Ben Bernanke updates America on the status of our economy, interdependence on Europe, and what may ensue if Greece and the rest of the Europe’s sovereign debt and banking issues aren’t resolved in an orderly fashion. (Hint: They won’t be, so get ready for the worst case scenario) :
First it would depend on the conditions of the default. If it were done in a way that was, where there were very substantial firewalls, backstops, protections done in a very orderly and controlled way, then that would be one thing.
If it was disorderly, unplanned and disruptive that’d be a very different matter.
As I said to Congressman Brady, the direct exposures of our banks to Greece are minimal.
If there were a disorderly default, which led to, for example, runs or defaults of other sovereigns or stresses on European banks, it 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. So, it’s a very, very serious risk if that were to happen.
Ben Bernanke, the architect of our economic recovery, just told us that the worst case scenario will have a “substantial impact” on our financial and economic systems. We’re to the point where Mr. Bernanke is now talking about bank runs in Europe, and Congress is concerned of similar situations playing out right here at home.
In his words, not ours, there is a very serious risk to our economy if Europe doesn’t resolve its problems. Based on the non-resolutions for the last two years, you can be assured Europe will not resolve its problems. Greece is going under, it will not be orderly, and all of Europe is going with it.
Video Excerpts below or view the full two hour testimony at C-Span:
well, Ben just popped a big bubble.
well, Ben just pooped a big bubble….
well, Ben just pooped a big bauble
well,Ben bent back blowing big bubbles by butt!
Alan Greenspan taught him well, although Ben did not attend acting classes.
They should be heading to their D.U.M.Bs any minute now!
Yeah, and they are damn lucky I am on the other side of the Atlantic! otherwise, there is no bunker safe enough for those frakkers when there is an angry combat engineer around!
p.s. could you do it for me Copout? pretty please 🙂
p.p.s. “Moment of danger” indeed http://www.bbc.co.uk/news/uk-politics-15164497 bloody bastards. sitting there in their comfy chairs and laughing their a$$es off at the sheople…
I keep envisioning the financial collapse, followed by the smart-ass super-rich escaping to their remote island doomsteads, and within weeks of the start of anarchy being woken up by the first wave of somali and other pirates arriving on unscheduled, maritime ‘drive-by’ lootings of the otherwise safest world retreats.
And the same thing on land.
So where are the ‘safe’ retreats?
This week just keeps getting better and better. Can’t stand all the good news.
I hear that!
Did I see Ben’s eyes blink sideways, like an alien reptile?
Bailout schmailout. My courier has an important ticking box to deliver to wall street, somebody get these danged hippie protesters out of the way!
I’m with AZ Ready. I think I need a hug!
here have one! it is for free… at least now… 🙂
look on the bright side, it’s taco tuesday, i think it’s gonna be a 3 margarita night….
Hell, I’d settle for a reach around.
I couldn’t handle two hours. yawn………. I’m not buying it.
Here it comes gang. I hope all of your preps are close to being done. I think we are close. I am glad I took a few days off of work as I need to fill some holes in my own preps.
we are withdrawing all of our savings from banks in next 48hours. since we have no long term saving accounts, it is pointless to keep them there, and when (not if) bank runs begins, we shall go to the town, but not to try to take money from bank, but to spend the last frakking penny of it in Mil&Civ shop
let the sheople burn, they never learn. muahahaha
ups, slipped my tongue, oh well, now you know, I am with the elite, we had meeting last night, and it’s all over folks, we decide that it is time to lower the curtain…
nah… just kidding. but we ARE taking our money out! that was not joke!
We stopped keeping more than a token in the bank months ago. If we need to pay bills, we deposit enough for the check. If we need anything for the family, we use cash. If anything is left over, we buy more food, ammo, or silver.
This might be just what the doctor ordered for Barackalypse. A nice financial crisis and bank collapses with disorderly mobs trying to access their electronic stashes to no avail. Might have to declare martial law to maintain order! Maybe even suspend or postpone elections due to the permanent emergency! When you can’t beat em, subvert them!
If Obama feels the can can’t be kicked passed Nov.2012 then you could be right. A good crises is not something a socialist would ever waste, and even better he’ll blame on the elite rich avoiding their share of what he wants to buy votes with.
Moody’s just dropped Italy 3 notches..
That was Amanda Knox’s fault.
No. George Bush’s fault.
he appears to be shitting his pants.
At least thats what im reading from his body language.
and as he notes : about the protests and what it says to him ,..”financial sector getting us into this mess”..buddy just keep adding..oh man, that list is longer then the nose on pinochios face!
Epic failure..these orchastraitors of this mess need to be named, and taken to the wood shed
I think you’re on to something… He looked just a little bit unsure of himself today…
+1
His recent comments should, IMHO, make everyone very nervous.
