It's Begun?

[NOWIAM]

Has the so-called October 7th domino effect begun?

Iceland Meltdown

[SpeedAdict]

WOW a country about 320.000 citizens went BROKE!!!!!



I wonder if that webbot predictions now are coming in order.. IMO.

[Phtha]

"I believe it is absolutely wrong to say these banks were reckless," said. "Quite the contrary. They were hugely unlucky."

You can tell that article was written by the scum.

Hope everyone is stays safe there. These crashes are gonna be the hardest on the materialists.

I can't verify this source because I am not familiar with him. I received it from a friend of mine. It's just information. No judgement, just observation, I don't get wrapped up in any of it, but noticed a lot of people talking about "this day" and the domino effect:

The European banking system is unraveling after a bank failure in Iceland of all places was the chain link that broke. The EU countries met today to form some sort of bailout plan for the banks and when all was said and done, it is now every country for themselves, no agreement was reached between Germany and the Latin countries. Russia's market was down more than 40% over the last 2 days and closed down 1% today after P.M. Medvedev pledged another $36 Billion to the banking system. The British P.M. and the Chancellor of the Exchequer are meeting on a bailout for the British banks. British credit cards are being declined for use in Europe proper. The Fed is now paying interest on funds deposits to put a floor in on rates so they can literally pump unlimited $s into the system without pushing rates to 0. The Fed also announced that they will backstop the commercial paper market with liquidity. Libor rates went higher again today, and the Treasury announced yesterday that they can make direct investments in any corporation. The best of all is the margin call by JP Morgan to Lehman Bros. [bankrupt] and Merrill Lynch [now part of Bank America who went to market today for $10 Billion in new capital that was undersubscribed]. I wonder if they'll be paid?

We are witnessing panic on the part of governments worldwide, they are fiddling while Rome burns. They might as well fiddle as there is no solution, the banking system missed the ditch and is going off the cliff. The news cycle is jamming up because more and more "solutions" are announced on a daily basis as the world turns and markets open [or try to]. The banking system worldwide is in a spiral stage that even if panic is stemmed, it will rear it's ugly head again a day, 3, or 7 later. Panic is the absolute outcome here, this has gone too far, too wide, and the infection is too deep to be reversed. Nothing goes straight down, and this is no different, but we are witnessing the end of the banking system.

I don't think there are any band aids left that can last more than 3-5 days at a time. Gold and Silver [and the shares] will catch a bid that has never been seen before. Couple this bid with virtually no supply and the results will be a move to the upside in an asset class as has never been seen nor imagined before. I spoke over the weekend with a liaison to several European banks and he advised me that a waiting period of at least 3-4 weeks for Gold delivery is now the norm. He has never seen anything like this in his thirty years. As the banking system unravels, whatever little physical supply that is left will disappear. The jig is up, either you are out of the paper system or you go down with it. There will be NO paper survivors, either you are a charter member of the next banking system or you will be leapfrogged and left behind.

The Price of Gold will be beyond the reach of the common man. This has got to be the plan, the only way to recapitalize the banks is to revalue Gold up 10 fold, 100 or even 1000 fold. This is no joke, currencies will devalue and approach zero in many many cases. This is not 1929, it is WORSE for several reasons. The biggest being our currencies are bad. Back then the world had a hard and real currency, Gold. The level of debt back then looks highly conservative when compared with today's circus. The world went to sleep and woke up with more debt and more risk than all the previous asset bubbles combined. This IS the biggest financial BUST of all time, by multiples. This is it, it is over.

Bill Holter

http://www.lemetropolecafe.com/hemin...e.cfm?pid=7269

[Bobcat]

I heard on the bbc this morning that the UK is going to bail them out.

[Mike_Jetson]

http://news.bbc.co.uk/1/hi/business/7658417.stm

This article has some Good Darling quotes., inc

Their accounts, amounting to £538m, are being transferred to the control of the giant Dutch bank ING.

'Exceptional circumstances'

"The Icelandic government, believe it or not, have told me yesterday they have no intention of honouring their obligations here," said Mr Darling.

