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Another Bank Bites The Dust – So Who Will Be The Next Dominoes To Fall?
This article was originally published by Michael Snyder at The Economic Collapse Blog. It appears...
The US Dollar Circa 2015
Do you LOVE America?
URGENT ON GOLD… as in URGENT
It Took 22 Years to Get to This Point
Gold has been the right asset with which to save your funds in this millennium that began 23 years ago.
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Funny picture, and unfortunately it’s spot on. The only question in my mind is when the hyperinflation kicks in. The banks are not lending for fear of not being able to collect so they’re hoarding all this cash. However, as far as I know there’s no mechanism to withdraw this cash back from the banks, so it’s ultimately going to have to be released to the public.
Which is kind of paradoxical if you think about it. A sudden boom or return to good times (forget for the moment that it’s not very likely) will inevitably unleash a torrent of money that will cause hyperinflation and tip the economy back into recession/depression.
It seems they are damned if they do and damned if they don’t.
Weedle those look like new bills, I perfer the older bills they are softer on my back side. At the rate we are going tiolet paper or old phone books will be worth more then dollars.
wrong picture, should have been $100 bills…
Wrong face on TP.
Comments…..Banks are being paid interest on their reserves held by the Fed. As soon as the Fed reverses that policy and begins to charge a ‘storage’ fee, the banks will begin to move the money into the system…….until then, they will sit tight.
Tom, you win the prize. Spot on!
I would put Lil Timmie’s pic along with Ben’s pic on back side.
Tom, that’s a great idea! We should have our choice of designer toilet paper. Just imagine one day…
“I’ll take 3 rolls of Paulson, 2 rolls of Greenspan, and 1 roll of Bernanke.”
I couldn’t think of a better use of their likeness.
Alteast I don’t have to worry about stocking up on toilet paper…;)
You’ll have to purchase Greenspan’s book for un-circulated TP.
I’ve been in circumstances where I attempted to use $1 bills for ass-wipe & fire starting. They’re not even good for that! Rip the pocket off the cheap T shirts or wear them two sizes too big. Cut the bottom edge off and wipe away. For fire starter, I carry folded sheets of wax paper where I used to carry $100 bills in my wallet. BTW, good pic.
After reading the following article about taxing gold transactions exceeding $600, I wonder what their plan is for silver. Since there is not enough gold on the open market to return to a gold backed currency, perhaps ‘they’ will move to a silver backed currency. If they do, silver will be the way to go for us small fish. Don’t let the PTB fool you, they are trying to return to gold and silver.’ They ‘ are doing everything they can to get precious metals down to their buy level.
I need some serious feedback folks. I’m in my mid-40’s & live in a state where the budget is balanced for this year (one of four states that has a balanced budget – for now) . I read just about all of Celentes articles on the global economy predictions, and have the utmost respect for his views & serious concerns as they match my own concerns.  I trust his over any politician, government talking head or main street media rhetoric. I have stocked up with supplies & food over the last several months, and have silver from my military days.
I have worked for the state for over 13 years which has a state pension fund (not connected to social security), and I also have a state 401K plan I have protected my retirement money when the first stock market crash & also transferred the funds back into the Stable fund (cash fund) for the last year and a half so when the markets fall again, my money will be safe from 30-50% losses again. Combined, I have over $230,000. The good thing about state employment in our state is I can take all of this money out any time by terminating my state service (with a 20% penalty).  I will have to wait two months for them to process it before I see the check. That would leave me with approx. $185,000 after the penalty.  If Celentes predictions are true and we do experience the worst case scenario, what will happen to our pension funds (even in a state that is not suffering major budget problems). My thinking is we are still a part of the United States, and if a complete financial & economic collapse occurs by late 2010 or early 2011, all US dollars in all states will be adversely affected, including all dollar denominated assets (bank accounts, pensions, property, etc…) until a new system is restored.
I am agonizing EACH & EVERY day whether I should take this retirement money out (with the penalty) while I still can and buy much more precious metals, and live off the rest until I find another position… Or am I being too paranoid/overly emotional or irrational. Gerald Celente has been right on all of his predictions?  ANY THOUGHTS???
Would be a bit to strong for my Bud.. razor sharp paper hurts alot..
Comments…..If the federal government would shrink itself a bit and slash taxes with a guarantee that they would stay down for x number of years then small businesses would be able to do a bit of planning and could consider hireing BUT they could only hire if the banks would loan them operating cash and the banks have not been willing to do that since late 2007 despite bailout money given to them to do just that. The feds should take back the cash from the banks and make it available to the Small Business Administration who could make loans and get businesses back on track. Small business is actually any business that employes less than 500 people. So they actually provide most of the jobs in the nation. And to operate or grow they need access to cash/short term loans and need to believe that taxes will be low enough to be payable by them in 5 and 10 years.
To Eagleclaw: it is best to have your eggs in several baskets. So find a good financial planner who also shares your prepper values and talk about diversity. It would be a shame to pull your investments if it is not needed but is would be a shame to watch it evaporate too and we have seen that happen a couple times in the last couple of decades. So plan for both situations and don’t make it all or nothing. I hope this gives you a bit of peace. In the end if you look at where your “treasure” is you will find it is not in money and can build your life around what is most important.
