A few weeks ago, the renowned financial wizard Harry Schultz warned in his newsletter that the U.S. dollar would be replaced by a reserve currency, and most likely see a bank run or financial catastrophe by the week of August 24. Why does he think so? Because the FDIC is bankrupt. The FDIC board of directors actually delayed their reported by at least 2 or 3 days.
The FDIC (Federal Deposit Insurance Corp.) is what is used to protect your bank assets. Were the FDIC go bankrupt, the federal government would have to establish a rescue plan, and unlike the other bailouts, it is absolutely necessary. Your money is protected under the FDIC, but if the FDIC goes bankrupt, it would mean that you do not have insurance for your money in the bank.
More at econochristian.com
Originally Posted by whereisthetruth
Red alert!
Anyone who has any cash in any bank account, you must withdraw it as soon as the banks open Monday. Convert as much as possible into hard assets - gold, silver, FOOD and FUEL (cooking).
The article below is a very scary warning that the whole financial system of the US - and eventually the world - is coming apart at the seams.
If the FDIC (the government agency that is supposed to 'guarantee' deposits in banks) is essentially bankrupt (and it is highly likely that it is), and if even the USPS health pension plan is under threat, then what this means is that there is MUCH more insolvency in the financial system than is being revealed publicly.
Very soon what we could see is BANK HOLIDAYS - that is, temporary bank closures. And even if they do open, the withdrawal limits may be reduced to a coupld of hundred dollars a day or less to prevent the capital base of the banks from disappearing totally. As for credit cards, we may see thousands of cards shut down over night very soon. After that who knows? At some point cash may fail totally, but at least by then you may have something put away to eat.
This is not a joke! This is likely to be a life-or-death situation for some people. Remember, this actually happened in the Great Depression, and even people who had good savings were forced into the streets or onto soup lines for periods when their cash was unavailable. Today things are much worse because so many people have NO savings at all.
For those without any available cash, and you are living on credit cards - I truly feel sorry for you. You need a very good social network if you are going to survive.
If this warning turns out to be false, and you have acted as I suggested, you will not lose anything. You will have food, and the rest of your cash 'under your mattress', so you can always deposit it back into your bank again when things improve. But if you haven't got it when the **** hits the fan you are in real trouble.
theres also all kinds of scripture that says gold and jewels will be worthless and not be able to save you from the impending calamities.
That's absolutely correct. But Jesus didn't mean by that that money was useless. He just wants us to put things into their proper perspective.
Jesus had a money bag (that Judas stole from to fund his own expenses), so he was obviously not opposed to money. Money is no good to anyone unless it is used for something. Either we save it (ie. invest it with a bank) and someone else gets to use it, or we spend it and we get the benefit of it.
However, just as Joseph was wise in saving up grain for the famine in his day, we are also wise to store up finances to help us through a difficult time. It becomes foolish greed when our lives are consumed with trying to accumulate money for the sake of it.
If the banks become untrustworthy and it is safer to store your finances somewhere else, then God isn't going to call you a fool for getting your money out of there. He will call you a fool if you are warned and ignore it!
__________________
Psa 2:1 Why do the nations plot, and why do their people make useless plans?
Mat 16:6
And Jesus said to them, Take heed, and beware the leaven (lies) of the Pharisees (law makers) and of the Sadducees (ruling classes).
Tell you what, you go ahead and take your money out. If the banking system collapses, it won't be worth anything anyway
You are correct. Except it isn't 'if' it is 'as' the banking system collapses. This isn't a maybe, it's a definite. The worldwide financial system is history. Just as a severed rose looks 'alive' for days, so our economy has been severed and is dying. Putting the economy in a 'vase' of pretend government stimulus money isn't reviving the economy, it's just delaying the inevitable, but not for long.
I warn you, get your money out now and turn it into real commodities that will be tradable for other real commodities or you will lose everything!
This isn't my opinion, it is the opinion of many highly credible and respected analysts who are predicting a massive, disastrous depression is just getting started.
Don't drink the Kool-aid of main stream media, it's poisonous!
__________________
Psa 2:1 Why do the nations plot, and why do their people make useless plans?
Mat 16:6
And Jesus said to them, Take heed, and beware the leaven (lies) of the Pharisees (law makers) and of the Sadducees (ruling classes).
You are correct. Except it isn't 'if' it is 'as' the banking system collapses. This isn't a maybe, it's a definite. The worldwide financial system is history. Just as a severed rose looks 'alive' for days, so our economy has been severed and is dying. Putting the economy in a 'vase' of pretend government stimulus money isn't reviving the economy, it's just delaying the inevitable, but not for long.