"Because this is a branch of a foreign bank the first call would be on the Icelandic compensation scheme which, as far as I can see, hasn't got any money in it.

"The British scheme would top that up to £50,000, but people over and above that would lose out," he added.

"But I have decided in these exceptional circumstances that we will stand behind those depositors so they get their money back."

Details of the government's plans will be announced in the Commons later on Wednesday.

[Average Joe]

The Royal Bank Of Scotland is after a bailout too. I have an account there. Oh well!

[Average Joe]

Originally Posted by SpeedAdict

WOW a country about 320.000 citizens went BROKE!!!!!



I wonder if that webbot predictions now are coming in order.. IMO.

Its hard to say. Only time will tell if this sets off a chain reaction of collapse or if the planned bailouts put a stop to it.

If the financial system collapses people will no doubt trace it back to October 7th as if to offer proof of the prediction, but in reality some banks and economys have been in trouble for quite a bit longer than that.

This article was published today in on the Natural News website

http://www.naturalnews.com/024427.html

This is only an excerpt, the full article is at the link above. I think it's relevant.


Wednesday, October 08, 2008 by: Mike Adams

"(NaturalNews) In 1942, German intelligence officers rounded up skilled Jewish prisoners and launched Operation Bernhardt, a clever scheme designed to counterfeit hundreds of millions of dollars worth of British Pounds and destroy the British economy by flooding it with counterfeit money. Located in the Sachsenhausen concentration camp, Operation Bernhardt was, even by modern standards, a runaway success that resulted in the creation of forged bank notes worth 132 million British Pounds.

This "economic warfare" operation resulted in a devastating economic effect on the British economy. You can read the true history of this operation here: http://en.wikipedia.org/wiki/Operation_...

It is important to note that Operation Bernhardt was an act of war, specifically pursued for the purpose of destroying Britain's economy by creating so much new money that the value of the money already in circulation would plummet. This was considered a strategic attack, just as effective as carpet-bombing tank factories or mowing down soldiers on the field with German-made MG42 machine guns.

What does all this have to do with the Federal Reserve?

Today, the Federal Reserve is engaged in an eerily similar operation, counterfeiting trillions of dollars in U.S. bank notes and flooding the U.S. money supply with money created from nothing. The result, of course, is the same as was intended by Operation Bernhardt in 1942: The economic destruction of the target nation. Only this time, the target is the United States of America.

Hilariously, the Fed claims it's doing this to save the economy. Yet the laws of economics tell us that flooding the money supply with trillions of dollars in new money actually harms the economy. And the Fed has been hard at work causing this harm: $250+ billion two weeks ago, $600+ billion last week and $900 billion earlier this week! It's beginning to crank up the printing presses to the tune of a trillion dollars a week, and by doing so, it's contributing to the destruction of the U.S. economy at a pace the Third Reich could have barely imagined.

Has the Fed declared war on the working class?
If the actions pursued by the Federal Reserve were being masterminded by Al-Qaeda, they would be denounced as acts of war. In World War II, such actions were deliberate acts of war. Targeting the economy for destruction by flooding the money supply with counterfeit currency is, by any measure, a threat to any nation.

So why is the Federal Reserve engaged in actions that, if committed by other nations, would warrant a military response? This is not an idle question. I'm not asking this in a satirical way. I'm quite serious about this: Why is the Fed committing acts of economic warfare against the United States of America? (The Fed, by the way, is a private company. It is not, as you've been led to believe, part of the U.S. government.)

The answer is obvious. You've probably already figured it out: The Federal Reserve is at war with America. It's an economic war, of course, not a bombs-and-bullets war. The casualties, though, are just as real: Savings accounts, retirement funds, bank accounts, jobs, businesses, pensions and much more.

By counterfeiting trillions of dollars like a Sachsenhausen operation on steroids, the Fed is carpet-bombing the U.S. economy with an unprecedented flood of fiat currency, causing the exact same economic destruction intended by the Nazis in World War II (but on a much more devastating scale). And it's doing this as part of a new economic war.

