Planetary financial crisis next week around Oct 7?

[Merlyn]

=
=

Notice how they are all rushing to convince people to keep money in the Banks by "guarantees all savings" recall in the $700 billion bailout that now appears to be failing they boosted FDIC to $250,000.

Look at Jim Sinclair's advice above.

Global markets in meltdown as shares in London AND New York plunge to four-year low
By Nicola Boden
Last updated at 4:50 PM on 06th October 2008

* FTSE dips by staggering 8% as Dow plunges
* Utter confusion after Germany guarantees all savings
* Austria, Denmark and Sweden decide to follow suit
* Iceland forced to suspend trading for six major banks
* Economic 'war cabinet' meets to discuss crisis

More at link: http://www.dailymail.co.uk/news/arti...-year-low.html

=
=

[Merlyn]

=
=


This extract from: http://www.timesonline.co.uk/tol/new...cle4888292.ece

Even after the bailout announcement, there was renewed speculation that National City, one of the biggest mortgage lenders in Ohio [a key swing state], may be next. Fifteen banks in America have gone bust since the beginning of the year, rapidly depleting the federal insurance fund, which has just $45 billion assets but insures more than $1 trillion worth of deposits.

More and more people are learning about just how much the FDIC has and that it is not enough. The "silent run" on banks right now is by those who know. Do not fear or panic but Protect yourself.

=
=

Sooo If we all head over to the bank right now and pull our money...

Will that not GUARANTEE that tomorrow they close?



Wamu went through the transition to new owners with not even a 'hiccup' to service.

But keeping some cash on hand, if you can afford to... is never a bad idea.

While Gold and Silver may be of use if you have a lot of cash on hand, it is really useless for the average person.. what are you going to do... carry a file, a scale and your gold in your pouch? How much gold for a loaf of bread?

Can you even buy gold now? I hear the dealers are out... they are giving you paper instead... so if all collapses... how will you convert that paper into gold?

Hehe Go buy some gemstones instead... not as heavy, just as valuable.


Has everyone seen this film yet? There are so many threads its hard to get them all

http://www.brasschecktv.com/page/135.html

[Merlyn]

=
=

Jim Sinclairs's advice (quoted below) was NOT to pull all of your money out of the Bank but enough cash for 1 -2 months. It probably would be good idea to buy a few things food etc... Do not fear or panic just think what makes good sense to do.

Hold enough cash at your household to last you a month or two. It may be largely unnecessary for the majority, but what do you have to lose? If your bank should fail this will save you a lot of grief in the short term. If they do not, you still have all your cash that can easily be deposited back into your account.

=
=

Well no worries here... I have no problem going 'medieval' for a few months...

[Merlyn]

=
=

The Fed keeps on wasting time while the mother of all bank runs is underway
Nouriel Roubini | Oct 6, 2008

Last Friday I pointed out in my “Financial and Corporate System is in Cardiac Arrest: The Risk of the Mother of All Bank Runs” that we were at the point of a risk of a systemic financial meltdown with the beginning of the mother of all bank runs: stock markets gave a vote of no confidence to the Senate passage of the TARP legislation (equities down 4% on Thursday) and to the House passage of the legislation on Friday (equities down 3% after the passage of the bill in the House). At the same time last week money markets, interbank markets, credit markets were all imploding with all interbank spread at new all time highs, credit spreads going up through the roof and the roll-off of the financing – via commercial paper – of the corporate system. As I put it last week we were facing:

- a silent run on the huge mass of uninsured deposits of the banking system and even a run on some insured deposits are small depositors are scared;

- a run on most of the shadow banking system: over 300 non bank mortgage lenders are now bust; the SIVs and conduits are now all bust; the five major brokers dealers are now bust (Bear and Lehman) or still under severe stress even after they have been converted into banks (Merrill, Morgan, Goldman); a run on money market funds restrained only by a blanket government guarantee; a serious run on hedge funds; a looming refinancing crisis for private equity firms and LBOs);

- a run on the short term liabilities of the corporate sector as the commercial paper market has totally frozen (and experiencing a roll-off) while access to medium terms and long term financings for corporations is frozen at a time when hundreds of billions of dollars of maturing debts need to be rolled over;

- a total seizure of the interbank and money markets.

