Bankers Fear World Economic Meltdown

Udio, I'm in almost 100% agreement with you on the derivatives problem. And I believe that your end game, as frightening as it sounds, is within the realm of possibillity. You've been on top of this a pretty good while now and I respect your opinions. In your endgame do you see it being hyperinflationary, deflationary, some combination of the two, or maybe some type of currency default followed by say an AMERO?

Did you hear about this ?

BNY Mellon is seeking a judicial declaration that Countrywide has defaulted on its obligations under the terms of the indenture. The company is also asking a judge to order Countrywide to immediately purchase the notes surrendered in cash equal to 100 percent of the principal amount plus accrued and unpaid interest.

Bank of New York/Mellon suing Countrywide (for all intents and purposes Bank of America) that's two big boys about to go at it in the courts.

Originally posted by jefwane

In your endgame do you see it being hyperinflationary, deflationary, some combination of the two, or maybe some type of currency default ...

Bank of New York/Mellon suing Countrywide (for all intents and purposes Bank of America) that's two big boys about to go at it in the courts.

my endgame viewpoint would only play out IF the Fed, bankers, Treasury
did not individually or collectively 'change the rules' of the credit game ...

and the central bank even further reduced the required 'reserves' the banks needs to conduct operations..
those fractional reserves may be entirely suspended as the few remaining banks merge, consolidate and become Nationalized.

(along with Freddy&Fanney becoming Nationalized...) for the strategic reason to protect the homeland from the foreign debt holders seizing millions of mortgaged properties, as settlement.

The US$ is only seeing recent 'strength' because the OPEC & Saudi in particular are allowing & even helping manipulate the price of oil & oil futures to the US$ advantage ...
the conventional wisdom that the US$ is strengthening because the Euro is not going to raise their prime rate is a red-herring of a plausible answer to dupe the financial world. ...
the US$ will hyperinflate as its value goes into a nose dive when another + Trillion is squeezed out of the fraudster bankers to recompensate for all that funny/toxic financial paper sold all over the world.


~outlook~
Freddy & Fanny housing will become a cabinet status entity,
there will be only 3 commercial + investment banks regulated by the Fed,
look at China as a model for ordered living for the masses in USA

thanks,

oh, and thanks for the link, i had not read that info yet, there's lots of things that are unraveling at great speed right now...
so the Fed/Treasury has got to do a radical intervention very soon !


[edit on 8-8-2008 by St Udio]

reply to post by St Udio


I am having a field day don't you Udio? after the collapsing of the housing bubble this was definitely coming, all the dirty dark and hidden secrets behind the success of our banking system.

I can not wait for the next chapter in the banking system soupopera.

BTW how many corrupted and dirty CEOs has been indicted or arrested?

reply to post by marg6043


I've had a blast with this mess myself. I'm just waiting on this current runup in financials to look like it's playing out and then I'm going back in short. Looks like we're getting the perfect setup for a bloody (market wise) fall.

This is what happens when laws that worked for the better part of a century (Glaas-Steagal) are gutted, followed by a regime that refuses to enforce what little regulations are in place. I specifically remember the DoJ being involved in squashing some state level laws in Georgia that were meant to protect consumers from mortgage fraud.

GA, is on the list of welfare states, so you can imagine what the housing crash did to many of the homeowners in my neck of woods.

In my neighborhood alone the foreclosure homes is too many to count, including my neighbor that was the original owner of his home, dealing for years with the Government fighting to get them admit that his blood poisoning was do to Agent orange when he was in Vietnam, within 12 years that I knew him he became slowly paralyzed on one side of his body.

He fell under the lack of insurance/medical bills roller coaster, after his own insurance drop him off because the bills and the nature of his disease, he lost his American dream and end up under the care of his older son and family.

The last I knew he was to do his final battler with the government but to tell you the truth I think that his will was already broken.

Sad but the only losers here are the citizens, the ones behind the banking system collapse are still free and profiting.

I'm from Georgia myself Marg, though I currently live just across the Hooch in Bama. The local paper's legal notice section on Fridays has had to drop the font size to squeeze all the notices of foreclosure in, and the amount of pages grows weekly. I live in the area where they are building a large Korean auto plant and that has helped property values somewhat but still there are huge amounts of foreclosures here.

reply to post by marg6043

The last I knew he was to do his final battler with the government but to tell you the truth I think that his will was already broken.

My uncle himself just got the Gov to admit he was sprayed while in Vietnam with Agent Orange..

That was I believe 2 years ago, and he fought the entire time..

Sad but the only losers here are the citizens, the ones behind the banking system collapse are still free and profiting.

NOT TRUE! .. The bank CEO's and managment took massive salary cuts.. averaging a whopping 20% ... so -20% of a 100,000,000 bonus ..

Well .. look .. they want us to feel sorry for them, so we should..



Anywho, on my street (which is only a mile and a half long) there is 27 houses vacant, all vacating in the past 12 months.

Interesting I had no clue that Koreans are now in the business of auto making.

At least some jobs are coming for the area, but hey the days of well pay GM salaries are long gone as manufacturing jobs that are still in the US are now paying a lot less than back in the days.

Do you have any idea what the pay will be starting in the plant?

reply to post by Rockpuck


Oh, you devil you, the CEOs are getting a cut but I don't see any jail time for their "oversight" if that is what is call their criminal activities now a day.

Anyway my neighbors was in very closed contact with the agent orange during Vietnam his job was to load the creates of chemicals into the planes.

His blood became poison and slowly his organ were giving up on him, first his kidneys he was on dialysis, then his liver and so on, his skin had sores all over it was a very sad case.

reply to post by marg6043


Well, at least your uncle knew where it came from and can prove it through his service records. My uncle was with his men in the jungle, fighting, probably lost, and a plane flew over head dropping a chemical that was supposed to "burn away the jungle" ..

I don't see any jail time for their "oversight"

It's actually not illegal to loose money. It's illegal to lie and say your making money when your loosing money (New York Pension plans --- again --- attacked by big banks for predatory lending and also New York municipalities..)

The New York attorney General is bringing heavy fines (to the tune of tens of billions) that the major American and Canadian banks are paying today -- stocks still up though. Why the managers over seeing those plans did not get tossed in jail, I have no clue.. corporations are often above the law. Or, perhaps, they are the law.. We should change official documents from "We The People" to "We the Shareholders and Board Members"

America's priorities - stuff mouth - watch news about creeps we idolize - stuff mouth - watch the weather and to see if angelina has named her 31st adopted child from Africa yet

People I know who watch the news every night (they all watch Fox for some reason) still don't actually comprehend..

And THAT is why the bastards are not in jail. No one cares. Well, some will .. when they check their 401K and see half of it missing.

Interesting I had no clue that Koreans are now in the business of auto making.

Nissan and Hyundai??? .. Never heard of them? Korean. South Korean. The build manufacturing in America because they know how to run a Corporation, where as America sucks at it and has to export jobs over seas. They then tell us that buying a Nissan, a Toyota, and a Honda is unpatriotic, because it's a Japanese or Korean Car.

I would then point out Ford and GM have more employees in Mexico then America, and 60%+ of cars are assembled in Mexico.

I bought a Scion (Toyota). Assembled in America. By Americans. It's an Import because the Corporate Title is in Japan .... (Toyota also owns a large share of GM)

Do you have any idea what the pay will be starting in the plant?

They built a Honda plant about 100 miles from where I live, they where recruiting all the way down here.. the starting wage was, if memory serves me, something around $19-$22 an hour.