Class warfare has begun
What war? The war between the wealthy elite and the working class. The Fed is working hard, of course, to protect the wealthy elite. Over a trillion dollars of taxpayer money has already been earmarked to bail out the rich, elite bankers who lost other people's money in a series of idiotic bets on fictitious financial instruments.

And what are these bankers doing with this taxpayer money? According to an Associated Press report published yesterday, executives of the failed insurance company AIG were sent on a $440,000 retreat "to a posh California resort" less than one week after the U.S. government bailed them out. At the spa, AIG executives enjoyed spa treatments, massages, organic food buffets and bodywork therapy, all while the American taxpayers footing the bill were slaving away in real jobs, doing real work.

That's how this new class warfare is taking shape: YOU (the working class) get all the debt, all the losses, and all the financial burden. THEY (the wealthy elite) get all the profits, all the luxury spa treatments, all the tax breaks and billions of dollars in free money from the Federal Reserve.

In the 1942 Operation Bernhardt, the Germans literally planned to load hundreds of millions of dollars in British Pound bank notes and air-drop them over London. The resulting chaos, it was believed, would shut down the British economy, halting the flow of money needed by Britain to fund its war effort. In the United States today, the Fed is taking a different approach: Air-dropping trillions of dollars into the laps and bank accounts of wealthy bankers and financial institution CEOs, concentrating the massive creation of fiat currency into the hands of less than 1% of the population.

And just to make sure the economic carpet-bombing is a complete success, the Federal Reserve and U.S. government are conspiring to create more than a trillion dollars in new money each week, then flood those funds into banks, businesses and insurance companies. This will, of course, devastate the value of the dollars being saved, held or earned by the wage slaves who labor their lives away under this economic regime. (That would be you and me.)

It's a brilliant plan... if you're interested in destroying a nation. This kind of attack would bring almost any nation to its knees. It's an act of war that requires no violence, no bombs and no destruction of real infrastructure. And yet it achieves what every war in history has ever sought to achieve: The transfer of power from the hands of the many to the hands of the few.

The Federal Reserve, in effect, has become a modern-day economic Third Reich, and it has set its sights on the U.S. economy.

Acts of economic terrorism?
Perhaps a more accurate metaphor here would be that the Fed's creation of trillions of dollars of new money is "an act of economic terrorism" against the United States. In fact, the terrorists who masterminded 9/11 are no doubt watching this whole thing with a great sense of satisfaction. The U.S. government is now doing to its own people what the terrorists could never have accomplished: The destruction of a large portion of its economy, its currency and the savings of its people.

The economic losses of 9/11 pale in comparison to the financial destruction that has been unleashed onto America by the Federal Reserve. Two days ago, the market reaction resulted in the wipeout of $2 trillion in retirement savings of the American people. Yesterday's market drop added another $2 trillion (or so) in losses. And this is possibly just the very beginning. There is no limit to the economic destruction that can now be unleashed upon America by the Fed's counterfeiting operation.

Yet, amazingly, it wasn't "terrorists" who put this plan into place. Who was it, exactly? Your Congressional representatives! In a grand, historical betrayal of the American people, members of your own U.S. House of Representatives and Senate voted to unleash this economic assault on America, violating the wishes of 99% of the American people (who are aligned against bailing out the rich on the backs of the poor).

Of course, to hear them explain it, their actions are meant to save the taxpayers. Yep, that's their plan: To save YOU, the taxpayer, by confiscating your money and handing it over to the wealthy elite. And whatever money can't be stolen from the taxpayers will be counterfeited by the Fed's money-creation machine.

The Real Agenda: A Massive Transfer of Wealth
We are not watching an economic rescue, friends. We are watching an economic coup. Creating and dumping trillions of dollars into the money supply is an act of war. But it's a war with a specific purpose.

What's happening right now is that the United States is being taken over by King Henry and his accomplices. More than fifty percent of the housing and nearly twenty percent of the entire U.S. economy is now controlled by one person -- Henry Paulson -- and that person answers to no one. He isn't elected, he can't be removed from office, and he's subject to no law.

King Henry controls unlimited funds. He can print any amount of money, or confiscate any amount from the taxpayers (by spending taxpayer dollars to bail out his rich friends). If the Federal Reserve is the new Third Reich, King Henry is its Hitler.