Remember, Bernanke has been wrong about everything that has happened over the past 5 years or so…BUT, if I recall correctly, he ALWAYS been wrong on the positive side. That is, he’s always too optimistic…
He didn’t shit his pants, he pumped a shit load of money in to the US markets today to keep the game going. The rest of the world is down 2 to 4% today and we are up 1.44%? Think about it??
Allow me to write the head lies for the rest of the week. “Markets are up on Greek debt deal” : “Markets tank on Greek default worries”
If you haven’t noticed they have been recycling these head lies for the past year. I’m surprised Mac has not done a article on those two Head Lies yet.
We are in the grip of systemic financial contagion. When the outbreak starts it will spread around the globe instantly. Just 10 years ago it would have followed the sun around the globe, today its instant.
I have seen some comments that “I have a credit union so I’ll be safe”. What a joke, there will be no safe heaven.
If you don’t have the cash or metals in your possession they will be gone.
The key in BB’s statement was the part about the Money Market. I think what he is saying is the money market funds may not maintain their NAV. ($1.00 net asset value)
While he used the money market funds, what he was saying is nothing is safe.
As usual I really hope I’m wrong, but I’m getting worried I’m not prepared enough yet. God help us all!!
Bow to wise PO.
PO: Yeah, money market funds were more exposed to Europe, but they too have been retreating in recent weeks.
How do you prepare for an event so large in scale and be confident that you have done all of the right things. These events take time to resolve after they occur. I’ve done what I can, piss on the rest.
You are spot on about the markets. The fedd shareholders are internationals. Lets see what happens after hours in Asia and then in Europe. I may be covering!!
I suppose you are aware of their new software. Pardon the mis-spelling.
Greece has at least another 4 to 6 weeks before they run out of money. You still have time to prep. I’ve been putting my preps on my credit card. Some people are still trying to pay down debt but I don’t think that’s important right now.
Bible – check. Man shall not live alone, but by every Word that proceeds from the mouth of Almighty God.
F00d – check.
Wat3r – check.
R3al m0ney, not the paper known as FRNs – check.
Fir3arm, amm0 – check.
Winter clothing, tools, miscellaneous supplies – check.
Some funny m0ney at home for immediate spending – check.
Off to the wholesaler to increase my supplies.
God bless you all and God bless the United States of America.
I’ve thought about printing some money myself, putting it in a wallet and keeping it in a purse, while hiding my own…if marauders come—let ’em have it…some lead that is.
What is that I smell? Smells like a one holer OH down wind. Kinda makes ya home sic huh?
yeah willardit kinda does
Funny how George Soros just said the SAME thing about European countries defaulting in an “orderly” way and to ALLOW for it to happen. Soros interview with CNBC 9/21 – http://video.cnbc.com/gallery/?video=3000046947
I agree Patriot, I dont feel like I am anywhere near ready for what is gonna come. I just hope I can protect my family
Honestly I always think I’m prepared then I realize oh yeah, I could use a little more of this or a lot more of that. Here is the good thing. I’ve been in Costco, Home Depot and Wal Mart in the last 7 days. Ladies and Gents they got whatever you need; its there. There may be a run on the banks some time soon, but these places are still well stocked. I picked up 3 LED flashlights at Home Depot last week with batteries in a pack for 9.99. Can’t beat that with a stick even if the Chicoms did make em.
Try Harbor Freight… they have some astonishingly bright 9 LED flashlights, last time I checked, 2 for $2.50.
They have a 32 LED light that pisses me off everytime I use it… because it is so well made, is almost spotlight bright and made in China. ( that’s the part that pisses me off )
Around here those small lights are often 2/2.99 with coupon. Includes cheap batteries.
Sns/Ben: Checkout Greg mcgee engineering, he has a M3-21 tactical 7 function 740 or 1000 lumen white super bright aircraft aluminum body, finland bulletbroof lens, fast disorenting strobe, two s.o.s features and can be seen for three miles. I have had all kinds of tactical lights when a cop, surefire and others, I HAVE NEVER SEEN A FLASHLIGHT OF THIS QUALITY. for 65.00 ships from Colorado in two days, to here in Florida, rechargeable batteries or store bought. I found his site from a survivalist blog, Ferfal, i think this guy lives in argentina who did the review, simply the best, fit in the palm of your hand, blindling white hot light i have ever owned! Check it out/ caution do not shine light in eyes of a freindly!
Well we know enough to know; as prepared as we are, we are not prepared enough for what is coming. Its like combat, till the first bullets wizz by you think your ready. Then you know you are never ready enough.
Collapse, finally? I mean, how long has that been announced here? Riots, civil unrest, total collapse, Armageddon? But expectations are some economic growth, there’s a run to the dollar going on (no hyperinflation), the indexes are not so bad as expected. Where’s Armageddon?
