That a default in Europe is coming has never been the question. For the astute observer the only thing at issue is how and when it will happen. While the mainstream financial media and government officials have tried to spin this story as one that involves only Greek debt, the fact of the matter is that this isn’t isolated to a single country. Italy, Portugal, Ireland and most other European countries are in exactly the same boat.
Despite all of the propaganda and machinations from leading financial powers like the United States, Germany, and France, it’s should be clear that there is no viable solution to the debt debacle facing Europe. As such, we should understand that a situation similar to what led to the Great Depression of the 1930’s is now unfolding once again. The ability of entire nations to pay off their debt is now in question, and given the sheer size of the numbers we’re talking about, any reasonable person could agree that there is simply no plausible resolution that will make all parties whole again.
This has been playing out in Greece for nearly three years, and we may very well be just weeks away from the dreaded moment when it finally becomes official. An exclusive report detailing internal bank documents from two major Wall Street players says that we may have much less time than we think as insiders prepare for a financial doomsday next month:
Via The Slog:
A written document giving firm dates and detailed actions for a planned Greek default has been in the possession of two top Wall Street bank currency trading bosses since the second week in January. The Slog has separate but corroborative sources affirming the existence of the document, and a conviction among senior bank staff that – at least at the time – the plan represented “a timetable, not a contingency”. The plan gives a firm date of March 23rd for default to be announced after the close of business.
Senior bankers on Wall Street have been given detailed documentation setting out a timetable to Greek default, including firm dates and technical ‘orders’ about last use of the euro as a currency there. The revelation arrived at Slogger’s Roost last Monday, since when I have been trying to obtain corroboration. This arrived in the early hours of today (Thursday). One of the banks is Barclays Capital (Barcap) run by controversial figure Bob Diamond. The other must remain anonymous for the time being, in order to protect sources.
The document asserts that Greece will officially be declared in default by all the ratings agencies after the close of business on Friday march 23rd. At the weekend all Greek bank accounts will be frozen, with emergency measures detailed to prevent the flight of capital. Included in the paperwork is a list of very limited exceptions to the ‘no withdrawals’ order. All major banks ‘are instructed not to deal with euro exchange as of open of business in Greece on Monday 25th march. All Greek markets will close for one day ‘at least’.
As yet, I have been unable to establish the source of the documents. But one of my informants admitted, “I have strongly suggested to Greek business friends and clients that they sell up fast, do a sale and leaseback on property, empty bank accounts, and change to a hard currency.”
In testimony before Congress earlier this year Federal Reserve Chairman Ben Bernanke warned that a “disorderly” default would create a “huge amount of financial volatility globally that would have a very substantial impact not only on our financial system, but on our economy.” The aforementioned report indicates that Mr. Bernanke and his counterparts around the world are fully aware of how bad the situation in Europe really is, and they are trying to avoid a disorderly default through the implementation of an orderly contingency plan.
This report also indicates that key players and insiders know exactly what’s about to happen and they are unloading positions in financial instruments that stand to collapse once the Greek default is official, leaving the general public holding the bag.
Europe, as we suggested in Predictions of a Mad Tin Foiler, is going down, and once that happens the next phase of this crisis is going to take hold. We’ll likely see massive outflows of capital from Europe to the United States, which would have an almost immediate and adverse impact on dollar denominated assets including US stocks, commodities, and precious metals.
If and when this event happens – because dates set forth by the powers that be are always subject to change – it will be a tell-tale sign that a similar collapse in confidence of the US dollar and US debt instruments will soon follow.
While the sources for the above report are as of yet unconfirmed, and no copies of it have been made available, if true we will likely see bits and pieces emerge over coming weeks.
It is and has always been our intention to make our readers aware of developments that could negatively impact our physical and financial well being. As we’ve indicated previously, it is our belief that the first signs of any major man-made event will emerge in non-mainstream alternative news sources.
This may be one of those signs.
There have been false alarms in the past, and we won’t deny that this may be one of them. But we’re of the view that when a smoke alarm goes off, we evacuate first and substantiate it once we’re out of harm’s way. The alternative is that you end up trapped in a burning building.
Update Added February 16, 2012 @ 18:30: Related Stories
Will Greece Default On March 20? [Forbes]
Lehman Crisis Veterans Warn European Leaders Against Provoking Greek Default [Bloomberg]
Fitch Says Greece Will Default By March 20 Bond Payment [ZeroHedge]
Hat tip: The Slog, Market Ticker, Doc
my gut tells me this very well could be the time…
preppin’, preppin’, preppin’…
stay frosty…
If this is true the other PIIGS dominos should start falling shortly thereafter.
Mexico fails two weeks after the first European country fails. The same day the USA banks close early and declare a one day bank holiday. USA banks open after the holiday and your money is depreciated 40%.
Hyper inflation kicks in. 400% increase in cost of goods, if you can find them.
Manned and Ready!
Better wake up in a hurry. WE CANNOT LET HIM WIN ANOTHER FOUR YEARS PEOPLE. Time to send this POWERFUL video around to everyone you know. Put it in facebook. EVERYWHERE. Tell them to pass it on. PLEASE TAKE A LOOK.
We The People(video)
http://youtube.com/embed/JVAhr4hZDJE
EiE:This started about 20+ years ago.It only took insatiable greed all around the world to bring it to this point.I COULD blame Bush I and II,Regan,Obama and as some revisionist book writing Red-Tie folk would have you believe,FDR.If you are thinking MITT-The Wonder boy will make all better,then I feel for you!I however have read about our Mormon winder-kin in the private sector and it’s a true horror story(that why he sold all the lap-tops with his e-mail records while in office to fellow Mormons and they all just “disappeared”.Wonder why?).
Do be careful who you try to blame if your facts are incomplete.
LTR,
GFG
Careful there GrayFox. You don’t want to ruin the fantasies of the conservatives here who love to hate Obama while believing Reagan could do no wrong.
I always loved how greed came on as the #1 value in America about the same time as the Christian Right’s Wonder Boy was elected. But then, what else should we expect from the masters of Cognitive Dissonance?
Believe me, I am no fan of Obama, or Democrats, myself, but anyone who thinks Mitt or Santorum of Newt will make things all better is lost.
That was 7 seconds I’ll never get back.
Started in the 1950’s I watched a video documentary of a speech given then that showed how the plan worked. This is what they want.
We become a third world nation.
Were did I park my horse?
LMFAO. You think Romney of Sanitarium will change things? No wonder this county is doomed. There are just too many idiots !
Isn’t funny how the world is falling apart in many ways and all CNN has is about a crack whore(whitney) on the front page.
… or flags flying at staff for that crack whore, while flag-draped metal coffins still arrive home to the U.S. on a regular basis? Not really…
Crack whore is still on the front page; talk about bread and circus.
I must say that as long as there is a TV to watch and the football games, American Idol, UFC and Whitney, internet to surf porn sites, Alcohol and drugs, etc… not to mention the worthless money paid off our literal slavery and blood used to buy worthless shit that further keeps us going to the troth for more. Everything will be alright! Good little slaves; owned under admiralty law (International laws of the sea for Corporations and banks) and documented by certificates of ownership(birth) as you came from your mothers water. Talk about the interpretation of legal documents and laws; doesn’t get anymore diabolical than this. This makes you a piece of property owned by a corporation called the “USA” which is in turn owned by??? Queen Elizabeth via the King James Charter. Keep pretending you are free….it will make you feel better in the end.
Please respect those that have passed and their family.
There really is no use to spew on Whitney Houston.
Whitney is a crack, pill popping, prescription drug addict whore who fucked none other than Bobby Brown (crack addict). Does the word Chaulky mean anything! Ever watch Dave Chappell? My name is Tron. I mean who fucking cares about this shit; she is no better than you or I or anyone else for that matter. If you had half a ficking brain you would see this for the distraction that it really is Butch or is that Be-otch. Truthfully we shouldn’t even be hearing about it as death of a person is only for the family (personal) so double fuck you Butchy. How that for respect sphinxter; and a sphinxter says what?
Got THAT right!
Greece has been defaulting for six months now, maybe its time for them to shit or get off the pot. The media and wall street propaganda heads have you believing a Greek default would cause world-wide turbulence. What a joke, their economy is probably equal to Niger or Ivory Coast. As the Greeks get hungry maybe they can turn their anger toward present and past politicians, globalist bankers and their families and show them no quarter.
It’s been defaulting for a lot longer than six months. Check it. Having said that, it doesn’t make me think…
*it DOES…
oh man, probably you don’t even know where Greece is on the map, the economy of Greece is 10 times bigger than Ivory Coast, I am not saying that Greece will not bankrupt (actually we bankrupt everyday that it’s passing anyway) but i am pretty sure that things will get a bit messy if this happened many other countries might start felling as well.
March 23rd sounds like a realistic day for SOMETHING to happen… just not sure of what.
“..trying to avoid a disorderly default through the implementation of an orderly contingency plan.”–Just curious. How do you “orderly” destroy a people? I’m guessing much like a python.
Thanks for the update. Prayers continue to go out to our friend Manos & his family during this terrible time. As for us, we need to double down.
If anyone is in the Columbia SC area, there’s a Prepper’s Conference Sat Mar 3rd. Not sure what all they plan on talking about, but it’s always good to hook up with like-minded folks.
how do I find out where, near Cola. SC this Prepper’s Conference is.
Bob,
here’s the info. it’s in the St Andrews area.
DATE: Saturday March 3rd , 2012
TIME: 8:30am – 5:30 pm ( DOORS OPEN AT 7:30AM FOR REGISTRATION)
LOCATION: Christian Life Church
2700 Bush River Road
Columbia, South Carolina 29210
Lunch tickets will be available at the door for $7.00 and the concession stand will have breakfast, snacks and drinks available throughout the day (all proceeds from the concessions & lunch go to Missions).
Tickets are $15.00 at the door. Advance tickets are $12.00 via Pay Pal available at the website: http://www.Solarchef1.com
Vendors that wish to participate can email [email protected] for more
right, and you south carolinians think newty is the answer… what a disgraceful state, south carolina is.
Thank you very much for the heads up, I’ve been looking for something like this for a lllloooonnnngg time.
Bravo Zulu!
Thank you Jenn! I had not heard about this, but am definitely planning to attend! So glad I read the comments this morning.
Bob, use your lazy sausage fingers for something other than stuff popcorn in your mouth. Type Columbia, SC Prepper’s Conference into Google.com and see what pops up.
Manos and his family are alive and relatively well. Maybe you should consider praying for for the 10,000 children who die globally every day too.
where is this “written document?” post a .pdf or hush.
i’m sick of the speculation.
Act like it’s your birthday and get some candles to blow out.
tell me about it,the sky is falling the sky is falling!
my point is that if the blog writer from theslog had the document, why not publish it? if he’s forwarding on a juicy rumor her hear, why not say that, too?
but to speak about something in absolute terms without posting a link is a bunch of bullshit.
is greece circling the toilet bowl? yes. is there any evidence that the blog upon which this post was based is legit? no.
I tend to agree, Ferndale. We should all know by now the internet contains more BS than all the cow barns in the world.
And if they HAD a plan the second week in January, it may have changed 6 times by now.
I guess we might all know on March 24th.
remember, Ferndale told everyone here silencers and machine guns were legal in Michigan
Legal or illegal? According these sources, both “machine guns” and “supressors” are indeed legal to own in Michigan.
Ooops… these sources
http://en.wikipedia.org/wiki/Gun_laws_in_Michigan
Read the blogpost carefully, really. You will find that he is reporting more than a rumour. Whatever you want to call it, it comes from a reliable source that has in the past given The Slog reliable information that has enabled him to piece other stories together, that in time have been borne out.
I would advise to visit The Slog at least once a day for any juicy info coming out of Europe. He has a very good track record at being “ahead of the curve” due to his contacts. When it is purely conjecture, he tells you that. When it is sourced he tells you that too, and even discusses the merits of the sources info if it is at odds with other info he has received.