The economic war has already been lost by the People. It was lost on September 30, 2008, when Congress surrendered the U.S. economy to King Henry. The People now own nothing but paper money and ephemeral digital account numbers, all of which could be turned into worthless digits overnight by a single decision from King Henry.

In this economic bailout and the Fed's unlimited creation of new money, America has suffered the greatest act of economic terrorism in our nation's history. Note carefully that it wasn't conducted by the Nazis, Saddam Hussain or Al Qaeda. It was, in fact, put into place by 172 Democrats and 91 Republicans in the House, and a similar majority in the U.S. Senate. (See the complete list below.)

So what can YOU do right now?
A system of exchange is not dependent on the dollar alone. Commerce will survive the collapse of one currency. Trade will go on after this economic chaos passes, and businesses will continue to be an important part of our economic future.

People will still need food, clothing, nutritional supplements, fuel, services, computers, tutoring, services, pet products, children's products, cars, MP3 players and much more. The end of the U.S. dollar is NOT the end of the world. It is simply the end of one empire...

In my view, the best way to financial survive this economic warfare being conducted by the Federal Reserve against the People is to create your own economic abundance by owning (or launching) your own independent income sources.

In fact, I've written an entire report on how to accomplish this. It's called How to Build Your Financial Safety Net. Due to this economic crisis, I've decided to release it at no charge, and it's available right now at: http://www.naturalnews.com/report_finan...

Read it if you want to be empowered, informed and insulated from the demise of the dollar. Using the strategies you'll find in that report, you can drastically limit your losses in this economic carpet-bombing of the U.S. economy. In fact, I believe you can emerge with greater wealth than you had when it all started.

You probably won't be getting paid in dollars, however. Expect a new currency to be the future system of exchange in America. But building reliable income streams now is a smart way to survive the coming economic implosion that will put corporations, governments and non-profits out of business. (If you work for a paycheck, your paycheck may be in danger right now.)

What's Really Radical
By the way, do you think this article is radical? Some people have told me that my reporting on the economic situation is "radical." You know what I told them?

I said imagine two households. One household balances its budget, spends only what it brings home in income and has no debt. The other household spends twice as much as it earns. It owes $50,000 on credit cards and borrows money from loan sharks to meet the minimum payments on its credit cards.

Which household is "radical?"

Now consider this: The second household sneaks into the first household and steals money to pay its own debts. On top of that, it has a counterfeit cash printing machine in the basement, and it's cranking out thousands of dollars a week just to attempt to pay off its credit cards. It's immune to the law because it buys off the local police for criminal immunity.

Which household is headed towards financial disaster? Which household has a real future, and which one doesn't?

That second house, of course, is the United States government. My reporting on the U.S. financial situation is downright tame compared to what's really going on behind the scenes. I can't get radical enough to accurately describe the degree of deception and outright theft that's taking place in Washington right now.

History will show that not only were my warnings accurate, they were understated by a wide margin. Reporting the truth is a delicate thing. People can only stomach so much truth at any one time. Few people can handle the whole truth, which is why I usually refrain from reporting it. There are things stated in this article that only hint at much bigger stories that will someday be told by others.

Only the most open-minded, skeptical thinkers can even mentally consider the real truth of what's happening in our world today. Most people have been brainwashed into living in a fictional world, and they are unable to even consider truths that threaten their grip on reality. As Morpheus explained, "The mind has trouble letting go."

As a result, the public has to be led by the hand from one realization to the next, little by little, until they attain the ability to see the world as it really is rather than the illusion that has been constructed for them by the very people running this financial scam.

Below, I have a riddle for you. Here you'll find an anagram. If you can figure out what this means (and if these words mean something to you), then you're probably among the very few who are truly informed.

Advice Kid, Free Snef J., Jean Loxes

Video: How Money Creation Actually Works
Check out this video to see how the Fed (and the fractional-reserve banking system) creates money out of nothing:

http://www.naturalnews.com/News_000340_.. "

[monterra]

The Russians (not IMF) are bailing out the Islanders. Yesterday on news I heard Icelandic PM saying something like " ...when old friends can't help you, you get yourself some new friends..." I guess this means NATO is going BYE-BYE

[Chinderland]

The real trigger will be the implode of the derivatives markets.

