a portion of GDP is government spending, it can be manipulated by the government.. For example, the USA is at war and spending billions more than normal and thus that pushes their GDP up.

I prefer to look at it in terms of debt per capita as I feel it's a more accurate representation... Closest I could find was this one with external debt.. http://en.wikipedia.org/wiki/List_of..._external_debt

189,855 - UK
68,183 - France
54,604 - Germany
42,343 - United States
39,446 - Italy
22,801 - Canada
11,682 - Japan

When it comes having the dollar backed by gold, the markets now consider a curency backed by the resources of the country.. So for example, our Oil production that has grown considerably over the last few years is just one of the reasons our currency has gotten stronger.