It’s a great blog. The comments are just as good too sometimes. Well, mostly actually.
http: //hat4uk.wordpress.com
just knock // back a coupla spaces
Read the blogpost carefully, really. You will find that he is reporting more than a rumour. Whatever you want to call it, it comes from a reliable source that has in the past given The Slog reliable information that has enabled him to piece other stories together, that in time have been borne out.
I would advise to visit The Slog at least once a day for any juicy info coming out of Europe. He has a very good track record at being “ahead of the curve” due to his contacts. When it is purely conjecture, he tells you that. When it is sourced he tells you that too, and even discusses the merits of the sources info if it is at odds with other info he has received.
It’s a great blog. The comments are just as good too sometimes. Well, mostly actually.
I put a link on another post, but I think it got moderated. Just g**gl* “The Slog”.
So… what you mean to say, Ferndale is… “But of that day and hour no one knoweth.” Matthew 24:36
Sounds like you’re getting religion. [laughing] I knew it would happen. 🙂
Well… at least we have a (small) buffer of time before the dominoes get all the way out here.
How much time? No idea – call it 8 months to a year before the gears start turning, then call it 5 years before it gets ugly to the point of irredemption?
Betting pool is open, kiddies! Instead of putting money on a date, you base your prep plans around it… if you win, you get to eat (and therefore live). If you lose or guess too far out, well… there’s always begging the government for scraps at the food trucks, I guess.
I will take that bet. It’s just a waiting game now. Pray for the best and prepare for the worst. Get ready you are about to see something you haven’t seen before.
That’s the thing – I don’t buy into hard dates anymore – have seen too many of them come and go, that doesn’t mean it’s not happening and I agree – when it does pan out, it will be historic…and not in a good way.
So true, one can’t mark their calender for the when but like you said, when it hits it will be historic. We just watch and listen every day for any lil’ tid bits that might tip us off. Kinda read between the lines so to speak. In the mean time, prep and be as ready as we can be.
I don’t buy into odd dates for most events either, but this I might take a look at. The reason is that it is basically a bank holiday. A set date for people in the game to get out. I wouldn’t put it past anyone for this date to be fairly accurate. I will chat with Y’all on 24 March…..
JJsan
yup
OQ, bank holidays are coming soon.
With all the information coming our way (true or false), it is enough to overwhelm many. This past Saturday, I talked with a couple of teens that had stumbled on to the FEMA camps and other oddities, on the internet, that depressed them both. They asked me if much of what they read and found out was true, which I said yes. I spent a few hours explaining how not to get overwhelmed and to look at the bright side. They thanked me and wanted to know how to reach there friends.(that was a tough one).
Advise to preppers, especially the new ones: there are a number of great sites that Mac has provided, use them and set up a priority list and do what you can. Don’t get overwhelmed by what’s coming our way, pray for strength, wisdom, and peace to prep and not to lose your joy. Stay in His grace.
Agreed.
What’s coming is inevitable. Feeling overwhelmed and/or panicky will not help or change things. Thus, accept it and do your best under your particular circumstances.
I wish the best of luck to every single one of you (including those who give my posts thumbs down :)). Stay calm and focused. Pray and meditate. Be safe.
Too bad you are praying to a god that can’t help you.
There is only one true God, and zen is not His thing.
I am not here to convert anyone, JOINtheWINNINGtwam.
By the way, I agree, there is only ONE God.
And He was never involved in a pissing contest, it’s a human invention.
You should find some more teens and have that talk again. The “yutes” may just make or break the final outcome of the SHTF…
God is a bloody human invention.
Humm..I could be in the Columbia area on Sat. March 3rd. Gotta link or address for the Prepper Convention?
Date: Thu, 5 Jan 2012 09:53:26 -0500 (EST)
Subject: Disaster Preparation Conference March 3rd
Mark your calendars and plan to attend the first Columbia based Disaster Preparation Conference!
DATE: Saturday March 3rd , 2012
TIME: 8:30am – 5:30 pm ( DOORS OPEN AT 7:30AM FOR REGISTRATION)
LOCATION: Christian Life Church
2700 Bush River Road
Columbia, South Carolina 29210
Lunch tickets will be available at the door for $7.00 and the concession stand will have breakfast, snacks and drinks available throughout the day (all proceeds from the concessions & lunch go to Missions).
Tickets are $15.00 at the door. Advance tickets are $12.00 via Pay Pal available at the website: http://www.Solarchef1.com
Vendors that wish to participate can email [email protected] for more information.
Mac, can you explain out capital inflows to the USD weakens the dollar? Treasuries go down if more people buy them. I can see that, but if Euros are converted to dollars and invested in the USA, wouldn’t the market rise and the dollar strengthen against the Euro?
Blue,
In this scenario – if we’re talking about a meltdown in the Euro, it ‘should’ have a positive impact on the US dollar, making it stronger against the Euro…
I may have caused a bit of confusion with the way i put it in the article above: “adverse impact on dollar denominated assets including US stocks, commodities, and precious metals.”
I guess I meant specifically those assets denominated in dollars, not the US dollar itself. (hope this makes sense).
When everyone is buying Treasuries, the cost of those Treasuries goes up, and this should have a positive impact for the dollar vs. the Euro (and probably dollars vs. other currencies, I imagine).
This strengthening of the dollar means that you can purchase more assets for one dollar than the day before. As such, the “price” as denominated in dollars of an asset like a stock or even gold, should go down.
Take a look at the 2008 financial crisis circa October and November of that year and see how assets behaved.
We ‘should’ see something like that again if this goes down in Europe – but, as always, there are lots of other variables at play, so it can certainly play out different than before.
I think we’re both on the same page.. I should have been a bit more clear in the article though.
Thanks,
Mac
I followed what you were saying fine, Mac.
Correct me if I’m wrong, but a panicked flight from the Euro and Euro-denominated assets (bonds, etc.) and into the dollar will greatly strengthen the dollar, IN THE SHORT TERM. So the dollar will buy more corn or silver. It is like an “anti-hyperinflation” of the dollar.
This doesn’t necessarily mean that, say, precious metals will decline in price, because a lot of those Euros will be fleeing to that safe haven, as well. But to the extent that the stronger dollar results in relatively lower prices on commodities, BUY your extra supplies then. Because as soon as the markets “stabilize,” the realization about American indebtedness will kick in hard, and then it is the dollar that goes bye-bye.
Am I off-base here?
I’m right with you on this…. I think, if we’re lucky, we get one more shot at cheap commodities before the system implodes….
Paper or physical.
I am eternally amazed that this so called “market” which is the ultimate arbiter of all numbers with funny symbols at the front of them hasn’t yet realised that the US of A is absolutely swamped in indebtedness and has been for several years.
Likewise Europe has a hole the size of a trillion or so dollars that is too hot for any one country to handle so they keep passing it around the table in the vague hope that “someone else” will get caught with it. Ultimately the people will pay because the 1% will have sodded off out of the way of the falling debri. But then, I guess, the people have enjoyed a standard of living well beyond what their respective countries could afford for the last 12 years. The ongoing problem is always going to be sorting out how to get the world’s economies to go backwards a little to more stable positions when the designers forgot to include a reverse gear.
Growth is the new religion. Even a 0.1% reversal seems to be capable of dropping an economy to its knees. I would surmise therefore that the design is crap.
Aren’t we lucky to live in such interesting times.
Geoff, et al,
My estimate is that since we are the originator of both the biggest hope of freedom (thats fake) and the world’s reserve currency (that is also fake), we reap the benefits of this because the thought of the fake hope of US liberty backing a fake hope of the dollar makes peoples brains think that its the best thing.
Essentially, it is normalcy bias that is holding the dollar up. Eventually normalcy bias will give way to reality. Just be sure you’re not under it when it comes crashing down.
Comments?
Mac: Why would the US system suddenly “implode” if the dollar gets much stronger from a flight from the EURO ?
Just asking Mac? 🙂
Mac
In my experience..
there’s way too much conjecture out there to decipher anything except one..
A shitstorm is brewing..
the signs are all there
those who warned us before the 07/08 debacle are giving it a perfect storm scenario once again..
As I stated before,,everything is “planned”..nothing is by accident my friend..
a few have the foresight to peer behind the financial and geo political underpinnings and give us a mere glimpse..
whatever it is..it’s going to be very ugly indeed..
and there will be vast amounts of dis info released to throw us all off track..
possee
What happens when your gold and silver cannot be found to take delivery anywhere in the world? Does the gold and silver price skyrocket or do investors flee while the value of their PAPER god and silver assets gets wiped out once people realize that NO PHYSICAL GOLD or Silver exists to back their phoney certificates? What about MF Global? Don’t you realize that any physical asset held in trust by any client of any trading firm can and IS being hypothecated or leveraged for credit to those firms? You will never see one ounce of gold or silver when the market turns down as the only people who will get their money are investment banks and national governments, your gold shares are worthless they are backed by leveraged assets. Why else would the Rothschild family publicly announce they were leaving the gold market in 2008?
The plan is to weaken the Euro so much as to cause a run to the Dollar as the last safe haven in the financial world. That could very well lead to a 33% or so Dollar devaluation–to ‘boost exports’, sure. A few years down the line then the Dollar is collapsed. The elite wins in every step.
Are we sure they will run to the dollar? My fear is that the Chinese may have a fire sale if such an event happened. Never say never. Peace
The run to the Dollar is already happening!
Sick, isn’t it?
China, Russia, India Brazil, South Africa (the BRICS) are taking small but sure steps to move away from the Dollar. The Chinese are betting on ‘affordable losses’ in exchange for imperial powers throughout the planet. It’s all happening as I type this.
The big uncertainty is whether Iraq’s currency will be successfully used to prop global Ponzinomics. That’s a wild card in itself. China has BIG petroleum interests in Iraq. It seems that USA has been letting China feed off war spoils in exchange for not dumping their US Treasuries.
This is all very confusing.
Learn to sharpen tools.
I think silver has a basement price of $30 today spot is $33.50 but many private sellers are getting $10 premiums because they know this low price is temporary. When i saw the doolar hit .80 today I bought silver. I dont wanna gamble and hold out for the chance I may be able to get an extra 20 ounces if it goes on sale. Give it to me now at NOW prices and it will help me hedge against inflation in the future. Im not a seller I simply buy buy amd buy more.
dave
silver is a tricky game… it is extremely volatile… and it is not considered to be “money” by many who would considerr gold money. be very careful with silver…. great metal, dont get me wrong… but handle with caution if youre putting all your eggs in that basket.
if given a choice btween taking 1/100 of an ounce of gold and 1 ounce of silver… this guy would take the gold.
eeder, the Ag/Au ratio is 51.7 think about that for a minute.
slim,
i am aware of that. however, you didnt read what i wrote…. again… i would take the 1/100 ounce of gold over the ounce of silver.
Just to have some closure on this scenario:
Cheap money from the Treasury/Fed + hot money flowing in from the EU (and perhaps elsewhere?) is heating up the US stock market as we speak.
There are *reports* (don’t know the validity) of housing starts on the rise (even though there is a ton of properties for sale and people cannot easily get a mortgage). We all know the BLS employment figures vs. Gallup’s. (For those who don’t, Gallup says 9% unemployment and the CBO admits that if we counted people as we did prior to Clinton, unemployment is at 15%).
Bottom line: TPTB are doing whatever they can to stave off deflation. Instead we are getting price inflation in commodities such as food and energy and we may be seeing the set-up for some inflation in assets, such as housing and stocks, in time for the election. The favored corporations are managing well with cheap government money, they can remove some of the health care costs from the bottom line due to Obamacare, so they are showing profits. Pitiful ones, considering the amounts of cheap government money available, but the media will hype the numbers and only a few analysts will delve into the details.