This is indeed a cardiac arrest for the shadow and non-shadow banking system and for the system of financing of the corporate sector. The shutdown of financing for the corporate system is particularly scary: solvent but illiquid corporations that cannot roll over their maturing debt may now face massive defaults due to this illiquidity. And if the financing of the corporate sectors shuts down and remains shut down the risk of an economic collapse similar to the Great Depression becomes highly likely.

Indeed by last week a mother of all bank and non-bank runs was underway and even a well designed and well implemented TARP (let alone the poorly designed one passed by Congress) could not address the problem of a short term liquidity panic and run.

And with the liquidity and credit and banking crisis hitting European financial institutions this severe crisis was becoming global last week. I then suggested that only radical and urgent action could stop this mother of all runs such as the following ones:

LINK:
http://www.rgemonitor.com/roubini-mo...ns_is_underway



=
=

[Merlyn]

=
=

Fed Boosts Cash Auctions to $900 Billion, May Do More (Update4)

By Scott Lanman and Craig Torres

Oct. 6 (Bloomberg) -- The Federal Reserve will double its auctions of cash to banks to as much as $900 billion and is considering further steps to unfreeze short-term lending markets as the credit crunch deepens.

``The Federal Reserve stands ready to take additional measures as necessary to foster liquid money-market conditions,'' the central bank said in a statement released in Washington today. The Fed and Treasury are ``consulting with market participants on ways to provide additional support for term unsecured funding markets,'' including short-term corporate financing called commercial paper, the statement said.

Today's steps follow a hoarding of cash by banks that sent the premium on the three-month London interbank offered rate over the Fed's benchmark interest rate to a record. Industrial companies are also finding it harder to raise cash after the market for commercial paper shrank to a three-year low as investors flee even borrowers with few links to mortgages.

Rest of story at: http://www.bloomberg.com/apps/news?p...fkxao&refer=us

=
=

[Rocky_Shorz]

The Libor-OIS spread hit its seventh consecutive record at 2.94 percentage points Monday before retreating slightly to 2.87 points, after climbing from 2.86 points Friday...

What did you say the breaking point will be?

How low should it be for things to start rolling again?

[Merlyn]

=

Originally Posted by Rocky_Shorz

The Libor-OIS spread hit its seventh consecutive record at 2.94 percentage points Monday before retreating slightly to 2.87 points, after climbing from 2.86 points Friday...

What did you say the breaking point will be?

How low should it be for things to start rolling again?

Rocky_Shorz,

I did not say a breaking point and it was Jim Sinclair warning about the LIBOR rate (he did not state what you are asking for). You may want to check his website at http://www.jsmineset.com and today Jim has this posted this morning.

Posted On: Tuesday, October 07, 2008, 9:54:00 AM EST
Fed Enters Off Balance Sheet Credit Default Market
Author: Jim Sinclair

Dear CIGAs,

Today the Fed entered the off balance sheet credit default market and plans to buy unsecured debt instruments in order to cure the problems caused by off balance sheet credit default derivative buying in the form of non-performing failed counterparty credit default derivatives. This appropriately named toxic paper will be purchased to an infinite degree.

The Fed does the same to cure the same.

The Fed actions today declare the bailout bill a non-functioning pile of pork. This infinite production of paper dollars will kill the dollar

Gold will trade at or above $1650.

The Dow is thumbing its nose at the infinite amount of money being dropped by rising 150 points and coming back to even.

Modern day Weimar here we come!

Jim

Weimar refers to thew Germany monetary collapse which was apparently caused by printing and printing money. Thus if the FED continues to pump out money then we might be in a Weimar "hyperinflationary" situation like Zimbawe is in.

So when we look back this action today by the FED might be seen as a big domino falling. Wait and see.