Johnny…if you read this or any other blog, you would KNOW that we have been VERY close several times, but Soros and his cronies pull out all the stops so that we pull back from the edge…for awhile…it can’t last forever though, and THAT is what we are preparing for!!
Buy moar ammo. Get the cement trucks ready to seal up the D.U.M.B.S. IF I was a politician, I’d get the hell out of Dodge right now.
OMG………i know because the shits gonna hit real soon…..RIGHT ??? lmfaooooooooo
WOW…….blocking opposing views is nothing more than censorship !!!! NOT SURPRISED HERE .
Your post is here.
Where’s your beef?
Oh the government cronie is back. Hi Rich
If we just ignore him…he will go away!! Don’t engage Rich…we have more serious issues to deal with!! Rich is delusional, has a foul mouth and sounds like he fell into a bucket of ugly…his momma must be so proud, I’m sure!!
I’d rather respond to Manos, a true gentleman, who is doing what he can to provide for his family and also give us warning for what is heading our way!! So PLEASE DON’T respond to Rich, I for one, am tired of him and I wish he’d go back to his dark little basement and wait for his “proud” momma to come wipe his butt!!!
“I don’t have to tell you things are bad. Everybody knows things are bad. It’s a depression. Everybody’s out of work or scared of losing their job. The dollar buys a nickel’s worth, banks are going bust, shopkeepers keep a gun under the counter. Punks are running wild in the street and there’s nobody anywhere who seems to know what to do, and there’s no end to it. We know the air is unfit to breathe and our food is unfit to eat, and we sit watching our TV’s while some local newscaster tells us that today we had fifteen homicides and sixty-three violent crimes, as if that’s the way it’s supposed to be. We know things are bad – worse than bad. They’re crazy. It’s like everything everywhere is going crazy, so we don’t go out anymore. We sit in the house, and slowly the world we are living in is getting smaller, and all we say is, “Please, at least leave us alone in our living rooms. Let me have my toaster and my TV and my steel-belted radials and I won’t say anything. Just leave us alone.” Well, I’m not gonna leave you alone. I want you to get mad! I don’t want you to protest. I don’t want you to riot – I don’t want you to write to your congressman because I wouldn’t know what to tell you to write. I don’t know what to do about the depression and the inflation and the Russians and the crime in the street. All I know is that first you’ve got to get mad. You’ve got to say, ‘I’m a HUMAN BEING, God damn it! My life has VALUE!’ So I want you to get up now. I want all of you to get up out of your chairs. I want you to get up right now and go to the window. Open it, and stick your head out, and yell, ‘I’M AS MAD AS HELL, AND I’M NOT GOING TO TAKE THIS ANYMORE!’ I want you to get up right now, sit up, go to your windows, open them and stick your head out and yell – ‘I’m as mad as hell and I’m not going to take this anymore!’ Things have got to change. But first, you’ve gotta get mad!… You’ve got to say, ‘I’m as mad as hell, and I’m not going to take this anymore!’ Then we’ll figure out what to do about the depression and the inflation and the oil crisis. But first get up out of your chairs, open the window, stick your head out, and yell, and say it: “I’M AS MAD AS HELL, AND I’M NOT GOING TO TAKE THIS ANYMORE!”
Oh, don’t look now but the Asian markets are all down. The HSI is down almost 4% and they just opened.
So tell me how is it that the US markets were up 1.44% today. Can anyone say Manipulation!!!
Oh wait a minute, did Pisani say “Greek debt revision”. You gotta love those head lies.
Just keep watching those Greek head lies. The only truth is the lie.
Yah! Just think of the digital money that is thrown at the markets and you will come to the realization that they own all of it.
Hell yah! they want an orderly collapse. If it becomes chaotic, they will be on the line and exposed for who they are.
The media will be the only barrier between orderly and chaotic, in my humble view.
US Government is now a kleptocracy…run by kleptomaniacs and sociopaths….according to Moore….see link
http://www.realclearpolitics.com/video/2011/10/03/moore_the_rich_are_out_of_control_klepto maniacs_sociopaths.html
Just be glad you’re reading this website and not watching the nightly news. Those fools were the same ones telling you excite and altavista were great buys the day before the tech bubble burst. Whether your faith is that of a mustard seed or a strong hickory – thank God for the seed that was planted in your heart to research a little and find out there was time to prepare. Don’t let the real world ruin your day – just be glad if you have a little food and some water stored away to weather the storm.
I look forward to more riot dog in the fight against the globalists at ground zero – Athens.
another link to another video saying we’re heading down. This one by ECRI director Lakshman.
http://money.cnn.com/video/news/2011/10/03/n_lashman_recession.cnnmoney/
He says “Imminent”. All I know is that I got my bills for the month.