We could have 5 more years of this sort of schizophrenia in the economy, even if Obama is defeated. There is rarely a straight-line extrapolation in the real world. Things go up and other things go down. So, besides not worrying about a date certain, there is no real way to predict the future. Japan has been in major economic trouble for over 20 years. They don’t owe anyone but themselves, but, OTOH, they are in demographic decline, if not collapse.
Sorry for the long-windedness. Preppers all need to slow down a bit, IMO. It is a lifestyle, not a panic. We are all going to need our money to pay taxes, fees and the associated cost increases they will bring & are bringing, not to mention all the regulatory costs we are paying for the misguided energy policies of this administration. It is likely to be a long, miserable slog, as much as we would all just rather the other shoe dropped and we could get on with the next phase. The USSR lasted 70 years. I doubt this regime will last that long, but we all need some historical perspective.
Excellent post Blue.
A couple of key takeaways:
“We could have 5 more years of this sort of schizophrenia in the economy, even if Obama is defeated. ”
“It is a lifestyle, not a panic.”
Thanks.
Mac
With treasuries, the interest rate will go down, not the price for the treasuries, they’d go up.
But there’s also many more things that go on than just euro’s converted into USA assets:
1.Euro zone is largest purchaser of our exports.Strong dollar to euro means loss of exports.
2. US treasuries aren’t the only place scared money goes to. Commodities,precious metals and land just to name a few.Means prices can go up even with a strengthening dollar.
3.Fed will try to knock down the dollar to help exporters, which can lead to more inflation and rising markets, but wages are usually the last to get the benefit.
So while a cursory examination might lead one to conclude an imploding eurozone might be a benefit to the USA and it’s citizens purchasing power, it will most likely cause a lot of turmoil. Of course, if you have a few billion invested in US treasuries and commodity futures you’ll probably make out just fine. But for the rest of us…
Soros!
“If and when this event happens – because dates set forth by the powers that be are always subject to change – it will be a tell-tale sign that a similar collapse in confidence of the US dollar and US debt instruments will soon follow”.
I think you have nailed it Mac; you’ve been saying this was on the horizon for some time. Whats your best guess as to when a similar collapse will be coming to the USA?
My question yes we know it will hit the world in some kind of banking disaster but what would it mean or do to the average American? I feel for the Greek people, they are in an awful trap!
I’m wondering the same thing Geolithic. Mac, what would this mean for the average American in the short term? I’ve prepped as much as possible and already live in a relatively safe place, so is there anything special one should do when this actually happens (other than get your money out of the bank – and we live paycheck to paycheck anyway so no big loss there).
we have self directed trading.. cef allocated metal in canada…traded on amex. i cannot get to my 401k funds…. so cef was the next best thing to physical. go canadian metal via amex.
If it goes down as described, the average American will see their 401K’s and retirement accounts hit hard in the near term (long-term probably too, as the consequence of what’s happening here is a serious contraction in GDP economic growth)…
In the near-term, as Nehweh Gahnin suggested above, we see a price collapse in commodities (oil is a slightly different matter right now as we’ve got the issue of Iran to contend with, so it could go either way). I would suggest that if this does happen and we see prices in things like precious metals and food drop, make an effort to acquire as many hard assets as you can, because the next leg will involve the realization that US debt is no different than Europe’s, and then we begin to see Greece here, but likely at a much faster pace – riots, violence, social disorder.
Occupy Wallstreet of last year will be nothing compared to what happens next.
The average American will be hit very hard (many already have). As mentioned, the retirement accounts lose value, either through deflation and stock market collapse, or via a loss in purchasing power as the dollar collapses.
As the economy tanks (in fact, we have negative GDP growth right here and now, because no one in government is accounting for 10%+ inflation), more people will lose their jobs (despite the BS 8.x% claim from the BLS)… this is a self reinforcing negative feedback loop and will just keep getting worse over time.
Moreover, I think the real problem comes if/when credit markets freeze…. That’s when the S really hits the fan…. When there’s no one willing to lend money (whether it be to a business, a consumer, or even a government), then we have serious problems. This was the big issue in 2008 that Paulson et. al. were talking about… No one wanted to extend credit, and it would have tanked the entire system – some have suggested in a matter of days – because some of these credit markets are driven in 24 hour cycles… It was so bad that banks wouldn’t even lend money to each other for ONE day in the overnight credit markets! Total loss of confidence… This is why the Fed and Treasury HAD to get involved…
Congressman Brad Sherman said on the House floor that they were seriously considering declaring Martial Law:
When Obama took office, VP Joe Biden’s first comments to the public indicated they were considering a bank holiday.
*Please note who is standing right next to VP Biden — Yes, that would be MF Global’s CEO John Corzine (The guy who just ripped $1.6 billion from account holders)
How bad for the average American? It’s hard to predict, but given what we’ve heard from our dear leaders, it will not be pretty. Nothing can be taken off the table at this point.
Also see: Pentagon, Military Actively War Gaming ‘Large Scale Economic Breakdown’ and ‘Civil Unrest’
( https://www.shtfplan.com/marc-faber/pentagon-military-actively-war-gaming-large-scale-economic-breakdown-and-civil-unrest_11222010 )
All signs suggest ‘they’ know this is going to be a major disaster for all Americans.
It’s just a matter of how long we can kick the can down the road now.
great assessment Mac
the line of your post that disturbs me the most is
“Moreover, I think the real problem comes if/when credit markets freeze…. That’s when the S really hits the fan…. When there’s no one willing to lend money (whether it be to a business, a consumer, or even a government), then we have serious problems”
the consequences of this are absolutely terrifying
it means food doesn’t make it to the grocery store
meds don’t make it to the pharmacy
and gas doesn’t make it to the local filling station
our whole just in time JIT delivery system is dependent on credit
without it
the system FREEZES
keep cash on hand
keep the gas tank in your car full
keep the pantry WELL STOCKED
no doubt many here are familiar with this post
http://www.truckline.com/Newsroom/Trucks%20Are/When%20Trucks%20Stop%20America%20Stops.pdf
I reread this periodically just to remind myself of how serious things wil get if the trucks stop running because of a credit freeze
Yes, absolutely agree with your statement “the consequences of this are absolutely terrifying”
People underestimate credit markets in general, but nothing moves without them.
A recent example of exactly what this looks like was detailed in : Access to Critical Medicines Is Disappearing in Greece
Scary stuff, folks.
TED Spread & Libor use to be an accurate indicator until Uncle Ben.
In addition to all of the above, we have bought bicycles and the necessary products to maintain them.
Mac
would like to ask you for your opinion on this. in this type of senario that could play out
what do you feel the risk is to a personal money market account in a Credit Union?
and a savings account also in a credit union?
thanks again for this site
The one thing that I haven’t seen talked about here yet is the fact that, I think its 4 major banks here in the USA are very, very heavily leveraged in the EU, “bailing there banks out”. With that in mind I think that the US will feel the pain sooner rather then later when Greece defaults. There’s a lot to take into consideration when trying to figure out when were going to feel the pain. For myself, the S@#% has already hit the fan. I’ve already had to sell off some silver when my truck broke down and now the wife and I are about to start opening the #10 cans. For some of us out here the S has already started. Just last week there were 3 nights when people have gone on a burglary spree in the RV park that we live in. Crime in our little Oregon town has shot up like you wouldn’t believe. This last month were I live has been an eye opener for whats still to come. Luckily the wife and I have all of our stock in a storage unit for the time being. My heart and prayers go out to each and every one of you. Good luck out there.
I got an 8-inch document right here in my pants.
umm, excuse my ignorance, but what has that got to do with this article? Besides, I heard it was a stick-it-note….
let’s tri-fold it and put a staple in it…
Looks like you have congenital diarrhea. It runs down your ‘genes’.
Re: 8-inch
I used to load and fire an 8-inch howitzer for the government…
http://en.wikipedia.org/wiki/M110_a2
Enough already-let’s get it overwith and move on!
A #2 pencil with soft lead?
Are you in a hurry?
Moving on will not be easy or quick. Many think that as soon as this system collapses the new one will just appear overnight. Wrong. It will take many years to come up with something new and make it work. I would consider 10 years a FAST recovery. That’s just a little perspective for you.
Learn to be patient, you’ll need it in the future as the time of instant gratification is over.
Could this so-called document be a false flag? Maybe the PTB are setting the people up yet again to reap and rape more profits from them before it actually collapses. Just a thought.
I find it interesting that the Greeks haven’t told the gangster banksters to take their debt and shove it already. I’m not economist, but I think it would hurt really bad in the short term, but in the end it would be for the best.
I wish our nation would do the right thing and tell the bankers to take their fabricated debt and go away too. Ah, dreams…
A genuine default would be the modern day shot heard ’round the world…
In my opinion, the Argentina collapse was a good lesson for all humanity.
Unfotunatelly, the ones who think themselves as “puppet-masters” continue to screw the planet.
I hope that when the time comes, i will go with with dignity and pride.
I wish our kids live in a better world, and remember us as fighters and not chicken.
Today we have a big celebration here. It’s the beggining of the 40-day period until Easter. It’s also the first day of the carnival.
People are celebrating in the streets. They try to forget the Sunday’s “celebration”. They want to escape the nightmare, but when they wake up it’s still there.
This Friday we start a second round of protests. People cannot take it anymore.
I really hope that we default. At least we will know that the bottom is here.
Brothers in other countries are also fed up.
Thanks Mac.
Prayers are with you Manos. Please stay safe and keep us informed if you can. God bless you and yours.
Manos
The Island of Sicily is also rebelling. We all pray for you.
Does anyone have any idea what will happen to the UK?
Our welfare system is bloated by design since the destruction of our manufacturing and mining industries under Thatcher (The Reagan years for those in the US). We have planned “Austerity cuts” starting next year in earnest and our youth unemployment is the worst it’s ever been.
We aren’t part of the Euro and our PM is apparently persona non-grata with the French and Germans right now.
But the City of London has been carrying our economy for a LONG time. I’m wondering how Greek default will affect the pound sterling and other non-Euro currency countries in Europe. (There aren’t many of us but some to the East and Scandinavia didn’t take the Euro kool-aid a few years back).
In Britain our youth rioted last summer but there’s very little general awareness in the general population, as an island we are rather Xenophobic and Insular by nature.
Ireland, next door has already gone down the tubes – the only ambition of anyone under 35 is to emigrate from there now. The Irish accepted defeat quietly – at least the Greeks are going out fighting.
I believe that U.K. did well not to enter the euro zone.
Your chances are much better now.
You have industry, agriculture, dairy products, knowledge workers, and industry personnel, and of course “Top Gear”. 🙂
Be safe
Manos
You can’t have a Sovereign Country without a Sovereign Currency. Look at us, we have one federal goverment and we can’t get it together. You have what 27 equivalents to our federal government. All you have is a massive bureaucracy redistributing the wealth of the citizens.
Get free!! The government is the problem.
You said: “In Britain… there’s very little general awareness in the general population, as an island we are rather Xenophobic and Insular by nature”.
We are not an island, but one can say the same thing about us.
At first, I didn’t get all the thumb-downs you received, but then it dawned on me, you mentioned Reagan in a negative light, that’s a no-no according to those with “very little general awareness” of history and politics 😉
I guess this means wealthy Brits can’t afford to adopt any more abandoned Greek donkeys. True story…
To be fair Reagan to be did try and stand up to the fiat thieves – then there was an attempt on his life so he, nor any president since have tried to stand up to the banksters since.
Manos I live in northern Greece myself, I follow your wtitings and I am wandering, do people in your area prepare with food etc? Do they buy stuff they use in their families? What’s going on with that, can you please tell me! Thank you.
Nineta,
People in Crete are living in their own nirvana.
Few people i know, are getting prepared in the physical form.
Most, get information, get angry, curse politicians, but as soon as they go home, tv and cholisterol gets them to high levels of ignorance.