Second Source:
Fed to buy massive amounts of short-term debt
Tuesday October 7, 9:51 am ET
http://biz.yahoo.com/ap/081007/financial_meltdown.html

=
=

[Merlyn]

=
=

More signs they are very worried about keeping people
from a Run on the Banks. People may lose faith in money (really debt)
and realize the value "could" go to zero. Do not fear or panic
but take common sense precautions to protect yourself.

Since Gold and Silver are getting very hard to buy then
consider other things of value -IF- the inflation goes hyperinflationary.

EU raises banking guarantee to euro50,000
Tuesday October 7, 9:28 am ET
EU sets guidelines on how governments can save failing banks

LUXEMBOURG (AP) -- The European Union said Tuesday it will raise its minimum bank deposit guarantee to euro50,000 (US$68,160) as they agreed on guidelines to deal with banks in danger of collapse amid the global financial crisis.

Rest of story at: http://biz.yahoo.com/ap/081007/eu_eu_meltdown.html

=
=

[Merlyn]

=
=

Rocky_Shorz and everyone,

I looked around about the LIBOR rate that Jim Sinclair warned about and found the following:

LIBOR OIS Spread Signals Credit Crisis Earthquake

The Money Morning team has continued to watch this important risk indicator, and has regularly reported our findings to you. Each time, we've preached caution, even though the pundits were telling the masses that the bailout plan was a panacea for what's actually a financial mess whose fallout continues to spread.

So what is LIBOR telling us now?

Unfortunately, the worst is still yet to come. That's it. No sugar coating. No rose-colored glasses.

Yesterday (Monday), the spread between Overnight Indexed Swaps (OIS) and the three-month LIBOR rose to an all time high of 2.94%. The LIBOR/OIS spread measures the amount of cash available for interbank lending and is used by banks to determine interest rates. The wider the spread, the less cash there is to go around. This is telling us that banks, despite billions of central-bank support in recent months, are still cash-strapped and are disinclined to lend money either to each other or to consumers.

Then there's LIBOR itself, the rate that banks charge each other for overnight dollar loans, which rose to 2.37% yesterday, the British Bankers' Association said. The three-month LIBOR rate has retreated only slightly from a nine-month high of 4.33%, set last January.

LIBOR actually is a set of rates, and is calculated for several currencies based on periods ranging from overnight to 12 months. That, in turn, determines prices for financial contracts valued at $393 trillion as of Dec. 31, or $60,000 for every person in the world, and helps set consumer interest rates on everything from home loans to credit cards, Bloomberg News reported. The BBA compiles the dollar rate every day from data submitted by 16 banks, including Deutsche Bank AG ( DB ) and Royal Bank of Scotland Group PLC (ADR: RBS ). There are also rates for the euro, Japanese yen, British pound, Swiss franc, and Australian and Canadian dollars.

During the past week, as U.S. lawmakers tussled over a bailout plan and governments in Europe were forced to intercede to rescue five banks , the cost of one-month bank loans in euros and overnight dollar loans soared to records. That basically means banks are hoarding cash, a reality that raises borrowing costs and causes economies worldwide to slow. Yesterday's three-month LIBOR for loans in dollars jumped to 4.33%, Bloomberg reported.
Meanwhile the so-called TED spread or the difference between three-month LIBOR and what the U.S. Treasury pays for a three-month loan hit an all-time high of 3.93%, before pulling back slightly. The TED spread provides a gauge of how likely banks are to lend to each other, rather than to the Federal Government.

LINK: http://www.marketoracle.co.uk/Article6666.html

=
=

[Merlyn]

=
=

Another article that helps understand the problem and the LIBOR rate the
following is just an extract see rest of it at link below.

Blocked pipes
Oct 2nd 2008 | LONDON AND NEW YORK
From The Economist print edition
When banks find it hard to borrow, so do the rest of us

First, the problem. It is widely assumed that central banks set the level of interest rates in their domestic markets. But the rate they announce is the one at which they will lend to the banking system. When banks borrow from anyone else (including other banks), they pay more. Every day, this rate is calculated through a poll of participating banks and published as Libor (London interbank offered rate) or Euribor (Euro interbank offered rate).

