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economic situation is dire


ianrobo1

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I wonder what he's saying at the moment?

buy my books , mainly

"The Little Book of Bull Moves in Bear Markets."

and

Crash Proof: How to Profit from the Coming Economic Collapse."

More importantly, don't wait for reality to set in. Protect your wealth and preserve your purchasing power before it's too late. Discover the best way to buy gold at www.goldyoucanfold.com. Download my free Special Report, "The Powerful Case for Investing in Foreign Securities" at www.researchreportone.com. Subscribe to my free, on-line investment newsletter, "The Global Investor" at http://www.europac.net/newsletter/newsletter.asp.

Hey, when your right you can afford to sell your advice....

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Afghan's poppy production grew by 25% last year and is set to increase again this year, according to estimates by the UN Office on Drugs and Crime (UNODC). The biggest crop, and the fastest growth, is in Helmand province, the British area of operations. Poppy cultivation there increased by more than 60% last year and is on track for more double-digit growth in 2007.

Mark Thomas reveals UK sales of torture equipment

Drugs , check.

Weapons , check.

Starting illegal wars , check.

Removing UK citizens rights , check.

Its good to see that the UK hasn't changed its business plan since the days of the British Empire. This system has brought misery and suffering to the world. The 1% of the population who own 50% of the worlds wealth need to stop creating problems which lead to wars. If there was no profit in war, there whould be no war.

We are supposed to be the good guys?

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I blame the Rothschild's

and The Rockefeller family ,The Getty family , The DuPont family , The Brtish Royal family The Vatican bank etc ,etc

The owners of JPMorgan Chase , Bank of America, AIG , the nationalised British banking system.

Anyone else who knew the right time to get out when there have been econonic crashes thus preserving fortunes . The general public are again left holding the baby this is the second time that they have screwed the public 1929 & Now. What are the odds that these familys that have protected there wealth for generations, will be there in a few years to buy up all the struggling businesses for pennies and expect us to be thankful for saving us.

Economic crashes and wars are businesses opportunities for these people !

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Economic crashes and wars are businesses opportunities for these people !

They are opportunities for everyone if you are savvy enough.

Making opportunistic gain from other people's suffering and misery is fundamentally wrong.

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Economic crashes and wars are businesses opportunities for these people !

They are opportunities for everyone if you are savvy enough.

Making opportunistic gain from other people's suffering and misery is fundamentally wrong.

Buy stocks when they are down, sell them during a boom.

How long before we are allowed to buy stocks again during this crisis in your world? (and perhaps more importantly, how will they recover again if no one wants to buy out of some sort of misguided 'respect' for the failed finacial industry)

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Probably one more big rally then (a dead cat bounce) to sucker anyone else thats go any money left . China then calls its debt in to the IMF and America will fully collapse.The USA banks will call in all domestic dept, repossessing people's homes resulting in a civil war and world wide food shortages (due to the colapse in farming in the midwest). Then move all wealth to the new America, China and start the whole thing again.

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Probably one more big rally then (a dead cat bounce) to sucker anyone else thats go any money left . China then calls its debt in to the IMF and America will fully collapse.The USA banks will call in all domestic dept, repossessing people's homes resulting in a civil war and world wide food shortages (due to the colapse in farming in the midwest). Then move all wealth to the new America, China and start the whole thing again.

If china did that they would not only kill the world economy but in fact kill themselves, the world relies on the US to recover and never has it been more the case

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Probably one more big rally then (a dead cat bounce) to sucker anyone else thats go any money left . China then calls its debt in to the IMF and America will fully collapse.The USA banks will call in all domestic dept, repossessing people's homes resulting in a civil war and world wide food shortages (due to the colapse in farming in the midwest). Then move all wealth to the new America, China and start the whole thing again.

If china did that they would not only kill the world economy but in fact kill themselves, the world relies on the US to recover and never has it been more the case

Not if the worlds richest 1% moved there wealth to China and developed a new empire. The USA wont recover they are already estimated to have $57 Trillion in dept That's $186,717 per man, woman and child. We are witnessing the worlds largest robbery.

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Bank of America's surge in bad loans revives economic gloom

• 'Credit is going to get worse,' says under-fire chief Ken Lewis

• $4.2bn profit beefed up by one-off gains

• BoA and Citigroup's shares slump

The embattled US financial services group Bank of America (BoA), which is facing a revolt by shareholders, delivered a gloomy assessment of economic conditions as a surge in bad loans forced it to set aside $13.4bn (£9.2bn) to cover credit losses.

BoA reported a first-quarter profit of $4.2bn, compared with $1.2bn for the same period a year ago. But analysts said that after stripping out a series of large one-off gains, the bank's underlying performance was closer to break-even.

Shares in BoA plunged more than 24%, dragging down market indicators by over 3% on worries about the US financial sector. Citigroup fell by more than 16% after ­analysts said that credit losses continued to grow. Reports that the US government may swap its support for ailing banks for share stakes as its bailout funds dwindle added to the downward impetus.