Eagleclaw:  Personally, I wouldn’t waste my time or money on a “financial planner” many are frauds and will charge you thousands to loose your money. Remember Bernie Madoff? This guy was GOLD and had a golden pedigree. You are better off managing your own money. It only takes a little common sense and a little research to figure out what to do.
I wouldn’t quit your job with the state and cash in your funds. At least not at this point. I would look for a federal job, Obama is hiring and those jobs, unlike city, county, and state jobs will not go away because the Feds will just make a couple accounting entry’s: one on their books and one in your checking account under direct deposit and “poof” you are paid.
Once you have a federal job, probably at a higher rate, you could afford to take a hit and get your cash from the state. The dollar has to drop 20% any way to reach a level consistent with world markets, and gain some more manufacturing, so take the hit and move some cash into PM to preserve your wealth AFTER you have purchased about 3 years of prep food, seed, supplies, and ammo. Oh, and don’t forget the solar panels and wind turbines.
If you spend $50 to 75k of your money on prepping, and 25k on precious metals say, physical silver, you still have 80k to invest while sitting behind a desk in a cushy federal job and a regular paycheck. I would invest in Chinese Gold mining stocks because the cost to mine in China relative to the world market price creates a tremendous profit margin. I would also invest in Yums, McDonald’s, Wal-Mart, Vesta, and alt energy stocks. But that is just me. Do what feels right to you after making some analysis.
I like to “follow” those MSM stars that manage their own money, like Jim Rogers. And the Swiss guy living in Hong Kong, but I have a hole in the ground that I put my extra cash into.
Durango Kidd,
Thanks for the wise words.Â
Much of my concerns are with the total financial & economic collapse Gerald Cerente continuously discusses by the end of 2010/early 2011. This man seems to have amazing forecast abilities??? If this worst case scenario develops, what would happen to bank accounts, pensions, 401K’s, credit card use/transactions, etc… while the system is taking time to improve or get a complete overhaul ? And, just how long would it take?  How do we really know how it would all conclude in order for society to resume the way we have always known it (socially, finanically, economically & politically) ?? These are the agonizing questions that should be occupying everyones minds.  Do we zig or do we zag in terms of taking out our current personal wealth (pensions/401K’s/bank account funds, etc…) & invest it in PM’s and other necessary supplies before the dollar becomes worthless OR do we take a chance on politicians, government officials & the narcissistic, power hungry, wealthy elite bankers wanting us to believe everything will be fine???  It’s time to roll the dice I suppose.
eagleclaw: Don’t panic, there’s plenty of time before the shit hits the fan. But yes, I think the swhtf eventually. Just develop a shtf Plan for you and your family, then follow it. Start with the job from barry obama and then cash out. By the time the dollar crashes you will be long gone.
Celente is an interesting guy that makes his living selling his opinion to others, therefore he must differentiate himself to develop his brand and sell his product. Its a good gig and potentially very profitable if you take it the next step and develop a tv show like Glenn Beck. The trend is his friend but he may not know how it ends. Or when. Especially when.
China, Europe, and the US are playing a unique game of three card monte. As long as China plays, China wins. So why stop playing? Is the dollar and is the Euro going to be significantly devalued? Absolutely. Does that mean there is inflation ahead? Yes. Hyperinflation? Maybe, eventually, but I think that is a few years away and that would require a serious increase in consumer demand. And consumer demand? It ain’t gonna happen. Not for years.
Is the financial system going to collapse? I don’t think so. At least not anytime soon, and not without a major cosmic event. Dollars can be withdrawn from the banking system just as they were introduced into the banking system. The process works both ways.
But changes are coming. Changes that will transform everything and all bets are off with respect to retirement and bank accounts when these changes occur. At that time you will need the supplies that are discussed here on shtf Plan, PM’s, etc. I believe these changes are a few years away and that there is time to adapt if you start adapting now.
Thankfully, when the changes come, society, rather civilization, will be shaken to the core. Many predict a “golden age”. Don’t bet on it. A new enlightened conciousness comes to an individual only after incredible darkness and spiritual travail. If it is this painful way for an individual to grasp a new understanding, imagine the groaning and knashing of teeth for an entire, global civilization?
It will not be pretty. Birth is a painful process.
Comments…..I work at a Bank on the East coast.
So many customers are without funds in thier account.
Many recieve Government assistance, and it’s gone the first week.
Makes you wonder what they do the rest of the month.
I used to listen to “advice”, I bought Etrade…it was to be the next citi group back in the day. Now it’s shit. $3,200 is now worth $$50. Fuck…now I’m all in to metals and real estate. They are all liers
Eagle claw….do not keep anything in U.S. dollars. The value of dollars is going down all the time…gold is the leading indicator of this. I would use that money to buy some rural land. Durango kid says that any money can be withdrawn just as it is introduced…wrong. Thanks to fractional reserve banking, for every dollar introduced, 10 dollars is created out of thin air. Check out Peter Schiff…the best economic mind of our day.