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Old July 15th, 2009 #621
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Default How are those illegal alien accounts working out for ya, bank of america?

http://www.bloomberg.com/apps/news?pid=2....

Bank of America Credit-Card Charge-Offs Reach 13.86% (Update1)

By Peter Eichenbaum

July 15 (Bloomberg) -- Bank of America Corp., the biggest U.S. bank by assets, said net charge-offs on its credit-card trust rose to 13.86 percent in June from 12.5 percent a month earlier.

Payments overdue by 30 days or more fell to 7.73 percent from 7.95 percent in May, according to data posted today by the Charlotte, North Carolina-based lender on it Web site.

Bank of America’s charge-off rate was the highest among five U.S. credit-card issuers that reported today, and one of only two that climbed from the previous month.

American Express Co., JPMorgan Chase & Co. and Discover Financial Services reported month-to-month declines, while charge-offs at Capital One Financial Corp. rose.
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Old July 15th, 2009 #622
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Quote:
With the recession midway through its second year, the number of people running out of jobless benefits has reached a record high.
Just as first-time claims for unemployment insurance surged in the sour economy, final payments – made when laid-off workers have exhausted their initial benefits and all extensions – are climbing, with Mecklenburg County numbers more than double from a year ago.

As a result, more people are seeking help from already strained assistance agencies and trying to find creative ways to generate income, from babysitting to braiding hair to refinancing loans to taking on roommates.

Relief, in the form of new jobs, doesn't appear imminent, based on the latest labor statistics. The national unemployment rate rose to 9.5 percent in June, a 26-year high, with companies cutting 467,000 jobs – more than economists expected. Charlotte-area unemployment has outpaced the nation, reaching 12 percent in May. Economists expect both numbers to rise further before the end of the year.

Last month, the number of Mecklenburg County residents who ran out of unemployment benefits climbed to nearly 2,900 – the fourth straight month above 2,000 and more than double the number of people in June 2008, according to new data from the N.C. Employment Security Commission. Before the recession, the number of final payments in a single month never topped 2,000.

Among those out of benefits is Dennis Perkins, 57, of Charlotte, who filed for unemployment in December, after he was laid off from his job as a sales estimator for a Pineville company that makes metal parts for manufacturers. Because he had been with the company only six months, Perkins said, his jobless benefits were limited.

“I had 13 weeks,” he said, “and that was it.”

Compared with his annual salary of about $32,000 – or about $615 a week – Perkins said his weekly unemployment check was about $300. Besides cutting household costs, Perkins said he cashed out his 401(k) to pay off his mortgage, sparing his family the monthly payments this year.

Since getting his last unemployment check two months ago, Perkins has done several handyman-type jobs, he said, finding them by word of mouth or through fliers left in various neighborhoods. He spent one day last week installing laminate floor in a Ballantyne home.

“I'm picking up what work I can,” Perkins said. “It hasn't been real lucrative … $100 here, $50 there.”

For those who haven't found work after losing benefits, options vary. Like Perkins, many take whatever odd jobs they can find. Others borrow money from friends and family members.

“In some cases, I wonder how they manage,” said Paula Gilbert, a case worker supervisor at Crisis Assistance Ministry, a nonprofit agency that helps people with rent and utility payments. “It gets really bare bones.”

More people seek help

Through June, more than 13,000 county residents had received final payments from the N.C. Employment Security Commission this year.

With Mecklenburg unemployment reaching 11 percent in May and no dips expected for a few months, the number of people exhausting benefits likely will remain high. The 2009 total should easily eclipse last year's record of 13,729 – by the end of this month.

Displaced workers normally are eligible for up to 26 weeks of unemployment benefits, with the amount and length of payments determined by the pay and time at a person's last job, said Andrew James, an ESC spokesman. The maximum weekly payment is $494, and with extensions during the recession, job seekers may be able to get up to 79 weeks of checks.

Eventually, though, extensions run out. ESC workers often refer people to their local Department of Social Services and charitable organizations, which say they have seen traffic swell dramatically in the past year.

DSS officials have said applications for food stamps are up more than 30 percent, with some applicants less than a year removed from jobs with six-figure salaries.

People without jobless benefits also seek help from Crisis Assistance Ministry, where the waiting room's more than 100 seats fill up quickly after the office opens each morning at 7:45 a.m.

Case workers at the agency say their clients often tell of refinancing loans, making deals to delay rent payments and taking other steps to raise or save money for bills and other crucial needs.

“One lady went out and got a roommate,” case worker Tiffany Bost said. “That helped.”

Growth boosts numbers

Final unemployment payments usually rise during recessions. In 2002 and 2003, payments in Mecklenburg topped 1,000 in most months before dropping to an average of 780 a month for 2004-2007.

The current recession, however, is the worst since at least the early 1980s and possibly the Great Depression, economists say. That severity plus the Charlotte region's robust population growth in recent years have resulted in the record number of people running out of benefits.

The next several weeks probably won't bring much relief. Although many economists say layoffs have slowed, most companies haven't resumed hiring. Job seekers also compete in a larger labor pool during the summer, when students, teachers and new graduates search for work.

Given that outlook, even people who haven't yet exhausted jobless benefits are searching for other sources of income.