I warn you, get your money out now and turn it into real commodities that will be tradable for other real commodities or you will lose everything!
This isn't my opinion, it is the opinion of many highly credible and respected analysts who are predicting a massive, disastrous depression is just getting started.
Don't drink the Kool-aid of main stream media, it's poisonous!
What makes you think I listen to main stream media?
Well then, I would appreciate you giving us all a sound analysis of the basis for a recovery of the financial system and the economy.
Give us here an analysis of the soundness of a financial system that routinely breaks laws designed to protect the system from systemic fraud that will unermine and destroy it (eg. Goldman Sachs's shorting of financial instruments at the same time it is selling them to customers (ie. Lehman Brothers) as AAA paper!).
Explain how the Fed can monetize the debt of the federal government when all it has as collateral are toxic assets that are known to be worth only a fraction of their face value. (ie. the Fed is technically insolvent itself!)
Explain why anyone can have confidence in a banking system that hides the fact that almost every major bank is insolvent, but is hiding this by refusing to allow it's assets to be valued at true market value. And how can you have confidence in a system where the SEC knows this but deliberately turns a blind eye?
How can you have confidence in a financial system where the FDIC (the 'backstop' of the banking system) is widely regarded as being close to broke!
How can the US dollar survive when it is currently the currency of choice for use in the carry trade, a process that destroyed the Japanese economy, and is recognised as a sure-fire way to devalue your currency? (Unlike the Yen, the USD is the world's reserve currency, if it becomes the world's preferred carry-trade currency it has enormous ramifications for the world financial system that would surely be obvious to an analyst).
I continually read and listen to so-called analysts who work for the banks that have a hugely vested interest in keeping the truth from the public. Their 'analysis' is nothing more than PR for their industry deperate to somehow keep 'kicking the can' down the road for as long as it can. Yet, I heard one of them recently on radio, in a rare moment of honesty declare that they had just bought a large amount of gold (and was complaining jokingly that he didn't know where to keep it even though he works for a bank! Hahaha, very funny.)
I hope you understand my concerns. I don't want to appear arrogant, but I feel some responsibility to try to motivate others to get off their backsides and at least look into these things seriously and urgently. (Sometimes it is necessary to 'shock' people into getting informed).
__________________
Psa 2:1 Why do the nations plot, and why do their people make useless plans?
Mat 16:6
And Jesus said to them, Take heed, and beware the leaven (lies) of the Pharisees (law makers) and of the Sadducees (ruling classes).
Well then, I would appreciate you giving us all a sound analysis of the basis for a recovery of the financial system and the economy.
Give us here an analysis of the soundness of a financial system that routinely breaks laws designed to protect the system from systemic fraud that will unermine and destroy it (eg. Goldman Sachs's shorting of financial instruments at the same time it is selling them to customers (ie. Lehman Brothers) as AAA paper!).
Explain how the Fed can monetize the debt of the federal government when all it has as collateral are toxic assets that are known to be worth only a fraction of their face value. (ie. the Fed is technically insolvent itself!)
Explain why anyone can have confidence in a banking system that hides the fact that almost every major bank is insolvent, but is hiding this by refusing to allow it's assets to be valued at true market value. And how can you have confidence in a system where the SEC knows this but deliberately turns a blind eye?
How can you have confidence in a financial system where the FDIC (the 'backstop' of the banking system) is widely regarded as being close to broke!
How can the US dollar survive when it is currently the currency of choice for use in the carry trade, a process that destroyed the Japanese economy, and is recognised as a sure-fire way to devalue your currency? (Unlike the Yen, the USD is the world's reserve currency, if it becomes the world's preferred carry-trade currency it has enormous ramifications for the world financial system that would surely be obvious to an analyst).
I continually read and listen to so-called analysts who work for the banks that have a hugely vested interest in keeping the truth from the public. Their 'analysis' is nothing more than PR for their industry deperate to somehow keep 'kicking the can' down the road for as long as it can. Yet, I heard one of them recently on radio, in a rare moment of honesty declare that they had just bought a large amount of gold (and was complaining jokingly that he didn't know where to keep it even though he works for a bank! Hahaha, very funny.)
I hope you understand my concerns. I don't want to appear arrogant, but I feel some responsibility to try to motivate others to get off their backsides and at least look into these things seriously and urgently. (Sometimes it is necessary to 'shock' people into getting informed).
Did I ever say I was an economic analyst?
You simply said analysts. There are many many different types of analysts.
Linear Mode
