manx angel
26-09-2008, 03:29 PM
If you live in the US you should consider the serious possibility that the proposed $700 billion 'bailout' package for AIG and the rest of them could well fail to pass.
It would seem that many US citizens object to having their taxes raised further in order the further line the pockets of the corrupt and incompetent bankers who were the authors of this current financial fiasco.
More aware Americans have been writing/faxing and phoning their congressmen/women in droves. The phone calls etc are 300 to 2 AGAINST the proposed bailout going through.
Republicans in the senate are also in rebellion against this bailout and its terms which protect the obscenely large salaries, bonuses and golden parachutes for corrupt and inefficient banking CEOs.
http://www.msnbc.msn.com/id/26884523/?GT1=43001
Here also is a letter written by economists in protest of this bailout:
http://faculty.chicagogsb.edu/john.cochrane/research/Papers/mortgage_protest.htm
Furthermore the $700 billion is a drop in the bucket compared to the scale of the problem. This scheme is very likely no more than a smoke screen to lead everyone to feel the US government is in control and everything will be alright.
http://www.cnbc.com/id/26885559
http://goldismoney.info/forums/showthread.php?t=305771
If all this results in a substantial market crash, the ceasing of trading on the markets, a panic, and bank runs are you prepared? The US will certainly get it first and worst. But the entire Western Banking system is creaking under the weight of these derivatives.
This link explains what occurred when Roosevelt ordered a 'Bank Holiday' on March 5 1933 in order to push through an emergency banking act. This could very easily happen again, and soon.
http://www.history.com/this-day-in-history.do?action=Article&id=5755
Banks were closed for four days and all financial transactions were halted. Taking into accounts weekends many banks were actually closed for longer, more like a week.
That was 1933. Today most of the population is dependent on debit or credit cards even for small transactions. If a 'bank holiday' is declared your bank account would be frozen, along with everyone elses' until 'measures' are taken. Your debit and credit card would not work.
Very likely, in modern day USA, there would be panic, mobbing of shops, and looting. The much predicted martial law would be brought into place. As we know troop withdrawals from Iraq support the idea this could take place sometime in October.
Anyone who is living in the USA, and has not already done so should, at the very minimum look to protect themselves as best they can by:
1) Having cash in small bills and change which could be used at a local store or gas station for essentials. (Assuming the places are not already a mob scene.) Only those with cash are likely to get goods.
2)Making sure they have a supply of non perishable food in the house for all family members and any pets. Also first aid supplies and medicines. If anyone is on essential prescription medicine it would be wise to get the doctor to give you an extra supply. And to do so NOW.
Also be sure of adequate hygene supplies such as toilet paper etc.
3) Making sure their vehicle has a full tank of gas.
4) Being sure of a supply of water. Bottled water of tap water in containers. Do not be entirely dependent on the mains.
It is late in the day for seeing to this if it has not already been done. But if a 'Bank Holiday USA' does come about you would be well advised to be in a position to stay at home and away from stores and gas stations. If martial law is imposed staying in the house could well be enforced.
Manx Angel
It would seem that many US citizens object to having their taxes raised further in order the further line the pockets of the corrupt and incompetent bankers who were the authors of this current financial fiasco.
More aware Americans have been writing/faxing and phoning their congressmen/women in droves. The phone calls etc are 300 to 2 AGAINST the proposed bailout going through.
Republicans in the senate are also in rebellion against this bailout and its terms which protect the obscenely large salaries, bonuses and golden parachutes for corrupt and inefficient banking CEOs.
http://www.msnbc.msn.com/id/26884523/?GT1=43001
Here also is a letter written by economists in protest of this bailout:
http://faculty.chicagogsb.edu/john.cochrane/research/Papers/mortgage_protest.htm
Furthermore the $700 billion is a drop in the bucket compared to the scale of the problem. This scheme is very likely no more than a smoke screen to lead everyone to feel the US government is in control and everything will be alright.
http://www.cnbc.com/id/26885559
http://goldismoney.info/forums/showthread.php?t=305771
If all this results in a substantial market crash, the ceasing of trading on the markets, a panic, and bank runs are you prepared? The US will certainly get it first and worst. But the entire Western Banking system is creaking under the weight of these derivatives.
This link explains what occurred when Roosevelt ordered a 'Bank Holiday' on March 5 1933 in order to push through an emergency banking act. This could very easily happen again, and soon.
http://www.history.com/this-day-in-history.do?action=Article&id=5755
Banks were closed for four days and all financial transactions were halted. Taking into accounts weekends many banks were actually closed for longer, more like a week.
That was 1933. Today most of the population is dependent on debit or credit cards even for small transactions. If a 'bank holiday' is declared your bank account would be frozen, along with everyone elses' until 'measures' are taken. Your debit and credit card would not work.
Very likely, in modern day USA, there would be panic, mobbing of shops, and looting. The much predicted martial law would be brought into place. As we know troop withdrawals from Iraq support the idea this could take place sometime in October.
Anyone who is living in the USA, and has not already done so should, at the very minimum look to protect themselves as best they can by:
1) Having cash in small bills and change which could be used at a local store or gas station for essentials. (Assuming the places are not already a mob scene.) Only those with cash are likely to get goods.
2)Making sure they have a supply of non perishable food in the house for all family members and any pets. Also first aid supplies and medicines. If anyone is on essential prescription medicine it would be wise to get the doctor to give you an extra supply. And to do so NOW.
Also be sure of adequate hygene supplies such as toilet paper etc.
3) Making sure their vehicle has a full tank of gas.
4) Being sure of a supply of water. Bottled water of tap water in containers. Do not be entirely dependent on the mains.
It is late in the day for seeing to this if it has not already been done. But if a 'Bank Holiday USA' does come about you would be well advised to be in a position to stay at home and away from stores and gas stations. If martial law is imposed staying in the house could well be enforced.
Manx Angel