The drop put paid to a week-long rally in US banking shares, built on fragile hope that the worst may be over in the ongoing financial crisis.

The North Carolina-based BoA has faced severe criticism over its takeover of Merrill Lynch in September, prompting a movement to oust its chief executive, Ken Lewis, from his position as chairman of the board.

Lewis said he was "gratified" with the performance of both Merrill and the mortgage company Countrywide Financial, which BoA rescued from the brink of bankruptcy a year ago. But he offered little optimism over short-term market conditions as cash-strapped consumers default on loans and credit card payments: "Make no doubt about it, credit is bad and we believe credit is going to get worse before it will eventually stabilise and improve."

Two influential US shareholder advisory firms, RiskMetrics and Glass Lewis, last week urged investors to vote for a split in the roles of chairman and chief executive at BoA. Critics say that directors have exercised insufficient restraint on Lewis, a 40-year veteran of the bank. Lewis has come under attack over the $50bn deal to buy Merrill, which subsequently revealed huge unforeseen losses.

BoA said Merrill contributed $3.7bn to its profits, before taking into account merger costs of $510m. The company benefited from a $2.2bn gain on the upward revaluation of certain of Merrill's structured notes, together with a $1.9bn exceptional profit on the sale of shares in China Construction Bank.

Jason Goldberg, a banking analyst at Barclays Capital, said that excluding one-off items, the group's performance "looks closer to break-even".

About $45bn of government funds have been pumped into BoA. The bank is awaiting the results of government "stress tests" being applied to all major US financial institutions.

Lewis brushed aside speculation that BoA may need to raise more money, saying: "I absolutely don't think we need additional capital."

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U.S. President Barack Obama Monday asked Congress to back an expansion of an IMF emergency fund by $500 billion in a move designed to expand its reach to big emerging-market nations.

Obama also asked lawmakers to approve a U.S. contribution to the fund to $100 billion, as part of the plan to swell International Monetary Fund reserves agreed at this month’s Group of 20 industrial and developing nations summit in London.

At the G20 summit, “the Germans did not want an EU effort to bail out the banks,” reported the Asia Times. “They wanted the International Monetary Fund (IMF) to bail out a substantial part of the EU financial system instead. The reason was simple: The IMF receives loans from the United States, as well as China and Japan, meaning the Europeans would be joined by others in underwriting the bailout. The United States has signaled it would be willing to contribute $100 billion to the IMF, of which a substantial portion would go to Central Europe. (Of the current loans given by the IMF, roughly 80% have gone to the struggling economies in Central Europe.)”

The president made the request in several letters to Democratic and Republican congressional leaders Monday, pointing out that the fund didn’t require an extra financial outlay from the U.S.

When Washington transfers funds to the IMF under the program, known as an expansion of the New Arrangements to Borrow, or NAB, it would receive interest bearing assets in return, backed up by IMF resources including gold stocks.

“Our proposal to increase U.S. participation in the NAB by up to $100 billion as part of an overall increase of $500 billion was warmly endorsed by the G20 Leaders,” the letters said.

“I am asking for your help to deliver on that commitment by supporting inclusion of the NAB and related IMF proposals in the most timely legislative vehicle that will enable the United States to act quickly,” Obama wrote.

swear_dees2.jpg

“Rapid progress is essential to the restoration of confidence in the global economy and financial system so that the global economy can emerge from recession to recovery and to sustained growth.

The IMF was the main beneficiary at the Group of 20 London summit where leaders agreed to triple its war chest to $750 billion by adding $500 billion, some of it already pledged.

“Mexico became the first to win approval for the new credit line Friday, gaining access to a record 47 billion dollars,” reported the Economic Times.

“The IMF’s 47-billion-dollar credit line to Mexico was the largest financial arrangement in the 64-year-old institution’s history.”

“Other potential candidates for an IMF credit line are Brazil, Chile, South Korea, the Czech Republic and Singapore,” the Times continued.

“In a letter to U.S. congressional leaders, Obama said the U.S. funding ‘does not represent a budgetary expenditure or any increase in the deficit since it effectively represents an exchange of assets,’” reported Reuters.

Obama made the request in letters to two Democrats: House of Representatives Speaker Nancy Pelosi and Senate Majority Leader Harry Reid; and Republican House Leader John Boehner and Senate Minority Leader Mitch McConnell.

here

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The Turner Radio Network

Sunday, April 19, 2009

LEAKED! Bank Stress Test Results !

The Turner Radio Network has obtained "stress test" results for the top 19 Banks in the USA. (Corrections/clarifications below in bold)

The stress tests were conducted to determine how well, if at all, the top 19 banks in the USA could withstand further or future economic hardship.

When the tests were completed, regulators within the Treasury and inside the Federal Reserve began bickering with each other as to whether or not the test results should be made public. That bickering continues to this very day as evidenced by this "main stream media" report.

The Turner Radio Network has obtained the stress test results. They are very bad. The most salient points from the stress tests appear below.