My buddy in Thessaloniki though, is preparingh is small hut in Chalkidiki. He is digging the garden, plants veggies, and last week he bought chiken and rabbits.
His worry though, is how to sense the right time to flee from Thessaloniki.
Thanks manos,I appreciate your response. In my area more and more people are gettting food and the like in their homes, anticipating hard times. The truth is, we Greeke, went through alot in the 40’s and a few wars taught us to handle similar situatios with dignity and wisdom. My own grandmother helped a lot of people during the 40’s because she was prepared. I just feel it is very wise to be ready just in case something happens. I am into agrotourism a lot and I am always looking for local products. I have heard over and over again that the point is not having the money to buy products, the point is having products available to buy. In any event take care and thanks for the response!
MANOS – Wish I knew you personally, but most of us here will be praying for you & yours safety. All of us will be watching & listening SW to the dog squeeze storm coming upon you. This train wreck in the USA cannot be far behind.
God Speed.
Hey Manos, Off topic, but have you heard anymore on German troops mixed in with the regular Police during the last roun of protests? Peace my friend.
Manos wrote: In my opinion, the Argentina collapse was a good lesson for all humanity.
I agree. Unfortunately, many (if not most) Americans have no idea about Argentinian economic collapse. And no interest to learn about it.
I have a sneaking suspicion that in the not too distant future they will be learning, first hand, the lessons which the Argentinians learned in the ’90s. Perhaps even move.
Back in Dec., Gerald Celente suggested by the end of “the first quarter” things would get really hairy. Late March seems to fit. However, he also has repeatedly said no one can predict what “undreamed of schemes” the banksters would devise to forestall the inevitable.
Yes, and Celents said the same thing about the last quarter of 2010, and December 2011. Has he found his gold?
I still think we wont see anything really bad until after the elections. Obummer doesnt want to give Romney an inside track, but then again they both work for the same group, so I guess it doesnt really matter. Then they will start cutting all the welfare in the middle of winter and watch the sheeple self destruct.
Sadly welfare being cut with no advance warning mid-winter makes sense.
Quickest way to achieve a large die off as with civil unrest it would make spring planting for those “useless” eaters who dared prep very hard too.
lonelonmum, if the end of March is still the middle of winter in your local, I’d move !!
Country Boy
People riot through Non/Dec/Jan – food stocks run out in Feb when the traditional flu season hits a hungry demoralised, cold population.
Many preppers don’t have more than a few months food stored due to today’s job losses, winter illnesses mean Mums will swap stored food for medicines etc. Starving relatives turn up and that year’s supply becomes 3 months with more mouths to feed. A food cache gets raided in civil unrest, etc etc.
By March people left aren’t in much condition to plant & there’s usually a min 3 month gap between seed. It snowed here in S. Britain last week.
Jim,
Romney who? There is only one that doesn’t lie: Ron Paul. Forget the RINOs.
…but, in my estimation (and my father, who is 87) he says nothing bad happens ahead of a presidential election. Natural disasters, maybe, but not economic and social stuff. It all piles up and then after the election (usually after the inauguration) it cuts loose.
…and no, Ron Paul can’t fix it all, but, he can sure make a big difference in how much it hurts and in what way.
How long do you think the police state would continue with Ron Paul in the white house? The tax burden? How do you think he would influence that?
But, get ready. If the S is gonna HTF, Plan on it then.
Ok…so let see if I get this. Greece defaults and the dollar goes up, comodities goes down and the stock markets rise. Everyone is happy again (for a minute).
President Obama looks like he just “saved the world” just in time for the elections. How convenient!!
He was on RT last night.
For those interested, RT is now available on DishNetwork, channel 280 (maybe other networks too?). What a pleasant surprise.
I am so not used to hearing the truth on TV that during Celente’s interview I kept thinking “I can’t believe they are airing it”, I had to remind myself several times that this channel is not owned by Rupert Murdoch… LOL
Get ready to watch a run on the Greek Banks, coupled by the govt imposing restrictions on withdrawals.
This will cause the dollar to strengthen for the short term – causing the sheeple to declare the community organizer an “economic genius”.
This could ensure 4 more years of marxism or whatever brand of America Destruction obama calls himself.
I’ve been reading that bank withdrawals are already restricted. For the plebes, of course. Those with the moxie are probably unaffected.
Blutarsky….you are reading my mind
You say community organizer. I say Golfer in Chief.
We’re on the verge of something, this economic rubber band has been stretched to it’s limit. There’s speculation of gas prices jumping another $2 a gallon overnight, maybe that’s just more fear mongering on the news but IF that happens the rubber band is gonna snap. Imagine how much more the food prices will jump.
Mac – great analogy on the smoke alarm. No sense taking the chance of being right when the consequences for being wrong are so execessive.
Let’s hope the Greek folks read this (and other) blogs.
Mike,
Slowly, people start to realize the size of treason.
Few people watch the media anymore.
Most people get information from alternative media, blogs, various anti-government sites, and from foreign friends.
They know that this is bigger than us.
We hear today that Italians occupied E.U. buildings in Italy. Austrian demonstrate against austerity measures.
People recognize that in a few months they will be next to feel the banksters’ breath on their necks.
My only worry, is that “when everything else fails, they take you to war”, as Celente says.
Well, manos. time to celebrate and tie a good one on tonight and forget about the BS for a while. While we can only imagine how bad things are for the Greek people, we all know it will be coming here to us eventually.Right now we can talk about buying i-pads and bitch about $4 gas but we haven’t experienced real “austerity” yet.CHEERS
I heard on GBTV last night that the Greek ports have, to a large extent, been purchased by the Chinese.
It’s odd. As the European & US Governments are spending on nonsense, entitlements and destroying their nations, the Chinese are busy investing in infrastructure and buying ports, oil rights & pipelines, land, etc. all over the world. I wonder what % of the U.S. land they own.
The communists are securing their futures. We are destroying ours.
The Chinese have already purchased the main port of Pireaus, in Athens.
It’s some Chinese company called Cosco. I know that working conditions are horrible, and wages for crap.
In cooperation with our socio-fascist junda, they are planning to build a big port in south Crete. If you search google earth, type Tympaki-Crete.
This port will be used as a link between Asia and Europe.
Mr. Blutarsky, the Chinese Vice President heir apparent Xi Jinping just paid the White House a visit. Obama seemed oblivious to fact that this was not just a diplomatic visit, it was in fact a surprise visit by the new landlord!
Google “Chinese Special Enterprise Zones in the U.S.
Nobody but Chinese can live or work in these areas.
And their are about 60 of them.
My gut tells me our pols have given away the best of the U.S. in exchange for Chinese money.
Treason.
The Chinese own a good chunk of the Port of Long Beach, IIRC
Manos – I would argue that “few” folks watch the MSM anymore. Granted I think more and more are taking to the web to truly learn what is going on. However, if it were widespread, you’d see the networks start to fail.
Also, I think a large percentage of Americans do not care to find out what’s going on and don’t look for news anywhere. They are more concerned with what Snooki did last night and not what is going on in Iran.
Just my 2c.
Actually, the Clinton allowed the Chinese to have their own private airport in Arkansas. It may still exist. No need to bother with silly customs regulations. Under Clinton, the Red Chinese stole our nuclear secrets and infiltrated the U.S. to the Nth degree!
COSCO is also here on lake Erie. I see their containers on barges occasionally when I am visiting Buffalo.
Speaking of analogies…
Speaking of analogies…
Speaking of analogies…
Don’t forget my lifeboat analogy. Once the lifeboat you are in (or you supply of preps) has reached maximum safe carrying capacity, the only thing you can do to survive is take a paddle and bludgeon any additional survivors who are attempting to climb aboard. Otherwise, the whole boat goes under and everyone dies.
Meanwhile, in stark contrast to the rest of the world:
More Icelandic bankers arrested
“Iceland’s special prosecutor into the banking crisis has confirmed that raids have taken place today and that arrests have been made. The Central Bank of Iceland is among the institutions under investigation.” …
http://www.icenews.is/index.php/2011/01/20/more-icelandic-bankers-arrested/#ixzz1mZkfM1Mj
Also, so far it seems demand won’t be a factor for rising fuel prices:
http://www.financialsense.com/contributors/charles-hugh-smith/it-is-not-just-gasoline-consumption-that-is-tanking-it-is-all-energy
Lastly, “adverse impact on dollar denominated assets including US stocks, commodities, and precious metals.”… that caught my eye too.
While the 2008 example in the U.S. for gold might be worth looking back at, consider also the spot price of gold was higher in Greece awhile back than anywhere else,… suppose that’s a hint for where things will slosh?
I imagine many or most institutions have already discounted the possibilities for default and made their moves already, the only question is, what’s the common Person on the street going to do with the money/assets/ect that they do have.
I can’t envision millions of People like Manos buying Treasuries,… but a bit of gold? Or automobiles like they do in Argentina? That I can see happening.
A strong Dollar *and* high gold prices?
Gasoline is being exported at record levels. Not to long ago they were blaming the high price on no refining capacity. Yet is is being exported faster than ever. Havent seen the price drop….
Also Coal is now being exported to china.
Makes you wonder.
We owe China so much money, we can’t say no to them.
Thanks for the Financial Sense link, Clark. It certainly does put the lie to the *recovery*2.0.
Since both Soros and Buffet recently pronounced that “gold is in a bubble”, I’m wary. These guys are market movers. They can slam PMs whenever they wish to by simply selling until they pass the stop order points. Of course, then, everyone with those useless FRNs can buy up gold at a lower price, but those without capital will have to make those margin calls. High frequency computer trading means this can happen in minutes.
I do hear there is a lot of activity in collectible autos. Still, that is very expensive and you need safe storage for them.
Keep on working. Buy whatever hard assets you can that still aren’t taxed to the sky. Pay off debt. Enjoy your life as much as possible. I don’t think there are any real answers for us average folks.
Man pays a hooker $5 for sex. 3 days later he goes back to the hooker to tell her she gave him crabs. She responds: “For $5 you expect lobster?”
Cute… I guess that’s what you’d call you get what you paid for. HA!
how come I get the feeling when the MSM will report on the full debt crises; then the very next day we attack Iran?
Consider this too:
Gold Fire Sale
Buy Now Sale Ends Soon
by Darryl Robert Schoon
http://lewrockwell.com/spl4/gold-fire-sale.html
If you’re using 2008 as a guide to what gold may do there’s a couple of interesting links in that article about central bank manipulation of the gold price.
@rachel, it’s because you’re paying attention.
When the government changes the content of nickels and the penny (again) they will break out those dollar coins and stop printing one dollar paper money.
– Revolution Calling
For a price I’d do about anything
Except pull the trigger
For that I’d need a pretty good cause
Then I heard of Dr. X
The man with the cure
Just watch the television
Yeah, you’ll see there’s something going on
Got no love for politicians
Or that crazy scene in D.C.
It’s just a power mad town
But the time is ripe for changes
There’s a growing feeling
That taking a chance on a new kind of vision is due
I used to trust the media
To tell me the truth, tell us the truth
But now I’ve seen the payoffs
Everywhere I look
Who do you trust when everyone’s a crook?
Revolution calling
Revolution calling
Revolution calling you
[There’s a] Revolution calling
Revolution calling
Gotta make a change
Gotta push, gotta push it on through
I’m tired of all this bullshit
They keep selling me on T.V.
About the communist plan
And all the shady preachers
Begging for my cash
Swiss bank accounts while giving their
Secretaries the slam
They’re all in Penthouse now
Or Playboy magazine, million dollar stories to tell
I guess Warhol wasn’t wrong
Fame fifteen minutes long
Everyone’s using everybody, making the sale
I used to think
That only America’s way, way was right
But now the holy dollar rules everybody’s lives
Gotta make a million doesn’t matter who dies
Revolution calling
Revolution calling
Revolution calling you
[There’s a] Revolution calling
Revolution calling
Gotta make a change
Gotta push, gotta push it on through
I used to trust the media
To tell me the truth, tell us the truth
But now I’ve seen the payoffs
Everywhere I look
Who do you trust when everyone’s a crook?