Normally, these are only a fraction of a percentage point above the official interest rates. But that has changed dramatically in recent weeks (see chart 1). Take the cost of borrowing dollars. On October 1st banks had to pay 4.15% for three-month money, more than two percentage points above the fed funds target rate. In theory, three-month rates could be that high because markets are expecting a sharp rise in official rates. But that is hardly likely, given the depth of the crisis.

SEE THE WHOLE ARTICLE AT:
http://www.economist.com/displaystor...ry_id=12342237

=
=

[Carol]

This is from CoasttoCoast last night.

Economic Meltdown
In the first hour, financial advisors Don McAlvany, and Catherine Austin Fitts commented on the economic meltdown. McAlvany, who appeared first, said the problem is much bigger than anyone realizes, with the falling apart of an $800 trillion derivatives pyramid. Fitts noted that some financiers are currently making money by "cannibalizing" the downside of the market.

Don is talking about an inflationary depression where the dollar will collapse. Wall Street made 100 of billions of profit with no regulation. The bail out won't even touch what is owed. As a result there is a global financial meltdown.

Link to his site is: http://www.mcalvany.com/

Link to Fitts site: http://solari.com/

Federal registry yesterday folks: http://edocket.access.gpo.gov/2008/E8-23547.htm (see www.urbansurvival.com for more)

[Merlyn]

=
=

Note that Jim Sinclair has posted (see below) where he states: "If the Fed hadn't taken the rather strange action they took today by becoming OTC derivative dealers themselves this would have been the day the USA banking system imploded."

Posted On: Tuesday, October 07, 2008, 2:02:00 PM EST
The Federal OTC Derivative Dealers
Author: Jim Sinclair

Dear Friends,

Please understand that the Fed reacts to circumstances rather than acting before potential problems happen.

If the Fed hadn't taken the rather strange action they took today by becoming OTC derivative dealers themselves this would have been the day the USA banking system imploded.

Watch Libor rates to signal the point of detonation.

Circumstances appear as if there were many problem Angels dancing on top of a pin that is being balanced on the nose of just those people who created the problem in the first place.

An implosion of the banking system is coming, which means a bank holiday will occur.

You now must have enough cash in hand to last a month or two.

If you have not distanced yourself from financial agents then you have a financial death wish.

If you have NOT made absolutely sure that your custodian account is a real custodial- ship you are probably in for a surprise.

I took a call yesterday from a mature lady who told me she feels her money market fund that is only in Treasuries will not pay her out. They did tell her they intend to in seven days. I asked her to call me back in eight days. How does she know that this money market fund is not in OTC derivatives based on the movement of Treasuries?

I do not want you to make that call to me.

If you can retire from your retirement program at some reasonable discount do it NOW.

This is it and it is NOW. Gold is going to $1200 and $1650. The US dollar rally has NO fundamental legs.

Why are so many of you sitting there like a deer caught in the headlights? Protect yourself and do it TODAY!

Respectfully,
Jim

LINK: http://www.jsmineset.com/



Note: keep vigilant and protect yourself.


SEE CAROL"S POST JUST ABOVE TO SEE WHY JIM SINCLAIR SAID
If the Fed hadn't taken the rather strange action they took today by becoming OTC derivative dealers themselves this would have been the day the USA banking system imploded.



=
-

[Dominic]

http://www.rense.com/1.imagesH/bail_dees.jpg

Bank of America today

down 22.32% as of this post


Let the light in

Feel the love

[yotta]

Did anyone stop to consider that precious metals investors may have something to gain by creating fear in the equity markets?

[Merlyn]

=
=

Look at the LIBOR connections that people are starting to connect to dots
notice the Fannie Mae and Freddie Mac connection and they have things
coming up this month Oct 10 which I think is first with 2 more dates to follow.