Melinda Myers of Huntersville was a human resources project manager at Wachovia before being laid off in October. After nine years with the company, she got four months of severance pay. When that ran out, Myers, 54, applied for unemployment in March, getting 26 weeks of benefits that will run through August.

Myers' husband works full-time, and the couple has a 19-year-old son and 16-year-old daughter. Because her weekly $494 unemployment check is about one-third of her former Wachovia salary, Myers said the family has taken such steps as putting off vacations, clipping coupons, dining out less and asking the kids to put money from their part-time jobs toward their cell phone bills.
As for work, Myers said she has been teaching communications courses at ECPI College of Technology and working part-time at a day care center for dogs.

“It's a big balancing act,” she said.

Sue Kingrey of Pineville also was laid off in October after four years as a senior interior designer at Office Environments, a corporate furniture dealer. She began collecting jobless benefits in November, exhausted her 26-week allotment in May and is halfway through an extension.

Still seeking a job and unsure if she'll get another extension, Kingrey, 46 and single, said she and two friends started their own business. Change of Space helps homeowners and business owners reduce clutter or prepare homes and offices for sale, she said.

“We see that there is a need out there,” Kingrey said. “We just need to go get it.”
http://www.charlotteobserver.com/408/story/831920.html
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Old July 16th, 2009 #623
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with every uptick in the DjIA the new world order run by Goldman and Bank of Jewmerica gain more power at the expense of everyone else.
 
Old July 17th, 2009 #624
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Quote:
Originally Posted by Johnsonsmith View Post
with every uptick in the DjIA the new world order run by Goldman and Bank of Jewmerica gain more power at the expense of everyone else.
I think they have peaked or are peaking in power.their power required a lack of awareness from ordinary people, but ordinary people are getting a clue. especially, I'd say, in the Pacific Northwest with all the "DIY" movements, and this will spread East, as all cultural movements do.

You have White racialism blossoming in California, and economic relocalization/DIY in Northern CA and Oregon

the "pushbutton power" of the jews is hitting diminishing returns, and they are desperately papering over their losses, attempting to hide them, attempting to keep the music playing another day, another day.

the end of economic growth and the beginning of economic contraction is going to be an endgame for them. they will be forced to take drastic, incredibly risky measures.
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Old July 17th, 2009 #625
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Pat is able to say this sort of thing now, because just about everyone is saying it already. I remember 10 years ago, ordinary people were "horrified" by "racism." Now they agree with it, albeit in a "sadder but wiser" resigned sort of way.

As quality of life declines, it's going to be as easy to get people to "connect the dots" as it was difficult to do so 10 years ago. One thing I've learned about life in America, is that it's all about booms and busts, huge waves, with very high crests and very low troughs. One day "racism" is considered "all but criminal," the next day, it's literally a commonplace.

It seems to me like the rulers are just jerking us around for their own amusement. They used to have organized gladiatorial combat in the Roman coliseums. They are setting up the same scenario on a mass scale, albeit with less organization and more plausible deniability, in the form of civil conflict.

Quote:
http://www.vdare.com/buchanan/090716_socialist.htm

July 16, 2009
Socialist America Sinking

By Patrick J. Buchanan

After half a century of fighting encroachments upon freedom in America, journalist Garet Garrett published The People's Pottage. A year later, in 1954, he died. The People's Pottage opens thus:

"There are those who still think they are holding the pass against a revolution that may be coming up the road. But they are gazing in the wrong direction. The revolution is behind them. It went by in the Night of Depression, singing songs to freedom." [Full book, PDF]

Garrett wrote of a revolution within the form. While outwardly America appeared the same, a revolution within had taken place that was now irreversible. One need only glance at where we were before the New Deal, where we are and where we are headed to see how far we are off the course the Founding Fathers set for our republic.

Taxes drove the American Revolution, for we were a taxaphobic, liberty-loving people. That government is best that governs least is an Americanism. When "Silent Cal" Coolidge went home in 1929, the U.S. government was spending 3 percent of gross domestic product.

And today? Obama's first budget will consume 28 percent of the entire GDP; state and local governments another 15 percent. While there is some overlap, in 2009, government will consume 40 percent of GDP, approaching the peak of World War II.

The deficit for 2009 is $1.8 trillion, 13 percent of the whole economy. Obama is pushing a cap-and-trade bill to cut carbon emissions that will impose huge costs on energy production, spike consumer prices and drive production offshore to China, which is opting out of Kyoto II. The Chinese are not fools.

Obama plans to repeal the Bush tax cuts and take the income tax rate to near 40 percent. Combined state and local income tax rates can run to 10 percent. For the self-employed, payroll taxes add up to 15.2 percent on the first $106,800 for all wages of all workers. Medicare takes 2.9 percent of all wages above that. Then there are the state sales taxes that can run to 8 percent, property taxes, gas taxes, excise taxes, and "sin taxes" on booze, cigarettes and, soon, hot dogs and soft drinks.

Comes now national health insurance from Nancy Pelosi's House. A surtax that runs to 5.4 percent of all earnings of the top 1 percent of Americans, who already pay 40 percent of all federal income taxes, has been sent to the Senate. Included also is an 8 percent tax on the entire payroll of small businesses that fail to provide health insurance for employees.