Revolution calling
Revolution calling
Revolution calling you
[There’s a] Revolution calling
Revolution calling
Gotta make a change
Gotta push, gotta push it on through
I consistantly underestimate how central banks can prolong the inevitable. But here is my fear.
Greece defaults causing a flight to the dollar. The dollar strengthens. This causes prices to drop (deflation) which Bernacke fears, he has said serveral times he wants an inflation rate of 2.5-3% (keeps companies profits increasing yearly and stock prices up), so this will cause more monetary easing. If they are not very careful in their easing, we could end up with inflation rates that are out of the acceptable range. The way to control that is through interest rates, but because we borrow trillions higher interest rates can’t be tolerated either. We get ourselves in a bind that we can’t find a remedy for.
FEAR you want fear! US imports 100% of it’s Chocolate, 100% of it’s Scotch and Irish Whiskey. 99+% of it’s coffee. Lord think of breakfast without Scotch!
Just added four more bags of Dunkin’ Donuts to pantry. Life is TOO SHORT to drink cheap coffee…
How can you drink that swill? I’m stocking bricks of vacuum-packed Kona and Cafe Bustelo. I also stock Kentucky Bourbon and Kentucky Vodka. No nasty imported Scotch here…
Continued price increases without corresponding wage increases was recommended by Keynes, as a substitute for wage decreases during a deflation, which were politically untenable. Especially with the big unions. Remember that when Keynes was alive union membership and power were much greater than they are today.
Mike what planet are you on? Shadowstats has proven that we sit at an 12.6 or 12.7% current inflation rate and rising and Ben Buttfucker is a liar. What the fuck are you talking about 2.5-3%.
Your going to see the cost of everything appear to rise but it will be dollar devaluation, coupled with no raises and other factors such as: increased gas/fuel costs, heat/air, electricity, food, etc… If we were only at 3% we would be like a pig with lipstick on, instead we are one without it. Seriously you need to check the web a bit more before making statements. Bow wow essay. Don’t try (make the attempt) to sound smart here; get your facts straight first.
They have a backup plan. Technically Greece has already defaulted. The backup plan is the Digital Markup and the Printing press according to my sources.
The 20th. or the 23rd. maybe the official announcement, but by Monday the 26th. they will once again have a sovereign currency. Tax payers around the world will bail out the affected banks and it will be as if it never happened.
Pandora’s box will be opened. If its good enough for a sovereign country, why not me? My mortgages, my car payments, my credit cards.
They are using sovereign debt to make us global citizens. We are paying for the PIIGS, why? Globalism!!
By the way the author of this article should look at a calender or was the a mistake in the plan? Looks like more propaganda to stir us up and then point at us and say how stupid we are.
I believe BIG money left Greece months ago. The transition has been planned by many others except the Greek people. The world will be watching with attention this time.
if the Slog is going to blow some smoke up your skirt, at least get the dates right. March 25 is a Sunday (at least in 2012 in the US).
The date given is Friday March 23, 2012…
Via the Slog…
“All major banks ‘are instructed not to deal with euro exchange as of open of business in Greece on Monday 25th march. All Greek markets will close for one day ‘at least’.”
THe 25th is on a Sunday.
This “typo” serious undermines the entire content, IMHO.
THERE IS NO WAY. Europe will let Greece have a disorderly default at all. Not at least until AFTER the French & German elections THIS YEAR!
A Greek default will hit all European banks & be WORSE than what happened in 2008 in the Lehman crisis!
Anyone believing this report is CRAZY!
I certainly respect your assessment here. I do think that this plan (and whether this March 23 date is legit or not makes no difference, because I do believe there is a contingency plan) is designed to help Greece default in an ‘orderly’ fashion.
Second, while your point about elections should be taken into consideration, there is an election every year somewhere… We hear the same in the US – the economy can’t crash, it’s a Presidential election year! But this is exactly what happened in 2008.
At some point the system breaks, regardless of who is running for office that particular year.
If we hypothetically assume that central bankers, banking insiders and top politicians know that a collapse will happen based on the mathematics of it all, say, 6 months from now, and that collapse would be ‘disorderly’, then there is always the possibility that they will attempt to pre-emptively deal with it in an orderly fashion. Again, hypothetical, but plausible.
I won’t dismiss this report as crazy, because it does make sense on some level.
If there’s one thing we all should have learned thus far, it’s that ANYTHING can happen.
Thx again for your comment.
Mac
The other day my secretary showed me a confidential document that outlined the HR plan to have a system in place to write folks up and then terminate them. They are getting ready for bad times and skeleton crew days. Bad times are coming. Folks, prep up, have enough supplies on hand and be ready for change. The best thing you can do is accept that things are changing. Start downsizing your life now. Live lean, pay off the debts and make sure your kids are not debt slaves. It’s ironic that we are in debt to a communist country. It’s all going down. A big shit sandwich and we all have to take a bite.
I’m replacing beer and cheese puffs with brown rice and CCI Stingers…
Mac
would like to ask you for your opinion on this. in this type of senario that could play out
what do you feel the risk is to a personal money market account in a Credit Union?
and a savings account also in a credit union?
thanks again for this site
this is a duplicate post, im not sure if you saw it above or not
VRF, with respect to a crash in Europe and money flowing back to the US, my view is that for someone who has already taken steps to protect themselves with gold, food, and other preps, if you have a bulk amount of cash that you wish to retain in USD, a savings or money market account SHOULD be OK for this next round. The only thing i would do is to make sure that the CU is solid, but with respect to the cash itself being safe, I would say it’s safer than at a large US bank, IMHO… One can’t put ALL of their money in the mattress, so diversifying is key… A CU is as good a place as any to store FRN’s (your only other option, really, would be to take a shovel to the backyard).
That’s just my 2 cents worth.
(Black Swan Warning: Of course… you never know. Anything can happen. There’s always the Rumsfeldian Unknown Unknown to contend with)
thank you sir
im definetly not keeping all my eggs in one basket..and definetly not going to hold any cash in a regular US bank..havent for over 35 years
http://finance.yahoo.com/news/12-scary-debt-facts-for-2012.html
I got to meet him. He sure liked messing with those Dimtard reporters. Especially that old hag that got to sit up front. Got to respect him, just for that one. You know what is worse than a power hungary repub? That’s a dimtard that sits in their own shit and thinks they don’t stink.
Diversification is the key. Remember the balanced plan? It works with many things. There are an infinite number of ways to diversify your investments for quick and instant liquidation. Diversify your storage for security and continuity.
Guns, gold, silver, cash, coins – mattress, ammo cans, neighbors, hollow trees, safes
They are all things we need to be thinking of to preserve our wealth in these times of peril.
The Sky isn’t falling.
Nobody was shooting each other and there wasn’t war in the streets during the great depression.
Preppers have been around since long ago and were just as certain things were going south as you are today. The thing is no matter how sure they were something would happen…nothing ever did. And many spent their entire lives convinced the next big catastrophe was just around the corner.
As Manos said above regarding the port in their country, a large Chinese company took advantage of the economic opportunity and is moving in. This is what happens when SHTF in the financial markets. Not war in the streets.
Companies and even other countries move in to the new market opportunities in many ways, including investments and repositioning businesses, and adapting to the market needs. Same will happen in the US if things get that bad. People will adapt. Business makes the world go round and if there is money to be made, you can bet someone will be there providing whatever it takes to make money, including food.
How long have you been checking the sight to see if the balloon went up yet? Keep in mind this sight is a business that makes money off of advertising. Why do you think posts are so random? Its so people keep visiting to see what the new news is…. page hits.. money. Everything is about money.
You should also be smart with your money. Time is money. You should be smart with your time. How much time do you spend over and over on things you have already learned and forgotten just to take time to learn them again? There is always something that could make you more “prepared” for whatever contingency is to come but at some point you have to ask yourself what it’s all for? I mean we all have to go sometime and that’s part of the thrill of life.
Everything in life is about balance. No need to make prepping your life’s purpose. You might find yourself old and broke with a ton of stuff, and no memories of the other things in life that make it all worth it. Those are the things you will look back on.
Not how many rolls of toilet paper you have to wipe your ass with if the toilets ever quit working.
During the depression..
the majority lived in rural areas and there were no ‘safety”nets as in..
welfare
food stamps
subsidized housing
medical care
socials security
etc etc..
Back then everyone fended for themselves..
The cities relied on the rural areas for food.
Now..
50% of the population relies on the state for basic needs
75% of the population lives in urban areas and totally relies on the system to survive..
People now riot over Christmas ‘toys” and sneakers
Gangs roam all the major cities
Average people panic over a power loss or water source and resort to violence..
It’s a whole different world now..
I’ll stick to survival mode..in every aspect.and still enjoy life..
Perhaps you should read the accounts from Argentina of late when their system collapsed..dr’s lawyers working class foraging for food and killing one another..
Can’t happen here?
think again..
possee
Thats right over Air Jordans of all things.
Let me give you a reality check, Reality Check; you can photos by the hundreds of people waiting in food lines during the depression. Politely, calmly, waiting, chatting with each other. Waiting for some kind of help, without which they or a family member might starve.
Today, people pepper spray each other over a stupid electronic gizmo at walmart. They do not wait. They are not polite. They are not calm. They are self-centered and hostile toward anyone who infringes upon what they have determined to be their own personal rights.
People are rotten today. THAT is the reason this coming depression should scare the crap out of us.
Reality Check, baby.
+ 1 billion
Re: Today, people pepper spray each other over a stupid electronic gizmo at walmart. They do not wait. They are not polite. They are not calm. They are self-centered and hostile toward anyone who infringes upon what they have determined to be their own personal rights.
Ask the folks in Greece what they think about that…
The Way Greeks Live Now
http://www.nytimes.com/2012/02/19/magazine/the-way-greeks-live-now.html?pagewanted=1&_r=1
the word banker is now synonymous with the word CRIMINAL
No source = no credibility as far as this “document” goes.
Greece is totally screwed whether they stay or go as they are incapable of repaying their debts either way.
Whether their currency is the Euro or Drachma, it makes no difference if you’re insolvent, as most of the EU countries are.
D-Day for the entire global economy hinges on when the Eurozone crumbles and whilst Greece is the canary in the coalmine to a large extent, that day will be within months.
Preppers in the USA are somewhat delusional I think, as the US government will simply take your guns, food etc and dump you in a FEMA camp as a potential terrorist.
Get out of Europe and the USA and go for the southern hemisphere ASAP !
Well shit now that I know that I’ll just stop trying to help myself and family with preparing, abandon them and hitchhike to the southern hemisphere. Thanks for the good advice, I’m sure everyone on the way down will be real nice they all love Americans down there.
I’d also like to see someone simply take my guns. You should try visiting America, you would probably like it
Molon Labe
Mac, how do you know which “expert” to listen to? It’s like a yo-yo trying to figure out who to listen to. Back in the day it was a privilege to be called an expert but now a days every one is called an expert. I do believe that something is going to happen, we just don’t know what or when.
Also, how long can our gov. keep printing money that we technically don’t have?
We can never know which expert to listen to… For me it’s about putting the information out there if it’s interesting and potentially life changing. The discourse in these forums/comment areas has often changed my perceptions. It’s identified pieces to puzzles i never even realized were there… I think this is where the real knowledge comes from. As you can see from the comments on this article, there are a lot of varying opinions and assessments, so we always get different sides of the story.
With respect to money printing… I am not exactly sure how long we can do this, but I think the answer is ‘until our creditors and the people using dollars lose confidence in its value’….
Thanks Mac, we’ll just keep our eyes and ears open to any changes or hints of problems to come…. and of course read the comments posted here.
