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It is almost comical how nieve the American public is. Very soon the whole banking industry is going to collapse and everyone's savings are going to be history just like it did in the 1920's. There is no turn around in the future, period. For one thing, inflation is going to rise so bad this year that the dollar will become worthless.
So, basically what your saying is that everyones' savings will disappear (evaporation of money) yet there will be hyperinflation? You do know that those two things are contradictory to one another? Less dollars chasing the same amount of goods = price DEflation.
The housing problem is supposed to get worse this year. We still have a lot of interest-only loans that haven't switched to arrears and a lot of neg-am loans that haven't hit their cap. Probably close to half of the loans that my work services are supposed to get to that point this year, and the higher payments will most likely be unaffordable for a second batch of people.
So, I'm not planning on things getting better anytime soon, but we're not going to have another depression. The people who say that it's going to happen are just trying to get attention or something.
So, basically what your saying is that everyones' savings will disappear (evaporation of money) yet there will be hyperinflation? You do know that those two things are contradictory to one another? Less dollars chasing the same amount of goods = price DEflation.
Actually it's not contradictory at all. If prices go up, like the have been (food etc), then your dollar won't buy as much. That's evaporation.
So, I'm not planning on things getting better anytime soon, but we're not going to have another depression. The people who say that it's going to happen are just trying to get attention or something.
Where I lived in California the problem he mentioned has been visible for some time. The small stores leave and a year later they are still empty. There is hardly anyone left in the strip mall and unless there is a very busy grocery store no reason to go there. Larger spaces in malls are empty and have been for awhile. One of the big department stores closed in the Galleria and has been empty for years.
I don't think anyone should take a deep breath of relief until the commercial real estate and the adjustable rate morgages burst and the dust has settled. And when you get enough people without jobs and a portion without homes, people will not necessarily behave like good citizens. And those who have jobs and an income are not going to go and spend unless its absolutely necessary. Its going to take a lot to convince people to go out and be active consumers again and the jobless rate must reverse before that time will come.
So, basically what your saying is that everyones' savings will disappear (evaporation of money) yet there will be hyperinflation? You do know that those two things are contradictory to one another? Less dollars chasing the same amount of goods = price DEflation.
The government is taking all of our money spending it. This is going to cause major inflation soon. Not only that, the federal government, including the FDIC, with go broke. When the banking system soon falters afterwords, you will see chaos like you have never seen.
The government is taking all of our money spending it. This is going to cause major inflation soon. Not only that, the federal government, including the FDIC, with go broke. When the banking system soon falters afterwords, you will see chaos like you have never seen.
That is very true. Many people think that FDIC will cover their deposits. FDIC only covers small bank runs. Indymac took out 30% of the FDIC reserves.
If a big 3 bank goes down, it is game over. FDIC will go poof and the government will be forced to declare a bank holiday. At this time the fed is printing up fiat paper (only 3% of the money supply is in actual paper the rest is in digits). They will either write you a check to deposit in another bank (to avoid printing the cash they don't have) and small depositors will get cash. Inflation will be very high at that time as the public starts to lose faith in the currency. They'll look for a way out - gold/silver/consumables will be the only solution.
There is already word that a mini bank run has occurred(a large one) which was stated by a congressman!! Check out the video yourself. This is a US congressman.
Note he did say it would have collapsed THE ENTIRE WORLD ECONOMY IN 24 HOURS!!!!!!!!!!! I don't know what more proof you guys need. I honestly don't know.
Diversify out of the dollar. Buy gold/silver and stuff you will eventually consume. Don't say you weren't warned! I was warning people back in feb 2008 to move to gold/silver. Sell stock and move to gold. Everyone thought I was a nut case at the time! I am laughing all the way to the bank, oh wait, I don't trust the banks anymore haha.
The housing problem is supposed to get worse this year.
Yes, and the commercial property collapse hasn't even begun yet. Ghost malls are the future.
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