Wednesday, December 19, 2007

Health Warning – Don;t read this if you have a heart problem and savings!

Collapse of the Modern Day Banking System - Staring into the Abyss

A long article that predicts that there will be many more bank runs as banks have to write down losses thus erroding there capital base. The Fed and others are powerless to stop this.

Posted by who stole my pension? @ 07:22 PM (892 views)
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7 thoughts on “Health Warning – Don;t read this if you have a heart problem and savings!

  • I have savings and no house.

    And I can’t help thinking that the value of my savings has already been halved (or worse) but I just haven’t realised yet.

    Perhaps the safest place to put money before the banking system blows up is in bricks and mortar. At least then you still have something of worth (one house will still equal one house). I’m starting to get a little nervous.

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  • Just noticed that the pound has slid below the $2 mark so it looks like more inflationary pressure for the New Year.

    Anyone got a bigger rug for Gordon to sweep things under.

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  • Inbreda,

    If I understand your comment properly, you fear that the value of our currency is going to be even worse hit than property prices by Zimbabwe style inflation – this prospect makes me a bit nervous too.

    I suppose if you are convinced that we are that badly stuffed then buying a nice property (house not flat) in a nice area that you are happy to stay in for a long time could be considered but it’s still a significant risk in my opinion.

    Kruggerands in a bank safety deposit box instead maybe?

    A few years years ago, I was considering buying gold coins but was talked out of it by a friend. Gold looks pricey now. You just never know.

    Here’s another take on the problem: if things get really bad, it pays to be in a strong community. Have a look at the bit about “world’s smartest man” and Charles Smith’s thoughts at the end.

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  • While you are looking for a big rug, don’t forget we will soon be looking for a place to hide the UK’s credit card debts. As a country we are maxed out and there are only half a dozen card suppliers offering 0% on balance transfers. That will cut to a couple by the first week in January – just watch.

    Maximum lending limits are already being reduced (old news) and payment dates altered – a shake up is coming soon in 2008.

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  • The so called whole modern banking system is a myth. The bankers and traders are clueless as is G Browm and A Darling who were wheeled out to mumble some meaningless words of confidence. Do they think that people really that stupid? Yes I actually think they do! aided by todays corrupt media!!

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  • Inbreda – sounds like you’re going through what I went through a few weeks ago, thinking a house is a good place to keep your savings!
    Maybe we should be buying tins of baked beans, bottles of coffee and anything else with a long sell-by-date that we can sell at a market stall after the apocalypse…

    But, you do have a point. Like you say – if you have a house you can always swap it for another one if you want – or even live in it.

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  • This isn’t just the end of the ‘modern banking system’, it’s the decline and and final eclipse of global Capitalism.

    And I’m not cheering.

    Like nearly everyone else I’ve enjoyed relative comfort and prosperity, the like of which the majority of my forebears never even dreamed possible. But, the whole thing runs on the exploitation of resources – and there just aren’t enough of them to go round anymore.


    The problems with the banking and housing sectors – as divertingly entertaining as they may be – are just the mouldy icing on the cake. Meanwhile, the cake itself is falling apart.

    Next stop: subsistence.

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