I have to respectfully disagree Mac. ( As you knew I would, Buddy) A Greek default is no surprise to anyone. The leaked documents evidence the Plan.
The GB’s have already planned for it and bolstered their balance sheets in advance in preparation for it.
This is why they have been kicking the can down the road instead of resolving the issue. No Euro “collapse”. No EU “collapse”.
Change is not “collapse”.
One more thing. In America, or Europe, your best bet for cash accounts is with the MAJOR BANKS not with smaller institutions. The US Gooberment will stand behind the FDIC for the $250K account limits.
In each EU country the account protection varies. Check your local national law.
Any phenomena that shakes the banking system in America, (and Europe) will flush the small institutions, not the large ones. The purpose of the phenomena is to eliminate competition.
THe GB’s eat their young and under funded.
How would a large bank be better than a small bank? Both are FDIC insured. Credit Unions also have their own form of insurance for up to 250K.
Go ahead and stick your money in BOA if you feel safer, but your money is no more safe than anyone elses in a credit union.
Mike: As WE have witnessed, the US Government will not allow a large bank to fail; thus the phrase ” too big too fail”.
The small ones are rolled up. The FED absorbs the losses by passing them on to US as National Debt, and the Big Banks get the deposits and customers.
Lehman Bros was the fourth largest investment house and was allowed to fail. The gov’t will pick and choose whom they protect when it comes to “too big to fail”.
Out of 92 bank failures last year, are you aware of any person that was unable to recover their money? So again I ask how a larger bank is safer than a smaller one?
I won’t debate this, like I said in a prior statement, you can keep your money in Bank Of America if you feel more safe. Hell it’s your money.
not true in the case of two banks that closed while i was banking with them (national city and paramount bank). in the case of national city, it was sold to PNC, which was another regional bank. in the case of paramount bank, it was bought by another very small local bank.
the federal reserve is not involved in bank seizure. that’s the FDIC.
Mike: Lehman was a “hit” because they had failed to follow the unwritten rules and customs of the good ol boys previously. If you get out of line you pay a price.
Corrzine was “hit” because he was getting too big, too brash for his britches. Even Zero Hedge has raised that possibility.
Pay back can be a bitch. There is clearly an attempt by GS to control the world with their minions and former employees everywhere, financially and politically.
Even the new Italian minister, Monti, is a GS alumni. Its almost incestuous at this point in all the major global institutions.
If Monsanto is the devil, GS is Satan himself.
Ferndale: Technically speaking yes, but the FDIC are just the maintenance men that come out and change the locks on the doors and reset the combination on the vault.
Uncle Ben and Tiny Tim make all the decisions.
@ferndale: Paramount was on the fdic failed list, if you go to the fdic website part III says right there the funds are available immediately from the purchasing bank. National city was a merger by pnc so fdic was not involved, but national city was on probation from the fdic.
Maybe I am wrong, but it looks as though everyone had the ability to recover their funds. If not, it would have been blistered all over press, mainstream and alt.
correct, i did not lose any actual money in either bank closure. in both cases, banks were closed on a friday and reopened under new management on monday.
how would they cover every 250K account?
No disrespect DK but I havent seen our US Government “stand behind” much other than all this military power.( they sure as hell wont take a walk up to the front lines, they just start shit but dont fight it)
they are not going to care about some FDIC BS if the bottom drops out..I think they would love to take the “your shit out of luck” attitude
A large branch could very well pull a bank holiday ,, or a “your not getting that much today sir..because we say so” stance
Or am i seeing this wrong?
How about the “largest CU” in the world?
VRF: This is only my opinion but I think at first they would put restrictions on withdrawls until they could print enough money to cover everyone.
Then see what $100 will be able to buy for you.
I agree Mike that cash withdrawals could be, might be limited for some reason someday, but in many ways that exists now with cash limits on a daily basis for some.
I keep a cash limit of $500 per day so no one can drain my account through an ugly teller.
Why would they have to “cover” all of the $250k accounts? There is not going to be a “bank run” ala “Its A Wonderful Life”. That’s a fantasy.
The Uber Rich, including the GB’s hold most of their wealth in paper assets. The system is designed to support and enrich the very rich.
Do you really believe they would allow their puppets to destroy their wealth?
What “bottom” are you expecting to fall out? WE had the crash. WE are working OUR way through the crash, and while it is painful for US, banksters and corporations are doing just fine.
Except in the event of Pole Shift, EMP, nuclear war, or celestial event, the Uber Rich will continue to get richer at OUR expense.
The system is not going away. The banks are the life blood of the system. Its their system.
Use Chase. I do. If Chase falls then the system is over, its game over, and its every armed man for himself and his family.
Then you count your wealth in lead.
I can see your point DK
Notice how Mike never did get an answer to his question,
“How would a large bank be better than a small bank?”… just dancing and skirting.
Psft, Some People think once the system is over things will get much better, 10 out of 10 friends of bankers disagree.
And no, “WE” haven’t had the crash, that’s still due.
I suppose some People don’t understand the meaning of the phrase, “kick the can down the road”?
yes dk… at least you accept the possibility and i assume have planned for it.DK we WILL NEED QE3 and i mean a huge qe3 for your theory to continue to play out which will create even more inflation which just is not supportable anymore. again, you give these bankers too much credit for being intelligent…. they certainly are not.
Clark: Glad to see you back! I have missed you. Obviously you didn’t read my comment. Big banks are “too big to fail”.
So if you have more cash in the bank than $250K (and I am sure you do) it is safe in the big bank account; not so much in the small bank. Think a bit kid before you post it was right there for you to see.
Small banks may fail and any extra cash in your account exceeding $250K will not be protected.
Don’t you run a million dollar balance in your business account Clark? Just asking.
No, I read your drivel, DK. You didn’t answer the fooking question.
More than $250K in one bank, in one account? That’s a bizzare move.
So what you’re saying is, the FDIC insures more than $250K in the big banks, but not the small ones? …Oh-kay.
SO for all normal People who do Not have more than $250K in one bank, for them, there’s no reason a big bank is better than a small one except that big banks are screwing over everyone and you’re cheerleading for the big banks… no surprise there.
Clark: Your ignorance must be bliss because, again, it is sooooo obvious. Do I have to spell everything out for you? 🙂
No, dumbshit, the FDIC does not insure accounts above $250K. If you had more than that in an account at a small bank, you would lose it when the FDIC rolls up the failed institution.
Chase is not going to fail. Period.
Chase is too big to fail so if you had more than $250K in an account at Chase as many wealthy individuals and businesses do, you needn’t fear a monetary loss.
BOA is not going to fail either which is why the gooberment has been transferring bad loans and foreclosures from BOA to Freddie Mac, to dump the bill on US.
Clark, WE had the crash. Where have you been? WE might have another one if the economy doesn’t pick up visibly.
Personally, I believe the coming war with Iranian will give the economy a boost for the rest of the year.
How it plays out longer term is anyone’s guess at this point. Wars create chaos. Chaos does have unintended consequences.
You don’t have to worry Clark, that $10 per hour direct deposit of your check every two weeks is safe in any institution! 🙂
durango kid
i hear you , i understand what you think. However everything has to go .. just so.. just perfectly, for your theory to play out. you simply give tptb too much credit for having intelligence and a reasonable plan.what you are saying is the conventional thinking on the street. again, these people are desparate, and they simply are not as bright as they think and everyone else thinks…. they are screwed.they will never accept it. they have a plan, no question. however they have gotten too cocky.
You keep acting like a kidd named durango. That’s not how heard it. All the toxic debt Cdo’s, derivatives have been placed int the TBTF’s balance sheets just for the reason that they will have FDIC insurance on the debts. The problem is that they will pay those debts first, the toxic debt and derivatives and then the private account holders. Which basically means that anyone who has their money in these banks upon a bank holiday say; will be absolutely fucked in the ass. The Cdo’s/toxic debt and derivatives will get paid by FDIC first and leave the rest of us SOL. What are you a banker?? If you aren’t then you are a sucka. Your money should have already been in a credit union, if not in your hands.
Anyone who has any sense at all will loose massive amounts of respect as you have just lost huge amounts of credibilty. Finger points down.
MOVE your money
quit feeding the beast that is destroying you and your family
your little bit of $ may not seem like much
but do it anyway
support your local credit union or smaller regional bank
some bankers are honest and are actually assets to their community
unlike the top ten biggest banks
Greece defaulting is a given. But it will be a coordinated move worldwide. We (US) will inject trillions into the system. That, in itself, will slow the dollar rise. We don’t want a higher dollar and europe doesn’t want a lower euro. This might just play out quite the opposite than our expectations. I think after an initial dollar rise (a few days), the euro rises as it just dumped a major weight off its neck. The dollar will fall because we will be supplying most of the printed paper. Long story short, don’t wait for a better price for food, gas, or gold. Get it while you can. Finally, Iran will be the chosen distraction and don’t be surprised if we “postpone” the elections. King Nobama has it all planned…..
You’re getting zero interest leaving it in the bank and accepting all the risk……Keep as much at home as you feel safe with….and a little more
The “cash” I keep at home can be eaten or discharged at high-velocity…
The FDIC doesn’t have 1/1000th of a percent of the liability it is standing behind. The large banks will implode because of all their CDS exposure. Credit unions are a completely different animal. They don’t loan their money out at 50X assets to some other entity that again turns around and invests in another synthetic product at 10-100X book balance……all that said, buy silver and hold cash within reach. Keep a gun between you and your stash…..jmho
+1 Jeff. The FDIC cannot even cover the failure of ONE of the big NYC banks. Their CDS exposure is beyond comprehension. Once they started selling CDS to all comers, including those that had no exposure if such-and-such company defaulted, there was no long term left for them. They were essentially selling lottery tickets, but they never thought that they’d have to pay off any winners, so they never kept any reserves. My late father-in-law was a banker. What he would think of today’s world would be unprintable, even in Hustler.
Have no fear…..the US Printing Press is near!
Yes
“DieselDan says:
Well shit now that I know that I’ll just stop trying to help myself and family with preparing, abandon them and hitchhike to the southern hemisphere. Thanks for the good advice, I’m sure everyone on the way down will be real nice they all love Americans down there.”
The only person that said leave the family behind is you…
The only one that said hitchhike is you…
The only one that said stop preparing is you – what I effectively said is don’t engage in fruitless preparations likely to be wiped out by your federal and state laws.
As far as us southerners loving Americans, we only dislike the ones with arrogant attitudes like you’re displaying.
As far as the southern hemisphere goes, Celente is of the same opinion, so go give him a blast of your ignorance too.
Check out these other stories from reputable sources….
http://www.forbes.com/sites/timworstall/2012/01/18/will-greece-default-on-march-20/
http://mobile.bloomberg.com/news/2012-02-16/lehman-crisis-veterans-warn-europe-leaders-against-provoking-greek-default.html
http://www.zerohedge.com/news/fitch-says-greece-will-default-march-20-bond-payment
And there are others…just search them out.
Doc, thanks for posting those.
I will update this article with your links.
This from the above SLOG makes no sense. If Europe moves its money into the States, it will buy dollars, buy stocks, buy bonds and buy precious metals here. How is that “adverse”?
“Europe, as we suggested in Predictions of a Mad Tin Foiler, is going down, and once that happens the next phase of this crisis is going to take hold. We’ll likely see massive outflows of capital from Europe to the United States, which would have an almost immediate and adverse impact on dollar denominated assets including US stocks, commodities, and precious metals.”
I should have been more specific… those funds will move into safety in US Treasuries, forcing the dollar up and equities and commodities down. (Not guaranteed of course, but a similar effect to what we saw in Fall/Winter 2008).
As you said, Mac, it will be a short term bounce. Greece must default because they have a negative balance of payments. To dig out of the hole, they must create or acquire capital to pay off the debt. They can’t so the only option is default. Now, what large Western Hemisphere country north of Mexico is also running a negative balance of payments, and running up a new mountain of debt week or ten days?