Here is a recent news story about the HUGE bubble of financial derivatives worldwide. The report is based on 2007 figures http://timesofindia.indiatimes.com/I...ow/3537897.cms

A few excerpts from the article, on the size of the bubble:

"According to its (BIS) quarterly report, the total amount outstanding in the derivatives market was $677 trillion at the end of 2007. This is a notional figure based on the face value of traded derivatives, giving an idea of the cash flow involved. And the total turnover (sum of buying and selling) of the derivatives trade in organized exchanges was $2,289 trillion in that year. "

"These are unimaginable numbers, normally found in cosmology or particle physics. In the real world, for the sake of reference, consider the gross world product for 2007, which is the sum of the value of all products and services created in that year - it is a mere $65 trillion, about one-tenth of the derivative market."

"Between 2000 and 2007, the value of traded derivatives rose six-fold, from $109 trillion to $677 trillion. In 1993, it was just $9 billion. But why call this a bubble? That's because it is made up of a small amount of substance and a whole lot of hot air."

"There are two other features that define the bubble - its location and its creators. The BIS report shows that almost 50% of the trading was taking place in North America. Over 46% of the money invested in major derivatives came from "other financial institutions", which are investment banks, hedge funds, private equity funds, etc.

So, now we know why it is the US-based investment banks like Lehman and Merrill Lynch that have gone under - because such banks were exposed to the tune of trillions of dollars to the fickle derivative market. Does this also mean that other treasure chests, like hedge funds and equity funds may be on the chopping block in the coming days? Nobody knows for sure, but the 'golden era' of super profits from bubbles is over - at least till the next bubble."

[Archangel]

Iceland has Incredible strategic Implications for Europe and the US......Russia just bought them

[Consciousness]

Great posts people....Very informative reading. BTW I wonder what temperature gold melts at, hang on while I blowtorch my wedding ring.......ouch guess I should have taken it off first. Sunrunner anagram= D I, A J, J R. Just to show I'm paying attention.

[Thunderbird]

Sunrunner-
the natural news report you posted a link to isnt working

[SpaceMonkey]

things sure are getting worse every day. The Ftse is down 253, the dow was odwn yesterday -500, and theyre nose diving again at the moment at -142. Everywhere in europe is down alot. Asian markets were down significantly, its not looking good, and i have a feeling it's going to get worse. And this new deal in europe wont make the slightest bit of difference and whats even worse is that the money is coming out of the people's pockets.

[Consciousness]

Originally Posted by Thunderbird

Sunrunner-
the natural news report you posted a link to isnt working

Hi Thunderbird: The link works for me, but also works if you type in the web address as it's on the first page.

[NOWIAM]

Average Joe makes a compelling point that I have also been wondering about when he said:

If the financial system collapses people will no doubt trace it back to October 7th as if to offer proof of the prediction, but in reality some banks and economys have been in trouble for quite a bit longer than that.

Yes, it is true that things have been happening for a while. So would it be accurate to associate October 7th as "the day"? Also, don't forget the prediction that the news would hint of things on or around September 27 which would culmintate on October 7th.

Hmmm...

In short, there seems to be a fallacy of logic and reason from those who have predicited a specific day.

[Ampgod]

Originally Posted by NOWIAM

Average Joe makes a compelling point that I have also been wondering about when he said:


Yes, it is true that things have been happening for a while. So would it be accurate to associate October 7th as "the day"? Also, don't forget the prediction that the news would hint of things on or around September 27 which would culmintate on October 7th.

Hmmm...

In short, there seems to be a fallacy of logic and reason from those who have predicited a specific day.

I still think this was planned many years in advance.
Total worldwide orchestration of events happening now.
For a final purpose. I am optimistic for our future.

Live Love, Seek Truth,
Ampgod

[pineal-pilot-in merkabah]

game over.. thats why we are here arnt we. we know its all going tits up.. so this forum is to help each other thru the rough patch.. ww3 ect..