Libor Rise to Boost Subprime ARM Defaults 10%, Citigroup Says
By Jody Shenn

Oct. 7 (Bloomberg) -- Increases in benchmark London interbank offered rates may boost homeowner defaults on resetting adjustable-rate mortgages, contributing to a ``vicious cycle'' in the credit crunch, according to Citigroup Inc.

Among subprime loans, defaults may climb by 10 percent, analysts Rahul Parulekar, Udairam Bishnoi, Sumeet Kapur and Tanuj Garg wrote in a report yesterday. About $23.7 billion, or 87 percent, of the ARMs underlying bonds whose interest rates begin adjusting next month track Libor rates. Six-month dollar Libor has climbed to 4.02 percent, from 3 percent on Sept. 15.

The deepening of the credit crisis that started last year amid record defaults on subprime mortgages, contributing to $593 billion in writedowns and losses at banks worldwide, may end up causing more borrowers to fail to make their monthly payments. Libor rates, which track how much banks charge each other for loans, help set the cost of everything from credit cards to corporate loans.

``America's homeowners are going to get uncomfortably familiar with 'LIBOR' starting next month,'' the New York-based Citigroup analysts wrote.


Libor rates have soared since the bankruptcy of Lehman Brothers Holdings Inc. last month as financial companies hoard cash.

The average subprime borrower facing an adjustable payment for the first time next month would face a monthly payment increase of about 18 percent based on Libor rates as of Sept. 30, rather than the 10 percent that would have occurred based on the rates on Sept. 15, the analysts wrote. The payment would be $1,951, instead of $1,807, they said. Fannie Mae and Freddie Mac loans would be boosted to $1,021 on average, instead of $904.

`Payment Shock'

Their report didn't quantify the effect of higher Libor rates on any of the $361 billion of mortgages underlying bonds whose rates have already begun tracking benchmarks, changing monthly, semi-annually or annually. The report also didn't address whether higher potential ``payment shock'' may lead to increased efforts to rework mortgages by loan servicers, even though mortgage modifications are rising amid record foreclosures.

The seizure in global credit markets, sparked by the U.S. housing downturn, has been deepening on speculation central bank attempts to revive lending between financial institutions won't work, resulting in more failures. The Libor rate for overnight loans in dollars between banks rose 1.57 percentage point today to 3.94 percent, the British Bankers' Association said.

Mortgages Reset

About 121,000 mortgages will reset for the first time next month, according to the Citigroup report, which looked at only securitized mortgages. About 1.8 million loans have already begun adjusting based on benchmark rates, the report said, while 3.7 million face resets scheduled for after next month.

``Almost all'' subprime and Alt-A ARMs with a few years of fixed rates, about 60 percent of those prime-jumbo mortgages and about 75 percent of such loans in Fannie Mae, Freddie Mac and Ginnie Mae bonds are linked to Libor, the report said. The loans most often are pegged to six-month Libor.

Subprime loans are given to borrowers with poor credit or high debt. Alt-A loans were made to borrowers who wanted atypical terms such as proof-of-income waivers, delayed principal repayment or investment-property collateral, without sufficient compensating attributes.

Prime-jumbo loans are made to the best borrowers seeking loans larger than Fannie and Freddie can finance. Fannie and Freddie are government-chartered mortgage-finance companies; Ginnie Mae is a federal agency.

LINK: http://www.bloomberg.com/apps/news?p...GRc&refer=bond


=
=

[Merlyn]

=
=

Keep watching the LIBOR rate note what this article is saying:

Credit barely eases after Fed plans to buy paper
Tuesday October 7, 6:01 pm ET
By Madlen Read, AP Business Writer
Credit markets show scant relief on Fed plan to buy commercial paper; bank lending rates jump

The London Interbank Offered Rate, or LIBOR, for overnight dollar loans jumped to 3.94 percent on Tuesday from 2.25 percent Monday. LIBOR for three-month dollar loans rose at 4.32 percent, near its nearly nine-month high.

Both rates are well above the Fed's target rate for overnight loans of 2 percent. LIBOR is important not only because it indicates how willing banks are to lend, but also because many consumer rates are tied to it, including adjustable-rate mortgages.