PUD is going up 18% on the first
Cable is going up 8% on the first
Phone is going up 6% on the first
What the HELL! Did they all get together and say, lets get ’em at the same time, that way they won’t know who to be mad at. Time to drop some services…
Webster’s…imminent: ready to take place
rriiinng…rriiinnng…
‘hello’
‘Hi! Is this Miss Knox?’
‘Uh…yes, it is’
‘Miss Knox, this is Bill Bigvoice from MIX 96.7- Seattle’s Superhits Radio! I’m calling to tell you, congratulations! You’ve been chosen the Grand Prize Winner in our sweepstakes!’
‘Uh..okay. Thank you. Um…what did I win?’
‘You’ve won a Fabulous, All Expense Paid Trip for two to Rome! How about that, Miss Knox? You’ll spend seven lavish days as our guest at the Rome Hilton! Plus you’ll enjoy being pampered in a luxurious spa, and be wined and dined as our guest at the hottest nightclubs in Italy!…What do you think of that, Miss Knox?…hello?…’
This is Becky (man’s voice). Transfer…
I think you ment “Peggy”
Peggy’s on vacation in Siberia.
The Bernank must be getting excited as it means he gets his helicopter ride and a bag of cash to play with.
Europe is being saved, not going under.
Really Johnny K? I live here, if this is saved you are welcome to it.
No jobs
choose…eat or heat. electricity went up 10% August, natural gas 20%
public transport cost so high you can’t justify it most of the time
petrol and diesel so high you can’t justify using the car
I could go on, and on, and on. This is not saved, this is existing not living.
Hey, carolie..there’s a guy named Clark on the other threads..he’ll turn your unemployment into a life-changing event by re-training you so you can advance your position in life.
I’m sure he can direct you to your new position with all those hiring companies ‘over there’ because if he can do it here–why not there?? His name is Clark.
JJ: Yes, but only if you do not aspire to a college education. Thats the most recent PROGANDA from the Uber Rich NWO, so the talented tots on the bottom cannot get a leg up on their progeny.
A HS graduate can realize that the solution to too much debt is not more debt but rather a combination of more income and less spending.
LOVEL….. “Jack, how did you come up with that?” “They have half of the PHDs on the planet working on it”.
SWAGART…. “I can add”!
Apollo 13.
Who will become richer in the next two years, Casey Anthony, Amanda Knox or Uncle Ben Bernak?
all I know is they will all be richer than Me..
But thats fine, at least I dont have a target on my back
Depends on which one gives in to PlayBoy’s offer with the full spread.
If Bernank ends up on Playboy doing a full spread, that just might be what it will take to get the people off of their chairs and into the streets.
That’s an image I don’t want to see!
Tom: Casey Anthony obviously.
New world order trying desperately to hold on power.
Take a look at today’s demonstration from students and teachers.
The NWO puppet unleashed his dogs of war, because education should be supressed. Take a look at the photos, riot police against high school teachers and students.
Bravo brave policemen, you finally got the guilty ones.
I’m gonna puke.
http://www.parapolitika.gr/ArticleDetails/tabid/63/ArticleID/275355/Default.aspx
What’s really a joke is the idea of ORDERLY default. Greece’s debt problems continue to get worse. Even if there’s a partial default coming first, there will be a 100% debt default coming after that.
I picked up another Gold Eagle yesterday from my dealer in Houston. He said that it had been very slow this week…not many folks selling…not many buying. He thinks that all the volitility is because of the changes in margin rules, and that the Banksters are wanting to keep the general population from closing out their IRA’s & 401K’s & buying metals….as this would be a bank run of sorts. There are a lot of sheeple who are currently looking like the proverbial “deer in the headlights” .
They know that something is not right…but they are frozen in indecision as to what course of action they should take. So because they are concerned that they may make an error in judgement….they do nothing. When
the other shoe drops…..they will all rush to the banks & grocery stores…..but it will be too late. I am much more comfortable in the idea that I am in control of my destiny……to the best of my ability. If I am wrong…. I am ok with that.
Montgomery County Texas
Greetings Everyone!
Bernanke?
A collage prof running the biggest ponzi scheme around!
Lends to europe,asia and everywhere else at near Zero rates.
THEN he suggests a “cleaned up” set of words for Depression and Bank Collapse.We about to be boned big time.At least the Chinese won’t be far behind.”Centralized Planning” indeed!Not unlike Wall Street’s “Self Governance”….
CHANGE is coming and even Fox news can’t put a “spin” on it.
Change will both terrifying and a breath of fresh air for the future.Forget Congress and ALL their evil minions(read Homeland security)
CHANGE will steamroller them flat along with the Jihadists they keep grouping for on women bodies at airports,etc.
CHANGE means some countries may come unglued(if not all,but let’s not get our hopes up too soon.)
Apple products may again mean real apples instead of a corporate logo.
Just a few thoughts….
GFg
The us is in much more danger than europe. This is all one big media spin to get the focus off the us.