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Eli
Fusion
Joined: Jun 18, 2005
Posts: 3985
Location: In a van down by the river
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 Posted: Wed Sep 17, 2008 2:57 pm Post subject: It is over! |
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The financial system of the US is done, it is over.
The Treasury just bailed out the Fed in an emergency auction. The Fed is broke.
The FDIC has 50 billion to its name, and thousands of US Banks are on the brink of failure.
The money in your checking account and savings is not covered.
For the Treasury to back up the FDIC it would require more money creation, and no one wants US debt. |
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IanC
Heavy Crude
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Joined: Jun 05, 2005
Posts: 365
Location: Portland Oregon, USA
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| Posted: Wed Sep 17, 2008 3:03 pm Post subject: Re: It is over! |
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I for one want to welcome my new ant overlords.
Seriously, where did you get this info? What about credit unions?
-Ian |
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cipi604
Heavy Crude
Joined: Aug 14, 2007
Posts: 292
Location: Montreal Canada
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| Posted: Wed Sep 17, 2008 3:13 pm Post subject: Re: It is over! |
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| More information please. |
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Eli
Fusion
Joined: Jun 18, 2005
Posts: 3985
Location: In a van down by the river
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| Posted: Wed Sep 17, 2008 3:16 pm Post subject: Re: It is over! |
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| Quote: | But Americans are justified to be worried, says Nouriel Roubini, of NYU's Stern School and RGE Monitor, who notes there is already a "slow-motion run on retail banks" occurring nationwide.
That "run" could accelerate as people realize the FDIC fund has about $50 billion to "insure" about $1 trillion in assets at the nation's financial institutions, says Roubini. "They're going to run out of money" unless Congress acts soon to recapitalize the FDIC. |
Video link from Yesterday.
Congress can only create funds through taxes, they can only tax us to bail us out. |
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burtonridr
Intermediate Crude
Joined: Aug 03, 2007
Posts: 763
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| Posted: Wed Sep 17, 2008 3:20 pm Post subject: Re: It is over! |
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| IanC wrote: | I for one want to welcome my new ant overlords.
Seriously, where did you get this info? What about credit unions?
-Ian |
Credit unions?
That is like asking how your leg is doing when your heart just stopped. 
_________________
Tired of high gas prices?  Then stop driving to work, duh..... Learn to Work from home
Peak Oil Blog = http://getroasted.wordpress.com |
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MrMonkey
Coal
Joined: Nov 28, 2007
Posts: 13
Location: Denmark, Scandinavia
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| Posted: Wed Sep 17, 2008 3:23 pm Post subject: Re: It is over! |
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| Eli wrote: | The financial system of the US is done, it is over.
The Treasury just bailed out the Fed in an emergency auction. The Fed is broke.
The FDIC has 50 billion to its name, and thousands of US Banks are on the brink of failure.
The money in your checking account and savings is not covered.
For the Treasury to back up the FDIC it would require more money creation, and no one wants US debt. |
The fed combined with the treasury can never be broke. They are the ones creating money out of thin air, and thin air, we never run out of  |
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burtonridr
Intermediate Crude
Joined: Aug 03, 2007
Posts: 763
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| Posted: Wed Sep 17, 2008 3:25 pm Post subject: Re: It is over! |
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| MrMonkey wrote: | | Eli wrote: | The financial system of the US is done, it is over.
The Treasury just bailed out the Fed in an emergency auction. The Fed is broke.
The FDIC has 50 billion to its name, and thousands of US Banks are on the brink of failure.
The money in your checking account and savings is not covered.
For the Treasury to back up the FDIC it would require more money creation, and no one wants US debt. |
The fed combined with the treasury can never be broke. They are the ones creating money out of thin air, and thin air, we never run out of |
True but the more they print the more inflation becomes a problem.... they sure seems to be printing a lot lately.
_________________
Tired of high gas prices? Then stop driving to work, duh..... Learn to Work from home
Peak Oil Blog = http://getroasted.wordpress.com |
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sittinguy
Heavy Crude
Joined: Sep 07, 2007
Posts: 392
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| Posted: Wed Sep 17, 2008 3:31 pm Post subject: Re: It is over! |
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| How can the Fed be broke? They have the press to make all they want? |
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heroineworshipper
Intermediate Crude
Joined: Jul 14, 2006
Posts: 744
Location: Calif*
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| Posted: Wed Sep 17, 2008 3:31 pm Post subject: Re: It is over! |
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Well, China is now more capitalist than US.
_________________
People first, then things, then dollars.
There will be enslavement, cannibalism, & zombie invasions. |
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burtonridr
Intermediate Crude
Joined: Aug 03, 2007
Posts: 763
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| Posted: Wed Sep 17, 2008 3:34 pm Post subject: Re: It is over! |
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| sittinguy wrote: | | How can the Fed be broke? They have the press to make all they want? |
well to them its just on paper, but anyway you want to twist it..... its still steaming pile of crap
_________________
Tired of high gas prices? Then stop driving to work, duh..... Learn to Work from home
Peak Oil Blog = http://getroasted.wordpress.com |
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POAlex
Heavy Crude
Joined: Jul 10, 2007
Posts: 410
Location: Canada
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DoomWarrior
Heavy Crude
Joined: May 06, 2008
Posts: 442
Location: Omicron Ceti 3
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| Posted: Wed Sep 17, 2008 3:41 pm Post subject: Re: It is over! |
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| heroineworshipper wrote: | | Well, China is now more capitalist than US. |
LOL. Yes, it could be argued that, after all of these bailouts, China is more capitalistic than the USA.
Surreal! |
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Eli
Fusion
Joined: Jun 18, 2005
Posts: 3985
Location: In a van down by the river
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| Posted: Wed Sep 17, 2008 3:49 pm Post subject: Re: It is over! |
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Fed asked the Treasury to bail it out.
If the Fed wasn't broke why did they ask the Treasury for more notes?
The Fed gets Treasury notes from the Treasury and makes loans against them. They ran out of notes from which to lend.
We are now at the point where the Treasury will have to issue new notes to cover the FDIC, and foreign Central bank investors are already running from taking on further US debt as the risk of default has increased.
Or Congress will have to step in and fund the FDIC with taxpayer money.
But this makes no sense what so ever, the Congress gets money through taxation. This will be the worst of taking from Peter to pay Paul. |
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idiom
Intermediate Crude
Joined: Aug 23, 2004
Posts: 574
Location: New Zealand
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| Posted: Wed Sep 17, 2008 3:51 pm Post subject: Re: It is over! |
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Well, The USSA could annex Canada and make loans against that.
_________________
Congress has found themselves in a bear trap. They will chew off three legs, and still be caught in it... |
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Dreamtwister
Fission
Joined: Feb 06, 2006
Posts: 2307
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| Posted: Wed Sep 17, 2008 3:52 pm Post subject: Re: It is over! |
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| idiom wrote: | | Well, The USSA could annex Canada and make loans against that. |
Let's hope they don't think of that...Oh wait...
_________________
The whole of human history is a refutation by experiment of the concept of "moral world order". - Friedrich Nietzsche |
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