In a sign of how much financial institutions have pulled back their lending, consumer borrowing fell in August for the first time in more than a decade.

On Monday, to address the rise in LIBOR, the Federal Reserve doubled its one-month loan and three-month loan offerings. Those moves and others brought the total amount of credit potentially outstanding through year end to $900 billion, the Fed said.

Complete article at:
http://biz.yahoo.com/ap/081007/credit_markets.html

=
=

[Merlyn]

=
=

The LIBOR problem is apparently still there....

Libor for Overnight Dollar Loans Jumps as Credit Freeze Deepens

By Lukanyo Mnyanda and Andrew MacAskill

Oct. 7 (Bloomberg) -- The cost of borrowing in dollars overnight in London jumped as U.K. lenders held talks with the government on emergency funding and Iceland nationalized its second-biggest bank amid an unprecedented credit squeeze.

The London interbank offered rate, or Libor, that banks charge each other for such loans rose 157 basis points to 3.94 percent today, the British Bankers' Association said. The corresponding rate for euros climbed 22 basis points to 4.27 percent, the highest in four days. The Tokyo interbank rate stayed at the highest level this year and the Libor-OIS spread, a gauge of cash scarcity among banks, widened to a record.

``There's still a massive lack of confidence in this market and the more we talk about it, the more it becomes a self- fulfilling prophecy,'' said Jan Misch, a money-market trader in Stuttgart, Germany, at Landesbank Baden-Wuerttemberg. ``Sentiment hasn't improved much and rates remain at elevated levels.''

The seizure in global credit markets is deepening on speculation central bank attempts to revive lending between financial institutions won't work, resulting in more bank failures. The Federal Reserve Board, invoking emergency powers, said today it will create a special fund to buy U.S. commercial paper to support the financing needs of corporations.

``This is a major step in freeing up capital at least to flow through to corporates,'' said Brian Edmonds, head of interest rates at Cantor Fitzgerald LP in New York. ``I don't know if it is a watershed event but the Fed is providing tremendous amounts of liquidity and now they are hitting where the problems lie.''

Three-Month Bill

Government bonds fell after the Fed's announcement. The yield on the three-month Treasury bill climbed 41 basis points to 0.87 percent. Yields on top-rated overnight U.S. commercial paper dropped 0.74 percentage point to 2.94 percent, according to data compiled by Bloomberg.

Earlier, Iceland said it was negotiating a 4 billion-euro ($5.44 billion) loan from Russia and took control of Landsbanki Islands hf, its second-largest lender, to stem a collapse of the nation's financial system. The U.K. government may invest $79 billion in some of the nation's banks to bolster their capital, two people familiar with the matter said.

The Libor-OIS spread, the difference between the three-month dollar rate and the overnight indexed swap rate, dropped 11 basis points to 277 basis points. Earlier, it rose as high as 292 basis points. The average was 8 basis points in the 12 months to July 31, 2007, before the credit squeeze began.

`Government-Led Injection'

``It's shocking to see that the money market is still in the condition that it's in, despite measures by central banks to unfreeze it,'' said Vincent Chaigneau, head of foreign exchange and interest rate strategy Societe Generale SA in London. ``A global government-led capital injection into banks may be needed.''

The major banks may need $675 billion in fresh capital over the next several years to recover from the credit crisis, the International Monetary Fund said. Losses tied to U.S. loans and securitized assets may amount to $1.4 trillion, the Washington- based lender said in its annual report on the financial system. Its estimate two weeks ago was $1.3 trillion.

Libor, set every morning in London, determines prices for financial contracts valued at $393 trillion as of Dec. 31, 2007, or $60,000 for every person in the world, and helps set consumer interest rates on everything from home loans to credit cards.

Banks yesterday lodged 42.6 billion euros in the European Central Bank's overnight deposit facility, up from 38.9 billion on Oct. 3. They also borrowed 13.6 billion euros from the ECB at the emergency overnight marginal rate. The ECB's deposit rate is 3.25 percent and the marginal lending rate is 5.25 percent.