Other ideas on the table include taxing the health benefits that businesses provide their employees.

The D.C.-based Tax Foundation says New Yorkers could face a combined income tax rate of near 60 percent.

In the Declaration of Independence, Thomas Jefferson called George III a tyrant for having "erected a multitude of new offices, and sent hither swarms of officers to harass our people and eat out their substance."

What did George III do with his Stamp Act, Townshend Acts or tea tax to compare with what is being done to this generation of Americans by their own government?

While the hardest working and most productive are bled, a third of all wage-earners pay no U.S. income tax, and Obama plans to free almost half of all wage-earners of all income taxes. Yet, tens of millions get Medicaid, rent supplements, free education, food stamps, welfare and an annual check from Uncle Sam called an Earned Income Tax Credit, though they never paid a nickel in income taxes.

Oh, yes. Obama also promises everybody a college education.

Coming to America to feast on this cornucopia of freebies is the world. One million to 2 million immigrants, legal and illegal, arrive every year. They come with fewer skills and less education than Americans, and consume more tax dollars than they contribute by three to one.

Wise Latina women have more babies north of the border than they do in Mexico and twice as many here as American women.

As almost all immigrants are now Third World people of color, they qualify for ethnic preferences in hiring and promotions and admissions to college over the children of Americans

All of this would have astounded and appalled the Founding Fathers, who after all, created America—as they declared loud and clear in the Constitution—"for ourselves and our posterity."

China saves, invests and grows at 8 percent. America, awash in debt, has a shrinking economy, a huge trade deficit, a gutted industrial base, an unemployment rate surging toward 10 percent and a money supply that's swollen to double its size in a year. The 20th century may have been the American Century. The 21st shows another pattern.

"The United States is declining as a nation and a world power with mostly sighs and shrugs to mark this seismic event," writes Les Gelb, president emeritus of the Council on Foreign Relations, in CFR's Foreign Affairs magazine. "Astonishingly, some people do not appear to realize that the situation is all that serious."[Necessity, Choice, and Common Sense, May/June 2009]

Even the establishment is starting to get the message.
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Old July 21st, 2009 #626
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Govt.'s Wall Street, bank support could be $24T
Email this Story

Jul 20, 1:35 PM (ET)

By JIM KUHNHENN

P { MARGIN: 12px 0px 0px}
WASHINGTON (AP) - The watchdog overseeing the federal government financial bailout says the government's maximum exposure to financial institutions since 2007 could total nearly $24 trillion, or about $80,000 for every American.
The whopping amount compiled by the inspector general for the $700 billion Troubled Asset Relief Program takes into account about 50 initiatives and programs set up by the Bush and Obama administrations as well as by the Federal Reserve.
Many of the programs are backed by collateral and the $23.7 trillion represents the gross, not net, exposure that the government could face. No one has suggested that the full amount, in fact, will be used.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
WASHINGTON (AP) - The government's main watchdog over the federal financial bailout says the Treasury Department has repeatedly failed to adopt recommendations aimed at making the $700 billion program more accountable and transparent.
Neil Barofsky (buh-RAHF'-skee), the inspector general for the Troubled Asset Relief Program, says in a report to Congress that Treasury's inaction means taxpayers have not been told what the financial institutions that have received assistance are doing with the money. Barofsky's conclusion is contained in testimony he is prepared to give Tuesday to the House Oversight and Government Reform Committee.


******************************************


So now we finally start to hear some real numbers...


Naturally, ZOG denies, denies, denies the words of its own agent here. After all, there's nothing so difficult as the "public servant" bureaucrat who takes the bit in his teeth and breaks HONEST! But the truth had to out eventually, and this may well be the start of it.

That's right, sports fans: $80,000 for every man, woman, and child in the Kwa - to include all chinks, nigs, injuns, crackas and even Yahweh's own. Now if you're married with a couple kids your share of the bill will be a mere $320,000.

Pocket change, you say? Well, maybe it will be if the hyperinflation catches the wave just right, but...

What we are basically seeing here is the simple fact that the juden have seemingly pulled it off yet again.

In 1932 they stold all the people's gold, and no one lifted a finger (at least not in the Kwa). Just rolled over and took it up the wazzoo. Now I often wondered: since the gold was gone, what was there left to steal next time? Well we have the answer now: everything of value including the future.

A per capita burden of $80,000 should just about wipe out the assets of all but a very small fraction of the population - equalling bankruptcy. So this can only mean abject slavery and poverty into the indefinite future, all so that a few dozen Citi-bank vice-presidents (basically 100% jew) could sell their options at the peak of the hill for $60-100 millions apiece.

Never has the criminal hand of the juden been more clearly played, and yet probably 99.99% of all Kwans cannot even imagine the possibility. (The other 0.01% have heard about the idea, but loudly protest that only "anti-semitic idiots" would ever say such things.)

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Old July 27th, 2009 #627
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Itz all good, everybody believes in the Kwaaa, the god damned Dow went over 9000 again, reasons? We don't no damn reasons, Obama and Ben Shalom will save us. That senile old bastard Warren Buffet also still believes in the Kwaaa.