An article on Spain
http://www.dailymail.co.uk/news/article-2102074/Spain-haunted-ghost-towns-built-boom-years-unemployment-tops-5million.html
Property bubble followed by mass youth unemployment etc. Same game different flavour all over it seems. It’s a Tsnumami all over – all that varies is when the wave hits your locale
Totally off topic (sorry), but great news!
NDAA Nullification Passes Virginia House 96-4
Let’s hope the Governor signs it!
Thanks for the heads up NAH! This is good news.
Report: http://www.thedailysheeple.com/virginia-house-negates-kidnapping-provisions-of-national-defense-authorization-act_022012
Secession is brewing… and it smells great
If he and every other states Govenors dont sign it..all those states should recall or some how send the message that they (all these governors) will not be concitered a representative of the people of their respective states
repeal impeach..ignore..what ever it takes…Hey Civil disobediance comes to mind…Force with force
Take back the republic one state at a time..how ever it has to be done..
engage these MF-ers with the laws we already have, and the rights that we are not willing to give up
Well, if you actually read the bill, it prevents any VIRGINIA employee from ASSISTING the federal corp in detaining anyone under NDAA laws if it violates the Virginia Constitution.All that says is the feds will have to do it alone.NO TEETH.Just another dog and pony show.
PS…If they wanted it to mean anything they would have worded it to not ALLOW the detaining of sovereign citizens of Virginia under NDAA laws without due process.
Could someone give me an example of a fiat currency historically that didn’t fail?
Monopoly money. That game will probably be around a thousand years from now. Except instead of buying properties with houses and hotels, it’ll be planets with space stations on them. Of course, the smallest denomination in the game will probably be a billion.
Don’t most (all?) games of Monopoly end (I mean truly end, the game is played out fully) with the bank going bust?
There is Not one example of a fiat currency historically that didn’t fail.
Re: Monopoly
Re: Monopoly
Re: Monopoly
The single best Monopoly rant available…
http://www.youtube.com/watch?feature=player_detailpage&v=4Z9WVZddH9w#t=57s
Mac, I present you with further evidence that the latest Zeitgest flick had every single topic on SHTFplan covered in one way or another…
US Dollar so far
unemployed
no
So besides gold and silver….what else do you do with your dollars you have sitting in your banks? I mean, you can only have physical possesion of just so much of metal. You’ve got your food, water, guns and ammo….and are trying to do all the other preping…but you still have some money in the bank. And, if you are keeping some cash on hand, great, how much and will it even be worth anything when it’s all said and done?
i’ve read several reputable sources (chris martenson, being one) who suggest having a couple months cash on hand.
and when your house is the basket it’s kinda scary having all of your eggs in it.
No takers on this question?
Guess it comes under my blanket explanation I use for my wife… we’re in a circle around a great tree and they’re chopping it down and we don’t know where it will fall.
If there is deflation, then dollars are powerful wampum, if there is hyper-inflation then unload them quickly. I believe deflation may be skipped but hyper-inflation would still happen. Who knows, the tree may fall at a moment where there is a synchronized stability that becomes evident in the prevailing calmness, as the bankers jump out of windows…
Makes ya just want to flip the pages quicker to get to the endind don’t it? 🙂
Problem with chopping down a large tree is it can bounce around after hitting the ground, taking out even those standing behind it’s original trajectory. Just yell “timber” when it starts falling and run like hell 😉
@Quantumm and Jackie: This is only me personally and probably wouldnt work for everyone. I stock up on things I will use regardless. I keep cash in the to go bag, I buy alot of bulk diesel fuel (Dyed for the tractors, but in a pinch would use in trucks). I shoot almost every weekend so I will use bullets regardless. I am always shopping for guns and hunting stuff. Bought two years worth of twine for hay balers. I will buy tack for the horses if it is cheap enough (just bought a couple pairs of chaps).
We keep money in the bank, but I would rather have 3 months worth of money in a bank, and the bulk of it at the house. We live out on the plains, if someone wanted to rob us, there is thousands more out in the barns than in the house, so I don’t really worry about crime.
Next big purchase is another chainsaw and smaller rototiller (have one on the back of a tractor).
I do keep some metals not much though in comparison to some people.
For those who have funds in the bank and can’t THINK of needs; start in the morning when you hit the floor.
Changed sheets?? buy more
Swept floors?? buy more brooms
Cooked breakfast??–buy a set of cast iron pots/pans
Took shower?? buy plenty of towels/wash cloths
Washed dishes?? buy extra drying towels
Now, do this every day with every task you do.
QB:
Improvise, adapt and overcome. That’s all we got.
Haven’t had that problem yet.
Old Coach. What bothers me the most is how totally corrupt we have become. Everything is ignored. Everything is exceptable (unless you or I did the same). This country I grew up respecting is now no better than the most corrupt nations anywhere. And for those of you who suggest this will take yrs to unravel, I beg to differ. 2012 is going to be more than bad….This whole charade of misleading economic reports, coinciding with a bogus stock market has kept the sheeple lulled to sleep. When the market finally drops (the only leg holding a positive perception up) our consumer/retail economy is down the drain…..That can and will happen over night.
jeff
not only is it no better, it is alot worse.
Yeah, Jeff, and this article supports what you’re saying, a pretty good example of an empire collapsing due to the consequences of unmitigated fiat-currency expansion, it’s very much like the U.S. and Europe or Greece today, plus, it has footnotes!:
Withholding Consent From the Khan
“…The result was precisely the economic collapse that Gaikathu had sought to stave off, quite literally overnight, and the effects were far-reaching as well…”
http://lewrockwell.com/orig13/earle1.1.1.html
I’ve read that article – how common sense in the citisenry prevailed.
If we convert cash to silver or land are we also “turning our backs on fiat?” Is this a realistic option for those of us in the West in face of our leaders dishonesty?
It’s interesting that in rejecting the petrodollar for gold/barter trade with India and China for oil the Iranians are simply following in the footsteps of their forefathers. Their cultural memory must be what is giving them the mental fortitude to take this step despite the fate of their neighbour Iraq and the recent events in Libya. I had wondered at their daring.
Clark; Still pimping for that scumbag LOU ROCKWALL,I see. You know, the guy that believes that the FREE TRADE of the GB’s that has destroyed the middle class in America is a good thing.
FREE TRADE, which is the managed trade of the GB’s is anathema to personal liberty.
Lew Rockwell SUCKS!!!
It’s obvious DK is no friend of liberty, just another merchantilist big government lover like all the rest.
It’s Not “FREE TRADE of the GB’s” it’s simply, free trade.
Clark: WE have had that argument before, remember? Lew Rockwell pushes the FREE TRADE of the GB’s; not some idyllic barter system. I showed you that quote in his own words. Want to fight that battle again?
🙂
That is what makes Lew so dangerous, Clark, he sells Americans FREE TRADE (that is, the managed trade of the gangster banksters) as a FREEDOM.
It is not a freedom. It is a system designed to make economic serfs of kids like you. I have mine. 🙂
That lack of economic power will inhibit your God given freedoms as the NWO tightens the grip on the average American.
Kids like you will be happy to have a job at NO minimum wage if there is another crash; or enter a FEMA camp where they can get three square meals a day.
Where you will get use to hamburger in gravy on toast! Cheers 🙂
It really is nice to sit down after work,around midnight,and have an alternative news sight to go to.Alot of the mainsteam sights like yahoo are so bias that it seems like the feds run it too.Hell they’re pretty much already declaring Buck Ofamma as being so far ahead of the other canidate that we should conceed his re-election.BS ,its time to change channels.Thanks to Mac and all you characters for giving preppers like myself a look at the Real Deal.Lets stick together and fight for our 2ND Ammendment Rights before they try to dissarm us.
Now he’s pushing us into another war.He’s got to go!!
clark kent..
well barack obama is way ahead of those losers accept one…which the dems and the republicans dont want to acknowledge
RONPAUL2012
Consent From The Khan
Interesting article;reminds me of the way the 3rd reich started making its own currency to try and take over the worlds economy.
the zionist regime makes the 3rd reich look like snow white and the seven dwarfs….
Like I said, America didn’t defeat the Nazis, the government absorbed them.
In my world 90% or better silver is silver ,correct me if i’m wrong ,it don’t matter where its from,when it gets put on the scales the scales don’t lie.
Here is where i’m going with this.If i took a foriegn silver coin,say 90% pure from Canada or Mexico to a coin shop,In the other hand i have a morgan silver dollar.O.K. The foriegn coin weighs a few more grams than the morgan dollar.Why wouldn’t the heavier coin bring more cash. Check out the 20 Balboa Panama silver coin (ebay) 3.75 grams.
I meant 3.75 OZ. Early 70’s.Huge coin.
C.K. Those 20 Balboa coins are beautiful. The local coin shop (LCS) usually will give you something much less than spot silver for 90% scale weight. Depending on the LCS operation the 90% usually winds up in a bucket for the refinery Now the Morgan dollar, and the Peace dollar to a lesser extent, will get you better than spot. THe LCS will then mark them up more for retail sale. So yes silver is silver unless it is a Morgan dollar or the American Silver Eagle (ASE).
P.S. Enjoy reading your other comments, keepem coming(MM)
O/T…but isnt this nice
even the ICE thugs cant stop from shooting each other
http://news.yahoo.com/two-ice-federal-agents-shot-california-one-killed-041104564.html
…and another shooting rampage cut short and lives saved thanks to guns.
the eyes of the world will be on Greece especially during the that 2nd to last week in March
http://www.zerohedge.com/news/credit-suisse-sequel-probability-largest-disorderly-default-loss-history-march-20-has-increased
“Overall, we are left with a sense that the probability of delivering the largest default loss in history in a disorderly way on or before 20 March has increased relative to doing so in an orderly way. (Our view remains that, in any case, the chance of a disorderly outcome after 20 March is high, so to that extent the immediate events are not really central to our view, but of course are fascinating).”
I know I will be taking some extra precautions over the next few weeks
Mac
Greece implodes and readies for “default”status..
Iran/Iraq scenario ramps up daily
meanwhile..
http://www.usnews.com/news/articles/2012/02/16/cbo-longest-period-of-high-unemployment-since-great-depression
and also..
dow biggest gain in 4 years..closing in to 13,000.
http://online.wsj.com/article/SB10001424052970204792404577226722433975652.html?mod=WSJ_hp_LEFTTopStories
everything is damn yo yo..
Investing in precious metals; gold/silver only makes sense for small groups that can use it as a bartering/money tool. Large scale investing will prove about as useless as teats on a boar hog. Why? When the dollar totaly collapses and martial law is imposed, the powers that be, will take dominion over all precious metals. If you try to use it commercially, it will be confiscated and you can be held as a terrorist against the Gov. for not turning it in. Banks are already aware of the plan for imposing martial law and are preparing room for storing gold and silver.
Michael, aint gonna happen bud, unless your are one of the 119,000,000 non-armed, non-Federal taxpaying type. Precious metal have been a store of wealth for 5000 years and will not stop now because of riots and martial law in our street. The People will take America back and make it what our great Founders intended it to be.
NYMEX light sweet crude running up again this morning….
Hmmmmm I just might have to forego next months mortgage and car note to top-off the family preparedness larder and pick up some solar panels…..
It appears that the shell-game of international finance is running out of shells….
Store shelves are filled by the use of short term credit. Yes, watch the availability of credit very closely.
On a positive note….if things get “dicey” here in the states maybe all the god-dammed muslims, nigerians, indians, pakis and slopes who won’t assimilate or drop their accents and treat Americans like knuckle-dragging morons will move the fuck home….
That sure would give us a lot more job openings…. plus get rid of the 13 million illegals and hey maybe we can get our economy back on track.