Australian Rate Cut

Japan and Australia's central banks pumped more than $11 billion into markets in an attempt to revive lending. The Reserve Bank of Australia also slashed its benchmark interest rate by a whole percentage point, twice as much as economists forecast, raising speculation policy makers around the world may act together to cut borrowing costs.

There is ``speculation the Federal Reserve could announce new measures and that we could see coordinated rate cuts,'' Christoph Rieger, a fixed-income strategist at Dresdner Kleinwort in Frankfurt, said before the Fed announcement. ``I don't think the cuts will happen as quickly as some people are expecting.''

The TED spread, or the difference between what banks and the Treasury pay to borrow money for three months, dropped to 344 basis points today, from 382 basis points yesterday and a record 391 points earlier.

Iceland Measures

Iceland, which had its credit ratings reduced by Standard & Poor's yesterday, today pegged its currency to a trade-weighted index as it sought to contain a crisis that's pushed the krona down as much as 31 percent against the dollar in the past 30 days. The central bank also gave a 500 million-euro loan to Kaupthing Bank hf, the nation's largest lender.

Financial institutions have incurred $585 billion in writedowns and losses since the collapse of the U.S. subprime- mortgage market in early 2007. Governments in Europe and the U.S. arranged rescues for six financial institutions in the past two weeks.

The Tokyo three-month interbank rate held at 0.87 percent today, the highest since last year, and the corresponding rate in Singapore rose 1 basis point to 4.24 percent, near the highest since January. Taiwan's overnight lending rate increased 8 basis points to 2.11 percent.

LINK: http://www.bloomberg.com/apps/news?p...d=aGzJJXWj4wnw


Yesterday Oct 7 and this week will likely be looked back upon
as a point in time when the financial dam started opening up.

Thus title of this thread:

Planetary financial crisis next week aroundOct 7?



=
=

[Merlyn]

=
=

The events and financial turmoil right now may be leading to the following warning by Roger Wiegand who I do not follow but he has informant giving this info to him:

Roger Wiegand states: I have word from a high-level official the dollar and our currency systems are going to breakdown before January 15th. I hope it doesn't happen, but that's my contact's prognosis has been correct 99 times out of 100. That's pretty scary.

Link: http://www.marketoracle.co.uk/Article6678.html

=
=

[mysticphoebos]

The illuminati puppet PM here in Australia has been running around like there is a remote control hand grenade up his ring pleading on the gov propaganda media (TV) for everyone basically not to do a run on the banks.

I took every cent out today, when a PM - President, etc, tells you to do something, do the opposite and you will be right on the money,

pardon the pun...

I think that this might be the supernova!!!

The swaps by Freddie and Fannie went for 92%.

These might be .60 and that means TRILLIONS in losses!!!

Trouble Ahead: Massive Credit Default Swap Payments Come Due

http://www.marketwatch.com/news/stor...F%7D&dist=hppr

[Emman]

Good posts Merlyn. I've been catching up on all the posts in this thread.

Your posts are very pragmatic regarding getting enough cash to last for a month or two. I have done that very thing. In my savings I have about $3000 that is normally earmarked for my Roth IRA. I took it all out and stuffed it in my mattress so to speak.

I have a question:

I have access to credit. In fact, I have access to over $10000 in my line of credit. Should I take a cash advance, say around $1000-2000 right now?? I try to avoid dipping into credit, but I'm also thinking that if I can get some cash right now I should do so because I'm thinking that if stuff goes down soon, then I may not have access to my credit and other cash at all. Thoughts?

Thanks....

[TAXMASTER]

I have been telling my clients since last year this was going to happen and last night I was so depressed and sick that I had to go to bed at 7:30 pm. I should have been glad that I was right however now I wish that I was wrong.

Namaste'

[Merlyn]

=
=

Emman ... I am sorry I cannot help with financial advice you should find someone you trust to help with that or trust your own inner guidance system.

TAXMASTER ... yes it is mixed feeling about being right and that tells me your heart is in the right place. You might be able to help others in the coming weeks.

=
=