Buffett: Bet on America

The Oracle of Omaha says the American economy will bounce back.
http://money.cnn.com/video/news/2009...nomy.cnnmoney/
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Last edited by Hugo Böse; July 27th, 2009 at 05:22 PM.
 
Old July 27th, 2009 #628
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". . .The Oracle of Omaha says the American economy will bounce back. . ."

>>Dead cat bounce

Meaning

A small and temporary recovery in a financial market following a large fall.

When a financial market suffers a consistent fall traders attempt to detect when prices are at their lowest and then buy stocks hoping for a bargain. If they buy too soon prices may rise temporarily but then decline again. This is called the dead cat bounce. The idea being that even a dead cat will bounce if you drop it from a great height.

The phrase seems to have struck a chord and other 'bounce' phrases have emerged, notably 'Baghdad bounce'. This is the rise in popularity that both George Bush and Tony Blair enjoyed following the fall of Baghdad in the Iraqi War. That popularity waned somewhat later when it became clear that pulling allied troops out of Iraq was likely to take longer than the public had first anticipated.
Origin

The earliest citation I have found is in an article by Chris Sherwell in The Financial Times, December 7, 1985:

"Despite the evidence of buying interest yesterday, they said the rise was partly technical and cautioned against concluding that the recent falls in the market were at an end. This is what we call a 'dead cat bounce', one broker said flatly."

Copyright © Gary Martin, 1996 - 2009
 
Old July 27th, 2009 #629
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Quote:
Originally Posted by Rick Ronsavelle View Post
". . .The Oracle of Omaha says the American economy will bounce back. . ."
The Oracle of Omaha is WAY short on the US dollar. He has literally BILLIONS of dollars in exchange options such that if the dollar falls drastically, he makes billions. If it holds its own or gains he looses billions.

And he's 100% lock, stock and barrell, a proponent of that the nigger they call the president and its economic policies.

What does that tell you?
 
Old July 28th, 2009 #630
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Quote:
Originally Posted by General_Lee View Post
The Oracle of Omaha is WAY short on the US dollar. He has literally BILLIONS of dollars in exchange options such that if the dollar falls drastically, he makes billions. If it holds its own or gains he looses billions.

And he's 100% lock, stock and barrell, a proponent of that the nigger they call the president and its economic policies.

What does that tell you?
the game is rigged, no?
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Old August 17th, 2009 #631
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Looks like we had a little mini crash today. The Fed extended TALF for one, if the economy is improving, why do they need the extension?

Basically, it's not getting better, it's continuing to get worse, and it's going to get a lot worse soon. They can artificially prop the market up for so long, you can bet that any time a rally occurs at this point, it's not going to be from natural activity but through gov manipulation, and propaganda type reporting to get people to buy into the market.

For example, the MSM reports new home sales are up, but neglect to report there were higher numbers of foreclosures in the same time period. Lowe's and Home Depot dismal numbers are more proof of that. People aren't able to pay for home improvements. The local HD here is usually half empty, even on weekends, I've never seen that before.
 
Old October 5th, 2009 #632
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CAUTION: Stock Market Collapse Dead Ahead Say Faber, Rogers, Dent and Celente

by Mac Slavo

After a massive upswing in US stocks over the last six months, the recent rally may finally be coming to an end. It seems that the trend of rising stocks on bad or better than expected news may be in a reversal, as evidenced by market participants’ caution over the last couple of weeks. For those that follow contrarian investors like Marc Faber, Jim Rogers, Gerald Celente and Harry Dent, this should come as no surprise.

Marc Faber, publisher of the Gloom Boom & Doom Report, advised his subscribers and followers to take positions in US tech stocks, the banking sector and hard assets at the bottom of the markets in early March of 2006. However, he did provide a word of caution on March 16, 2009, making it known that while he was a short-term bull on stocks, that eventually, the economic fundamentals would catch up:

“probably a total collapse in the second half of the year when it becomes clear that the economy is a total disaster.”

As recently as September 3rd, on Delhi TV, he made another call, essentially telling investors to get out:

“I believe in the next 10 days to two weeks we’ll get big moves in markets. And I wouldn’t be surprised if the Dollar would for a change strengthen and equity markets would correct and possibly quite meaningfully so.”

Gerald Celente, Trends Research forecaster and contrarian thinker, advised listeners of the Jeff Rense show on September 23rd to look out below, calling it the Christmas Crash. He believes that the next collapse will come quickly, sometime this Fall, but as late as January or February of 2010:

“It’s going to really be an ugly scene. We are really encouraging people now to take pro-active measures and prepare for the worst. Don’t spend an extra dime.”

Jim Rogers, who is well known for making millions during the recession and commodities boom of the 1970’s, is also hesitant about acquiring more equities. He is an avid US Dollar bear, but in an interview on September 30th, he turned bullish on the dollar in the short term. His advice?