1) Of the top nineteen (19) banks in the nation, sixteen (16) are already technically insolvent. (Based upon the “alternative more adverse” scenario which had a 3.3 percent contraction of the U.S. Economy in 2009, accompanied by 8.9 percent unemployment, followed by 0.5 percent growth of the U.S. Economy but a 10.3 percent jobless in 2010.)

2) Of the 16 banks that are already technically insolvent, not even one can withstand any disruption of cash flow at all or any further deterioration in non-paying loans. (Without further government injections of cash)

3) If any two of the 16 insolvent banks go under, they will totally wipe out all remaining FDIC insurance funding.

4) Of the top 19 banks in the nation, the top five (5) largest banks are under capitalized so dangerously, there is serious doubt about their ability to continue as ongoing businesses.

5) Five large U.S. banks have credit exposure related to their derivatives trading that exceeds their capital, with four in particular - JPMorgan Chase, Goldman Sachs, HSBC Bank America and Citibank - taking especially large risks.

6) Bank of America`s total credit exposure to derivatives was 179 percent of its risk-based capital; Citibank`s was 278 percent; JPMorgan Chase`s, 382 percent; and HSBC America`s, 550 percent. It gets even worse: Goldman Sachs began reporting as a commercial bank, revealing an alarming total credit exposure of 1,056 percent, or more than ten times its capital! (HSBC is NOT in the top 19 banks undergoing a stress test, but is mentioned in the report as an aside because of its risk capital exposure to derivatives)

7) Not only are there serious questions about whether or not JPMorgan Chase, Goldman Sachs,Citibank, Wells Fargo, Sun Trust Bank, HSBC Bank USA, can continue in business, more than 1,800 regional and smaller institutions are at risk of failure despite government bailouts!

The debt crisis is much greater than the government has reported. The FDIC`s "Problem List" of troubled banks includes 252 institutions with assets of $159 billion. 1,816 banks and thrifts are at risk of failure, with total assets of $4.67 trillion, compared to 1,568 institutions, with $2.32 trillion in total assets in prior quarter.

Put bluntly, the entire US Banking System is in complete and total collapse.

Bonifides

For those who may be skeptical about the veracity of the stress test report above, be reminded that only last Sunday, April 12, this radio network obtained and published a Department of Homeland Security (DHS) Memo outlining their concerns that returning US military vets posed a domestic security threat as "right wing extremists." That memo, available here, is marked "FOR OFFICIAL USE ONLY" and contained strict warnings that it was not to be released to the public or to the media. We obtained it and published it days before other media outlets.

Link to Reuters deleted at their request 0842 HRS 21 April 2009

Further, todays Wall Street Journal (April 20, 2009) is confirming at this link that lending by the largest banks has DECREASED 23% since the government began the T.A.R.P. program, causing many in Congress to ask where the money has actually been going. Apparently, it has been going into propping-up the failing banks instead of out in loans to the public.

Additional details and proofs are forthcoming. . . . . continue to check back on this developing story.

UPDATE 1154 HRS EDT April 20, 2009 --

The United States Treasury has openly and brazenly lied regarding our stress test report and we can prove they have lied about it.

This morning, the United States Treasury issued a statement (HERE) claiming they do not yet have the results of the Stress Tests, rebuking our report

How do we know its a lie?

Because of this from April 10th:

April 10 (Bloomberg) -- The U.S. Federal Reserve has told Goldman Sachs Group Inc., Citigroup Inc. and other banks to keep mum on the results of “stress tests” that will gauge their ability to weather the recession, people familiar with the matter said.

The Fed wants to ensure that the report cards don’t leak during earnings conference calls scheduled for this month. Such a scenario might push stock prices lower for banks perceived as weak and interfere with the government’s plan to release the results in an orderly fashion later this month.

How can you be ordered not to release something you don't have?

Since that was published on the 10th of April, we therefore know that the results exist and Treasury, the banks involved and The Fed have them, as The Fed was concerned that some banks might try to use them (perhaps in a misleading fashion) during their first quarter conference calls and earnings releases.

Sorry guys, but whether the Turner Radio Network has the real results or not is no longer material. What's material is the claim that Treasury doesn't have them, since they told the banks on the 10th not to release them, and you can't release what you don't have.

The problem with lying is that eventually you forget your previous lies and thus get caught when you contradict yourself.

link

If that's correct then it should be going bump within the next three weeks.

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Now you see it, now you don't

IMF withdraws claim of £200bn UK bank bailout bill

The International Monetary Fund (IMF) was facing a potentially huge embarrassment last night after it was forced to withdraw a claim that Britain faces a bill for almost £200 billion for the bank bailout.

IMF retracted the figure correcting it to the original estimate of £130 billion.

Reports quoted the Treasury as saying the figure was “wrong” and had been issued in error. The dispute comes as Alistair Darling is set to issue his own estimate of the cost of the bailout when he delivers the Budget today.

There was no immediate explanation for the error in the IMF’s Global Financial Stability Report. Overall, the IMF said the huge losses inflicted on banks across the West by the credit crisis and lax lending would soar to $4 trillion.

I don't think gordon and ali were too happy with such announcements the day before the reveleaed completely different figures in the budget.

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