The EU Elites have told us point blank that sometimes they lie for the supposed good of the little people. How is this different than the daily front running by the insiders? Here’s a story that shows just how screwed up everything is:
$6 Trillion In US Bonds Seized In Zurich, Said To Pose “Severe Threats To International Financial Stability”
http://www.zerohedge.com/news/6-trillion-us-bonds-seized-zurich
+ 1 billion for your username
The only thing in question, is the date of the collapse, not that the collapse will occur. The corrupt system is “unsustainable”. Sung to the old tune “Unforgetable”.
If this does happen, I have only one thing to say. It’s about time!
If your just starting to prep you’ll get sticker shock in our local supermarket(safeway) cans of veggies are up to $1.99 a can (.99 a few months ago) what was on sale (.99) was wiped out and with gas going up you can bet food will keep rising, with a possibility of greece defaulting that will accelerate prices, even if greece doesn’t defalt prices won’t slow down much.
Business news says Safeway is in financial trouble.
Still 78 cents for a 15oz can at my local grocery store… and every spare penny is going to canned food and other preps.
This doesn’t have to do with grocery stores but we have also noticed the prices in fast foods going up. We travel and from time to time we stop in for a quickie bite and even tho they’ve got a dollar menu, the average sandwich runs about $4.00… McDonalds, Hardees, B.K., except Chic Filet is still pretty reasonable & they have great food. Prices every where are going up and pretty fast it seems.
The article makes sense if there was some documentation to back it up. TPTB will not announce a default when the markets are open. March 23 is Friday and would be a good time to announce it. Germany is not going to allow the deals to go thru as they are tired of paying out more money and Ms. Merkel is falling in the polls.
This is nothing mroe then making an example out of Greece so the rest of the PIIGS tow the line or this will be coming to them. The EU cannot be nice to Greece or the other countries will soon follow suit. I think this may backfire on them if this continues much longer. Other countries will see what the Triorka are going to do to them and may just upll out of the Euro.
They are definitely screwing Greece. I agree Greece sucked on the teat but there is no balancing mechanism to repair the damage and austerity will kill an economy that is already contracting. People forget alot of time the Northern European coutnries benefitted the most as they sold to the consumers with easy credit and their economies were churning and growing. Now they can no longer consume they are going to screw them big time! Sad and dangerous times and guess what it is coming to the USA sooner or later. Mark my words and be prepared for it.
You also have to realize that March 25th is Greek Independence Day for Greece. In the past, TPTB have planned major announcements during/around important dates so the people are that much more distracted by other festivities/events that are going on. Just a thought.
eeder,
chill dude & try some fiber. I hear it’s good for what’s ailin’ ya.
jenn
how does fiber help ron paul get elected?
jenn
didnt realize fiber was a sheeple repellant… hmm i may have to try that!
Don’t belittle fiber. When you have nothing but canned food and squirrels to eat, it helps your digestive tract stay healthy.
@eeder,
eeder, eeder, eeder, it is your right to say anything you want. I welcome you to come to the state of South Carolina and find out for yourself what a warm and beautiful part of our country this really is. Just a few words to the wise, don’t be sayin’ ‘what a disgraceful state, south carolina is’ in a local bar down here. Cause some good old boy will probably knock your dick in the dirt. Not everybody down here voted for “newty.’
Don’t ever confuse pomposity with dignity nor blue jeans with a professional.
Y’all Beware!
yall beware…
*yawn* oh yeah… theyd knock me down , would they? hmm that would be a neat trick!or a “good ole boy” could vcome up here and i will help him go to newtys moon colony…. via my fist… or i can go down there and give him the same boost…. haha… good one boy….id be more sacred one of your many “n’s” would knock me down.i certainly am not afraid some good old boy… we have plenty of those right here… i donnt need to see some f@#ing donkey get all riled up and than cry for his momma… i can get that right here!minus newty!
yall beware
those that arent intimidated by me within a few minutes of meeting me , tend to wind up doing stupid sheeit that winds up with them getting fired, going to prison or failing that… going to the moon. i dont tend to have repeat problems of this nature with the same individuals.
yall beware
ive been to your state anyhow. i will not be returning sir.
yall beware
you didnt think south carolina had the market cornered on “good old boys“, now did you….
yall beware
oh i see… you thought i just said what i like online! come up north and i will tell you to your face… bring the good old boys while youre at it… my good old boys against yours!and mine do what i tell them!
eeder, maybe you should take a break, go out and smoke one or something. You seem to be the one trying to intimidate by computer telling us how fearsome you are. Ususlly that signifies weakness. Maybe you could count to ten. Let me help, one, two three….. you get the idea.
To the moon Yallice, to the moon!
What hasn’t been mentioned, from what I can tell, are all the fraudulent derivatives out there floating around; some are European-based. A Greek default and other Eurpoean nations defaulting could trigger these derivatives that could send the entire global market into a tailspin.
Last fall, Merrill Lynch moved $75 trillion in derivatives into its Bank of America-side FDIC unit:
http://globaleconomicanalysis.blogspot.com/2011/10/bank-of-america-moves-merrill-lynch.html
A lunch hour find:
“To say we “know the European Central Bank has this under control” is to claim knowledge of the unknowable.
…To be supremely confident that a Greek default will be orderly is to claim knowledge of that which cannot be known.
That smacks of hubris.” …
http://www.financialsense.com/contributors/charles-hugh-smith/do-we-really-know-greece-default-will-be-orderly
I’m a little confused; does this mean Greece is on double secret probation?
Gas here today in northern Michigan is 3.20 a gallon. I haven’t seen it this low for quite some time. Yet, for the last couple days the price of crude has risen. This area is famous for raising the price of gas on Thursday or Friday so when all the “Fudge’s” come up for the weekend they can spend more. Doesn’t seem to be happening as much anymore. The ski resorts have be beat down by the funky weather we’ve been having so everything and everyone is depressed. It’s taken some time for things to be hit here because of the area and the amount of money that comes in from all over the country. It’s just now becoming real for some. Time is running out my friends.
What the Greece and US unemployment situations tell me is that you need a lot more than a 3-6 month cash buffer.
Attention Paranoid….Breakfast without whisky ?.build or purchase a still ….By preference gas or wood heated. You aint preppin till got one. Crafty.
Am I last?
Every spare penny going to canned food (and psyllium fiber to help process it), batteries, ammo, water filter cartridges, and so forth…
Bradley turn date system is forecasting a major downturn on March 18. Does it “know” this default is going to happen just as it “knew” a US credit downgrade was going to occur just days after the July 28 downturn it predicted last year? The turn dates have been deadly accurate the last few years, market turn up on Dec. 24 was again right on, rocketing up since then.
For skeptics, the dates are published prior to the beginning of each year.
America IS different from Greece in this (and on both sides!). Unlike Greece and its near-zero private sector, America really does have a substantial private sector (if way less than it used to). And on the “other side” Greek government can do what Washington can’t: do whatever it wants with near-zero impact on big business or Wall Street (since Greece is so small an economy anyway).
There’s a very viable solution but it’s not an elite solution. It’s a market solution based on the personal monetization of assets (precious metals) in order to add to existing liquidity without adding to debt. Gresham’s Law can now reverse due to real-time gold evaluations. It was always undervalued gold than led to hoarding and poor liquidity when gold was money in the past. This time is truly different now that debt-free store of value has married instant real-time characteristics for distributions.
what saddens me is that the global financial ponzi scheme is wired so tight that if Greece defaults….little insignificant Greece with its .003% contribution to the global economy…..the whole house of cards can come crashing down….
and yet the sheeple graze on….
ooouu – another scare story to drive sales. Unnamed sources – a written document – etc. The authors are laughing all the way to the ban.
Tell me: if the capital quickly starts flowing into the US after a collapse of euro, wouldn’t this be good for the US markets and bad for metals? Or do I have this backwards.
I’m just asking.
Greetings ~
As I am new to this site, I am not sure whether an astrological comment is acceptable. However, I think it important to note that a chart cast for March 23 at 5 PM at Athens has a transiting Sun/Uranus conjunction in the Tenth House exactly opposed the Moon/Pluto conjunction of the Greek incorporation chart(set for July 24, 1974). Sorry about the jargon, but this astro-algebra provides a condensed picture of a sudden shock administered by the authorities to a people for whom suffering is no stranger.
In short, the cosmic view provides strong support for this unattributed document reported by Mac Slavo. However, now that the cat is out of the bag, the democratic forces in Greece could make use of the information to reverse the probable outcome. Potentially they could get a jump on the authorites in the days before by(for example)surrounding their residences and blocking their exit from the country. Nor are Greece’s communications nodes completely invulnerable to sudden interrruption, expecially as so many skilled workers have joined the ranks of the unemployed.
http://www.telegraph.co.uk/finance/financialcrisis/9091021/Germany-drawing-up-plans-for-Greece-to-leave-the-euro.html
Germany is drawing up plans for Greece to leave the Euro.
Did anyone else catch the headlines a couple days ago on one of the MSM websites (cnn i think?) It blows my mind that people are probably, by in large, still this ignorant and not raging about this yet! Any way…Two separate articles, posted side by side…”What could it mean if Iran had The Bomb?” followed by…”Gas prices rise sharply in the last month” !!!!! Have we not god damn seen this before?! Gas prices hit 4.25 a gallon, the dow shit itself, and we were at war with iraq…cuz saddam had a bomb….oh wait…So now that it has become widely known that gas prices are “expected” to hit 5 dollars a gallon by summer, they are wasting no fucking time at all gettin on there way! I filled my tank 3 days ago on my way to work…3.59 a gallon…drove past the same store on the way back through…3.69…shocker! Mark my words. Gas hits 5 a gallon. Stocks plummet. We will either be at war or going to war by then. Gas is rumored to last between 60-100 days stored with addittives…i keep 20 gallons on hand and cycle a 5 gallon can every week, id suggest everyone take up the same sport! Gas Cycling!
I’ll believe it when I see it…
Whoops: Greece just got their money. NOW WHAT?
Now the GB’s go for the GOLD!
Does this effectively end this discussion?
http://www.bloomberg.com/news/2012-02-21/greece-wins-second-bailout-as-european-leaders-choose-aid-over-default.html
Some answers are obvious but one isn’t. Who is making money on this debacle? Somewhere someone is gleefully rubbing their hands together at the prospect of a huge gain. Soros? Most likely. Oscuma has stopped energy independence to help Soros in his Brazil oil investment. Two things needed: energy independence through drilling and lower taxes to leave money in the pocket of taxpayers.
Europe is being overrun by Muslims. Israel is friendless in a soon to be started war-strike on Iran.
America’s strength can hold it all up IF we gain energy independence thereby reducing inflating costs in the marketplace. Have to overturn the Fed or inflation will be off the charts.
Pray pray pray…and keep your gunpowder dry…and vote for Romney who is the only candidate with leadership experience. Don’t demand perfect…competent will be enough.
Woodmom: “Who is making money on this debacle?” It should be obvious. The Gangster Banksters are making money on this debacle. They always do. As they say:
Never let a crisis go to waste.
Oh, they will lose money on Greece when they take a haircut on Greek Bonds, but they will offset those losses with profit somewhere else; which is the beauty of being multinational in character.
In the meantime, with the new agreement, they have the pledge of Greek Gold against further deterioration of Greek Finances, which will surely come.
You see that is the way GB’s work: just enough financing to take the victim down the road until they need more capital; for which the victim releases more equity (sovereignty).
Its classic venture capitalism at its zenith.
Europe is devided in many countries. So the NWO-takeover goes too slow over there. solution: default europe and let the bankers take over.Greece&italy are already in their hands rest will follow in due time
It is March 28th- nothing in the news about Greek default. So much for “insider” reports.
Hi, Scout:
You and I think alike. I’ve been searching anywhere and everywhere for a follow-up to that March 23 default tip. No-one is saying anything about why this “insider tip” plopped.
Where’s the commentary? Where’s the questioning? Success has many fathers; failure is an orphan.
I still feel angry,though.
Cheers,
– Stoosh