“I am not buying shares anywhere in the world as we speak.”

http://www.lewrockwell.com/spl/stock...pse-ahead.html
 
Old October 10th, 2009 #633
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Alex, I don't doubt a market collapse. However, note that the Zimbabwe stock market has had a good performance while its currency collapsed. The dollar has taken a pounding and, with near zero interest, they are talking about a dollar carry-trade instead of yen carry-trade. Also, IIRC, the US 30 year bond saw a big spike up in yield because the ZOG games are just about over. The whole world has figured out what the jews are up to. The jig is just about up, so to speak. A dollar collapse is more ominous than a stock market crash.
Quote:

The story hit like a thief in the night, even bearing Biblical proportions. The end of the exlusive sale of MidEast oil in USDollars, the rise of Russian and Chinese influence in the Persian Gulf, the rise in importance for the Intl Monetary Fund basket of currencies, the final clarion call for the free ride by Americans on the Dollar Credit Card, and hidden implications that the Saudis must shop for a new security lord in the region with broad military might, these are revolutionary steps with profound geopolitical implications. The back-to-back stories in the UK Independent struck like powerful bolts of lightning in the middle of the night from a North American perspective. These articles by a highly respected journalist will be posted on the Banker Church Doors just like Martin Luther’s demands for change in the Protestant Reformation that smashed the monopolistic power of the Catholic Church centuries ago. Enough of the mixed metaphors. This is truly incredible news. The US will soon no longer be permitted to sell its indulgences. This is major Paradigm Shift material.
To say the Jackass was excited in the last few days would be a gross understatement. This is a lock for gold to hit $1500 within months, and $2000 within a year. This is a lock for silver to hit $30 within months, and some screaming figure within a year that cannot be fathomed right now, like $50. Be sure to see almost zero follow-up for this story in the crumbling US press networks, widely compromised, distrusted, and even mocked in recent months.
A quick read is required of two articles by Robert Fisk. He touches at the surface on a great many relevant and salient points. This story and its vast consequences will be discussed and analyzed for a full year. This is the biggest story on the USDollar in decades, sure to further develop. This is the biggest financial story since Lehman Brothers was eliminated, since AIG was hidden under the USGovt roof, and since Fannie Mae fraud was shoved in the USGovt basement, one year ago. To say this is not orchestrated by China is professed ignorance. They warned the US not to monetize the federal debt. We did. They warned the US not to reappoint Bernanke as USFed Chairman. We did. Next is transformation with consequences. A new important alliance has formed, which does not involve the United States and Great Britain in decisions. Their nations will drift in isolation. The great majority cannot comprehend or envision such change. Give them time. The most visible changes will come with the value of Gold & Silver, and the demoted USDollar exchange rate. Foreigners were welcomed for their purchase of our vast rafts of debt, but next comes impact from debt failure.
FINANCIAL SYSTEM IMPLICATIONS
When one combines the 0% US interest rate feeder system that shreds the USDollar with leveraged machinery designed by Wall Street itself, with the US$ rejection heralded by the Saudis side by side with their numerous global customers, the conclusion is easy. That is, easy except to the biased bankers who continue to occupy the corridors of finance on Wall Street. The conclusion is the death of the USDollar is written in stone, and a USTreasury default lies down the road. If you believe the 8-9 year timeframe cited by Fisk and denied by the Saudis, then you believe in fairy tales. This timetable is much more palatable to sell to the US/UK maestros, much less threatening in words for a total disruption with overturned tables. The timing of the transition away from the Petro-Dollar will not be 8-9 years, not in this world. The rapidly decaying financial platforms and structures will dictate a much more rapid timetable. Within a year, the Saudis with Russians and Chinese on each arm, will announce the further degradation and deterioration of the US and UK banks, if not entire financial system, dictate an accelerated timetable, more like 2-3 years. It will still seem like Chinese Water Torture into a golden barrel with silver lining, as the dollar typed water turns acidic.
Continues at the link.
http://www.kitco.com/ind/willie/oct082009.html
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Old October 10th, 2009 #634
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Old November 22nd, 2009 #635
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Default The Day the Dollar Died- Fiction

"Mike was less than an hour from home in Minnesota after dropping his load off in Fargo but knew he needed to top his tank off this Sunday evening to insure his rig would make it home. He pulled into the Petro Truck Stop just outside of Fargo and hopped out of the cab into the bitter twenty below temperatures which he could not believe had already hit at ten o’clock at night. He slid his fuel card into the pump waiting for the next prompt when the “SEE ATTENDANT” message flashed in the screen. He blustered, figured it was another card problem and whipped out his Master Card and slid it in after the pump reset and again the “SEE ATTENDANT” message flashed up. “What the hell is going on?” he thought to himself as he wandered into the long line of drivers boisterously yelling at managers and clerks alike.

Tom finished up his shift on the docks at the Nestle warehouse in Hampton, Georgia at exactly 11 o’clock at night and decided that because of the scuttlebutt he had been reading on the message boards, it may not be a bad idea to pick up a few cans of food and some toilet paper at the local WalMart Super center. Even though it was a Sunday night, they were always stocked and it was just five minutes out of the way to his home. As he walked inside the store, his mouth dropped. It looked like the day after Thanksgiving sale with every register open and ten plus people deep at 11:30 p.m. “Oh my God!” he gasped as he walked in grabbing the last shopping cart with the wheel that was half locked up. As he walked as fast as he could to the aisle with the paper goods, he looked at all the shelves then noticed the clerk who looked stunned himself. “How in the SAM HELL does WalMart sell out of Toilet Paper son?” he screamed at the eighteen year old kid. “Sir, I don’t know what is going on. Is the world ending? I’m a little freaked out!” the clerk stammered. Tom realized that he was not to blame and as he calmed down said to the kid “Son, I don’t know what is going on either. It must be an ice storm on the way. Are you folks getting another truck soon?” The clerk said in a very low voice “Sir, I think there are two coming at 2 a.m. I would wait here if I were you.” With that information Tom slinked outside to his car and called his wife at home just before midnight to tell her he would be staying to wait on the WalMart trucks.

