Monday, Oct 06, 2008
we have tipped over the edge, into the middle of the abyss. Systemic collapse is in full train
Telegraph via SOTT: Nobody will be spared, unless they own gold bars
Ambrose Evans-Pritchard
The London Telegraph
We face extreme danger. Unless there is immediate intervention on every front by all the major powers acting in concert, we risk a disintegration of global finance within days. Nobody will be spared, unless they own gold bars.
As the unflappable Warren Buffett puts it, the credit freeze is "sucking blood" out of the economy. "In my adult lifetime, I don't think I've ever seen people as fearful," he said.
We are fast approaching the point of no return. The only way out of this calamitous descent is "shock and awe" on a global scale, and even that may not be enough.
During the past week, we have tipped over the edge, into the middle of the abyss. Systemic collapse is in full train.
Posted by malct @ 04:09 PM (716 views) Add Comment
16 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. titaniccaptain said...
"Unless there is immediate intervention on every front by all the major powers acting in concert, we risk a disintegration of global finance within days. Nobody will be spared, unless they own gold bars.".....................yes you can always hit someone with a loaf of bread over the head with a gold bar........so gold will be worth something
2. malct said...
tc - excellent
3. cornishman said...
I get the problem - but I don't get the suggested solution.
So western capitalism collapses - planes don't take off, trains stop, rioting breaks out, troops in the street etc. Firms go bust all over the place. Debt is written off all over the place.
The money supply is already contracting. It will contract even more - and more quickly.
Therefore, surely, those with cash will win out. Why will cash become useless - if there is less and less of it around?
I can see that eventually something else will probably need to be done. But where will the ability to increase prices come from that would render cash less valuable - if not many people have any and there is no, or little, ability to borrow any?
4. dohousescrashinthewoods said...
Telegraph link here.
( http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/3141428/Germany-takes-hot-seat-as-Europe-falls-into-the-abyss.html )
5. matt_the_hat said...
@cornishman
If the government turns the printing presses on overdrive to cope with the situation
6. cornishman said...
"If the government turns the printing presses on overdrive to cope with the situation"
- if no one has a job, unless they just give huge wodges of money to people - there will still be less money in the economy than now. So how can prices rise?
There would need to be massive wage inflation for 'the printing press' solution to work. And they couldn't just raise public sector wages, since there would be a mass of unemployed private sector workers who would do the jobs for less money.
7. Eternal Sceptic said...
looks like 2012 is coming early!
8. down wave said...
Cash is King. Deflation and deleveraging. Deflation cannot be controlled. 2 X 100gm of 999.9 gold may buy a house, if not a hotel. The problem with gold bars is that chinese hack-saw blads are useless and can't even cut woot straight.
9. down wave said...
woot should read wood.
10. Stevie Dee said...
"During the past week, we have tipped over the edge, into the middle of the abyss. Systemic collapse is in full train."
I probably won't be able to afford that train ticket either!! I wonder if they do a Super-saver or Apax? Tea anyone?
11. planning4acrash said...
Its all bull. The economy is fine. I'm at a Melvin's gig and nobody is distracted. THIS IS FINANCIAL TERRORISM by central b(w)anks!
12. planning4acrash said...
Fu£ck Al(CIA)da, I give you Al'Fed, Al'BOE, Al'ECB.
13. planning4acrash said...
White collar, Commie crime. FU$K'RS
14. This comment has been removed as it was found to be in breach of our Blog Policies.
15. planning4acrash said...
Help each other, have compassion, don't become the demons they want u 2 b, pull 2gether, b part of an independent, (not interdependent united nations style sustainable) community. No time for pissing around. Pull together folks. Stop all the arguments.
16. planning4acrash said...
Time to contemplate, pray, and ask God forgiveness and strength.