Monday, July 21, 2008

Interesting outlook on how things are going.

8,500 U.S. banks; many will die soon

If you look down from a very high level what you see is this: There is $75 trillion in global real estate, $50 trillion in annual global GDP, and $675 trillion in derivatives - synthetic financial instruments loosely associated with the real world that, when inspected, prove to be worth a small fraction of their face value. Nine years ago Weathervane McCain’s chief economic adviser, Phil Gramm, got the Glass Steagall Act largely repealed. Investment houses engaged in an orgy of what can only be described as private money printing, taking real assets, puffing them up, marking them up, passing them around, and they kept at it until there were five or six dollars of funny money for every real dollar of stuff. Ssshhh, don’t anyone tell the pension funds...

Posted by nopensionnohouse @ 03:24 PM (1224 views)
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16 thoughts on “Interesting outlook on how things are going.

  • Whostolemyendowment says:

    Just run out of toilet paper after sh1tting myself over this article……anyone got any spare?

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  • Mytimeisnigh says:

    So which banks are most at risk?

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  • nopensionnohouse says:

    No, I’m saving mine.

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  • Start trading in sheets of loo roll, they’ll soon be worth more than any bank shares (if not already).

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  • nopensionnohouse says:

    Which ones are most at risk? Dunno but this site makes interesting reading http://bankimplode.com/

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  • This guy sounds like Sheriff J.W. Pepper (Live and let die – 007)

    A good example of the nutcases in middle America!

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  • “Start trading in sheets of loo roll, they’ll soon be worth more than any bank shares (if not already).”

    Don’t you mean bank notes?

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  • The man took the trouble to research and then write an informative article. Ok so it’s American, for the Americans to read.What difference does that make?
    There is a lot of logical information there and a warning that a good proportion of banks are about to go under. Fair Warning not to be scoffed at. Worth Reading !
    Because Actually we could all end up wandering about like wilderbeasts.

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  • Mytimeisnigh says:

    Nopensionnohouse, thanks. It was interesting.

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  • shipbuilder says:

    I think this is a great article, even if at the start the bloke seems more concerned with ‘being right’. He’s right that every fraudster should be made to pay, though.
    What gives this article its real ring of intelligence is that the author (and i’m not aware of any of his other articles) points out his own level of expertise, avoids jumping to ridiculous conclusions and avoids giving any financial ‘advice’.

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  • It’s a scary article though. It leaves me wondering, as I’m sure many do, including people on here, just what the hell to do with my cash. Somehow buying chunks of gold seems a bit, well, redneck nuclear bunker. There’s always the feeling that a good writer can always make things sexier than they are in reality. And in truth, no one is well informes enough to know that they’re truly right. I feel like a kid whose school suddenly has no rules anymore. What’s right?

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  • shipbuilder says:

    I don’t think anyone knows jam – your guess is as good as mine. Northern Rock or NS and I if you can’t decide, I guess. Just take with a pinch of salt anyone who claims to deal in certainties.

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  • Only thing to do is to invest in an asset which has intrinsic worth. Hopefully where the market isnt too hot and the price has come down a bit. You know, something like a house.

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  • Only thing to do is to invest in an asset which has intrinsic worth. Hopefully where the market isnt too hot and the price has come down a bit. You know, something like a house.

    Reply
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  • nopensionnohouse says:

    To be honest, I’m starting to feel a little freaked out by the possibilities / implications here. The conspiracy-loons are mental for sure (you & I know who they are and they need no introduction).

    But reading this article, following some of the links and probably thinking too much, I’m starting to get all, well… WTF?

    And a little punchy.

    Can some one please grab my feet and get them back on the ground? I don’t like it.

    What’s happening here?

    Yeah, where do I put my savings?

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  • little professor says:

    Daily Kos isn’t a conspiraloon site, it’s actually pretty mainstream, although obviously heavily weighted to the left.

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