1730 ET…February 21, 2010

It was a typical Sunday night in my household, a tremendous dinner, nice weather in Florida and of course a chance to chat with my friends online about the events of the world. The big news was that on Friday, February 19, 2010 the US Dollar Index closed at 69.07 far below any level in history and of course shattering all known technical support. As I grabbed a glass of Port and settled in front of my computer at 5 p.m. Eastern to watch the Asian fireworks and watch Bloomberg and CNBC-Asia on my computer, I noticed the Middle Eastern markets closed in horrid shape. The Israeli market closed three hours after the open and down 22% for the session. The Saudi markets closed after one hour and down 41%. Other regional markets did not open or were shut down due to national emergency declarations. As I tuned in expecting the usual repeat on Bloomberg, it was live with a somewhat excited news babe reading information from a blog reporting “rumors” that the CEO’s of Citigroup and Bank of America were in meetings since 11 a.m. with the New York Fed. At that point, it was time to put the port up and break out the hard stuff.

Gold had closed at a record high again, up some $37 to finish Friday’s session up at $1289 and change so I figured it would be jumping again with all of this worldly instability on display. I searched the boards and feeds like mad, looking for anything on an Iranian attack or outbreak of war elsewhere in the world but nothing was found at all. As 6 p.m. Eastern flipped up on my watch, CNBC interrupted their programming with a live update from New York instead of Australia or Tokyo about the meeting at the NY Fed. Bloomberg also broke from their Asian coverage with a brief story but no details as to why there was a meeting today or who else was there. As the New Zealand markets opened, the prices went nuts but shockingly to the upside. Their markets shot up 11% on the open to break over the 3900 price level but that was not the story. As the futures opened in Chicago for the evening session, no matter where you were in the world that day or night, you printed that screen at 6:04 p.m. Eastern time as the prints were staggering:

Gold UP $212.15 to $1501.15

Silver UP $39.13 to $81.06

US DOLLAR INDEX DOWN 9.5869 or just over 14% to 59.4830

US S&P FUTURES DOWN 49.13

US DOW FUTURES DOWN 472

NASDAQ FUTURES DOWN 135

Holy Smokes! This was an absurd way to start the night and my phone started ringing along with text messages and emails out my wazoo. The sense of panic was evident on Bernie Lo’s face as he came on to the air discussing what was happening in the futures market and fortunately he announced that Jim Rogers would be joining him after the next break. As the commercial started at 6:09 p.m. Eastern the scroll at the bottom of the screen was bright red with the headline:

ALL U.S. EQUITY FUTURES ARE LOCK LIMIT DOWN…..TRADING SUSPENDED UNTIL 0900 ET MONDAY FEB 22….US DOLLAR BEING SOLD ACROSS THE BOARD

By 6:15 the Euro was trading at $1.92, the Kiwi (New Zealand Dollar) at $1.26, the Aussie Dollar well beyond par at $1.39 and the Canadian Loonie rocketing past par to $1.33. The U.S. Dollar was in a full fledged collapse and the world was putting money anywhere they could to escape the carnage. As the New Zealand equity markets struggled to handle the order flow an announcement emerged at 6:27 p.m. Eastern time that they would no longer accept U.S. dollars within their nation for the next 72 hours until the United States Federal Reserve Bank introduced stability measures. That instantly turned a huge move to the upside to down 17% in less than three minutes and soon thereafter, trading was suspended by 7 p.m. Eastern time. Instead of waiting to see what was next, I left at 6:51 p.m. to run down the street and take $500 from the local grocery store ATM, returning just in time for the top of the hour news.

1900 ET

The Australian markets attempted to open but due to order imbalances they were delayed twenty-seven minutes. It was a buying frenzy in Australia also as the Aussie Dollar was skyrocketing higher and gold continued to gain, now up $273.20 per ounce in less than two hours of trading. The Chicago board was going to make a statement at 8 p.m. ET and the world was holding its collective breath because something bad was happening again in the United States and everyone wanted to buy into foreign markets to escape the American disaster on the horizon. After a brief opening, the Australian government followed suit with the New Zealand announcement and suspended acceptance of the U.S. Dollar for commerce until further notice. The Japanese were very quiet in the mean time as they announced at 7 p.m. they would keep their markets closed but the huge move in the Yen caused massive concerns as noted by the central bank. The yen appreciated from a close of 79.8213 on Friday the 19th to an opening of 48.7326 in less than an hour of trading. Nobody wanted dollars and even fewer people it was discovered wanted the British Pound. The Pound for the first time in its history was worth less than 100 yen and it was well on its way to joining the US Dollar in a death spiral.

2000 ET

The internet is crawling. Message boards were lit up with record numbers of participants. Rumors swirled about declarations of martial law, bank holidays, secret wars and other crazy things. Yet my phone messages, conversations, texts and emails told me there was something very very wrong. Two of my friends called me to tell me the consequences of the failed 30 year bond auction last Thursday came home to roost over the weekend. Citi and BoA were rumored to have a huge CDS obligation due to the interest rates being blown outside of the norm and the 6.05% yield from the auction cost the banks an estimated $400 billion each if they were forced to settle open swap contracts and derivative issues by Monday or the end of the month. The swaps and derivatives which were to prevent the collapse may actually have finally started it but nobody could verify anything that was happening as the NY Fed looked like a war zone with hundreds of cameras around the building and reporters speculating endlessly on every cable channel.

2100 ET

I did not know who to believe but when Bloomberg played the excerpt from Jim Rogers’ interview just after the top of the hour where he said “this is what a currency collapse looks like and if you were not prepared, you were wiped out” really resonated with everyone on the Bloomberg set and throughout the news worldwide. The Chicago Futures were closed by order of the CFTC and SEC and that was the big announcement but it was assumed anyways because there was no way the COMEX or anyone else could possibly have kept up with the demand for precious metals as the last print had gold over $1579 per ounce and worse, the base metals closing at obscene prices like $6.79 per lb. for copper! The Shanghai markets were ordered open for domestic participants only and no overseas selling was allowed nor trading in US Dollars thus allowing the communists to manage their banking situation without outside influence. Unfortunately a rumor was confirmed on FNC later in the hour that Chinese troops were deployed to all U.S. and British bank branches inside their nation. That only permeated the panic already felt on the internet and in the air. The news at the top of the hour was even more shocking.

2200 ET

CNN led the hour off with coverage of the “FINANCIAL CRISIS OF 2010″ with breaking news about two hedge fund managers committing suicide in their offices in New York. That did not help the confidence level nor did the statement from Treasury Secretary Timothy Geithner at 10:09 p.m. Eastern that the “government was in full control of the situation and that the panic world wide was unwarranted.” When he finished the statement assuring that the financial markets would probably open on time in the morning, the snicker from CNBC’s team of Gasparino and Griffith spoke volumes about what was really occurring.

2300 ET

Somehow a picture of Goldman Sachs CEO Blankfein and JP Morgan’s CEO Jamie Dimon entering the New York Federal Reserve building was leaked out and broadcast on cable news and financial news outlets causing more discussions and a genuine sense of panic to grip everyone. Reports about credit cards not working for the last two hours nationwide were swamping the newsrooms but no comments from VISA, Master Charge or anyone else was forthcoming.

0000 ET February 22, 2010

It was officially a panic. Reports on local news stations about grocery store shelves being cleaned out and ATM machines running out of money hours ago and not being refilled were broadcast nationwide. Even my local station had a story about accessing the reporter’s bank account online and all they got was a very scary message as they attempted to reach his bank’s web page:

404-NOT FOUND

0100 ET

WWOR and WCBS started reporting that gas stations in the New York City and northern New Jersey areas were running out of gas even though credit cards did not work. The cable news stations and financial news networks just recycled earlier news with updates at the top of the hour. The world markets were closed and everyone was holding their breath to see what happened the next morning.

0200 ET

As I struggled to stay awake, NY Federal Reserve President Denis Hughes came to the microphones with Dimon, Blankfein and shockingly Ben Bernanke. Hughes immediately deferred to Bernanke who said that the President would address the nation at 7 a.m. Eastern Time and that he felt the crisis was averted for the moment and that everyone should have faith in the United State’s policy of a strong currency and banking system. After that statement was concluded, Bloomberg switched to a banking analyst from Singapore who said that the U.S. was now a hulking smoking black hole in the ground and the only thing it was good for was to return those worthless dollars back to “THAT” nation so “THEY” could burn them to stay warm this winter.

0300 ET

Someone on the message board posted a story from WTOP that military police were seen setting up roadblocks throughout Washington, D.C. There was no video or other confirmation within that hour. I had to make double strength coffee at that point in time but instead set my alarm for 0500 to try to grab a nap. I was not about to miss what was going to be a day to remember in American history.

0509 ET

So sue me! I hit my snooze button then realized I fell asleep with the computer and television on and the news was flying. In big bold red at the top of CNBC’s screen was the announcement COUNTDOWN TO SPEECH and a counter moving towards 0700 Eastern. As I flipped the channels half awake, I noticed a BREAKING NEWS announcement on CNN and there was a feed from WSB in Atlanta, GA with their helicopter video of the Georgia State Patrol closing off all streets within three blocks of the Federal Reserve Bank in Atlanta and also around the Federal Home Loan Bank. That sent a chill down my spine as I flipped back on to the computer to see over two hundred unread emails and message upon message about shortages, internet outages, credit card problems and worst of all, gas stations running out of fuel. The other shocker was the suspension of international flights in many U.S. cities as the suppliers put every airline on C.O.D. effective immediately at 2:30 a.m. Eastern Time and that suspended a ton of flights inside the United States and worldwide. The cascading effects were stunning, even to those of us who were warning about it.

0530 ET

Several European markets attempted to open in coordination with Middle Eastern markets but the declines were so severe that within ten minutes of trading the authorities shut them all down within a half hour:

Russia -35%

Saudi Arabia -43%

Israel -22%

Switzerland -17%

Germany’s DAX -41%

CAC 40 – 29%

FTSE 100 – 32%

The Euro was up another 10% against the dollar and the Swiss Franc was now worth over $1.40 U.S. As the discussions about the problems with the U.S. dollar accelerated, banks were being shut down in Europe in nation after nation to prevent runs. Sadly for the Brits, the Sterling was now trading so poorly in Europe that it was worth just 1/3 of a Euro at some trading desks. By the top of the hour, video of riots in front of banks in Frankfurt and Glasgow were broadcast nationwide. At 5:55 a.m. Eastern the news took a dark turn with this BREAKING NEWS headline:

OBAMA AND BERNANKE TO SPEAK TO THE NATION AT 6 A.M. EST

0600 ET

The speech was low key, solemn and to the point. Obama announced a one week bank holiday. All credit card transactions and all collection actions of any sort were hereby suspended for seven days. All financial markets were closed until further notice. All mortgage and bill payment due dates were suspended for thirty days and no past due notices nor penalties were to be allowed by Federal Law. All schools were closed for seventy-two hours be they public or private. The city of Washington, D.C. was hereby declared to be under a state of martial law and all citizens were ordered to observe a curfew from 8 p.m. to 8 a.m. daily. Just as that sunk in, Ben Bernanke stepped up to the microphone to announce that President Obama, Treasury Secretary Geithner and all of the Federal Reserve Presidents along with himself were going to depart for Geneva for an emergency meeting of the G-20, IMF, World Bank and United Nations Financial Stability Working Group. Bernanke also announced that Citigroup, N.A. and Bank of America were hereby nationalized and placed under control of the United States Treasury under the auspices of the FDIC and that Sheila Bair would have an announcement at 8 a.m. Eastern. As he finished the announcement, an obviously exhausted Federal Reserve Chairman concluded by assuring the citizens of the nation that a stable currency was their only goal from this meeting of world financial leaders. I noted he did not say what currency though he was referring to.

0800 ET

By now, CNBC, Fox Business and Bloomberg were knee deep in wall to wall coverage but so were the broadcast and cable networks. America was on the brink was the preaching and screaming and the “bulls” were being gored by the permabears every time they uttered any statements about “how we’ve been through worse” etc., etc.

The announcement of the seizure by the FDIC of two of the largest banks in the world was pretty standard and short. The follow up statement by Ms. Barr though is what caused every newsroom to take pause when she stated that “further consolidations will be announced in the next seventy-two hours.”

The Bubblemedia was stunned and even shocked when Canada announced that they would attempt to open their financial markets for two hours of trading and that their banks would be open for normal domestic customers and business from 10 a.m. until noon Eastern time. Everyone on television looked at each other and just asked “How?”

0900 ET

I had forgotten to call in sick to work but then again the phone call from the company owner was pretty much a “well now what” as we laughed in a gallows humor discussion. He understood why I was home and he had already told the employees that he was closing at noon and would reopen when we could actually collect real money on what we sold and leased out. I told him I would call him at home later or meet him with a bottle on the golf course in the morning, weather permitting.

The chilling video of the Federal Reserve heads, Geithner and Obama boarding Air Force One to leave for Geneva from Washington, D.C. really had an impact on me.

1000 ET

The Canadian markets opened up 10% in ten minutes then rolled over down 31% by 10:30. The scary part was that the Canadian dollar kept on rising even though commodity trading was suspended and everyone was wondering just what gold would be priced at if the markets were allowed to trade.

As the day wore on, it was a blur of shocking story after shocking story. The President and his entourage arrived in Switzerland along with other world leaders but little was discussed or disclosed. The reports of banks being fire bombed by nuts throughout parts of the U.S. made the international news and caused all of us to feel somewhat uncomfortable as to what was next. The 8 p.m. interruption of normal prime time programming with a FEMA NEWS ALERT which lasted ten minutes and was repeated at the top of every hour with little if any information caused even more panic in the masses. Today I watched our dollar die in a matter of hours even though I knew how it was killed months if not years ago. I just wondered how bad the announcement out of Geneva was going to be as our bankers and politicians sold our souls out to save their rear ends.

I also wondered if I would ever sleep again."

(To continue reading this fictional account see Part II and Part III.)

http://freemarketstudies.wordpress.com/blog/
 
Old March 10th, 2015 #636
Whatheheck
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Bump

Wow i basically read this whole thread.

There is approx 4 trillion that vanished into thin air. I think 2.3 of it before 9/11 and then the rest during the melt down. Any follow ups on this? America just swept it under the rug ???
 
Old March 26th, 2015 #637
EricPowers
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Quote:
Originally Posted by confederate View Post
the game is rigged, no?
If the game wasn't rigged the Kikes wouldn't be on top.

Banks always win no matter what. They make money even when they lose money through greed and unnecessary speculation such as the housing/Financial Crisis of 2008.

All the Big Banks with the notable exception of Lehman Brothers were bailed out on the Tax payers, Dime!

Today the Wallstreet King Kikes and their Kike underlings make Millions while the American Middle Class is being wiped out!
 
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