I think this is the beginnings of an economy based on perpetual growth and fossil fuel energy running headlong into geological energy constraints. Basically I see an undulatory downward path for the rest of my life. From here out, I think any rallies in our economic condition are going to be met with spiking commodity prices that knock us right back down.
Posted: Fri Oct 10, 2008 8:56 pm Post subject: Re: Fox/CNBC Reporting A Bank Holiday Needed Next Week
Remember this thread Bank Holidays?. Things that before were tinfoil material are starting to sound reasonable. _________________ Stocking up on popcorn
Posted: Fri Oct 10, 2008 9:24 pm Post subject: Re: Fox/CNBC Reporting A Bank Holiday Needed Next Week
Because the money is not flowing anymore. Liquidity, Trust, Confidence. Just make damn sure if you can that you have enough cash on hand to run your affairs for at least 1-6 Months. _________________ "Since you have chosen to elect a man with a timber toe to succeed me, you may all go to hell and I will go to Texas." Davy Crockett
Joined: Sep 16, 2004 Posts: 4863 Location: Southwest WI
Posted: Fri Oct 10, 2008 9:29 pm Post subject: Re: Fox/CNBC Reporting A Bank Holiday Needed Next Week
This is because the treasury needs more time to print as many "hundos" as possible. They are running 3 shifts around the clock, no breaks. _________________ Clothing should be optional.
Posted: Fri Oct 10, 2008 9:45 pm Post subject: Re: Fox/CNBC Reporting A Bank Holiday Needed Next Week
deMolay wrote:
Because the money is not flowing anymore. Liquidity, Trust, Confidence. Just make damn sure if you can that you have enough cash on hand to run your affairs for at least 1-6 Months.
Actually I think this is also what's behind the rise in the Dollar value over the last few days. People need Dollars to pay for Goods and Materials and the banks won't "cover" that anymore.
Hence, everybody tries to buy up as many Dollars as possible. I wonder what will happen when people realize there aren't enough to go around?
Posted: Fri Oct 10, 2008 9:47 pm Post subject: Re: Fox/CNBC Reporting A Bank Holiday Needed Next Week
There is a lack of liquidity because everybody is hoarding cash. _________________ "Since you have chosen to elect a man with a timber toe to succeed me, you may all go to hell and I will go to Texas." Davy Crockett
Joined: Jul 04, 2007 Posts: 2234 Location: The U.S.S.A
Posted: Fri Oct 10, 2008 10:03 pm Post subject: Re: Fox/CNBC Reporting A Bank Holiday Needed Next Week
No way possible, that would be it. The people would panic, martial law would have to be completely implemented. We are talking the worst crap we have been talking on here. The worst of the worst.
Telling the people that they can not access their money, telling them that they can't use credit. People won't be able to buy gas, stores couldn't get food shipped in. The entire us economy would crash and burn and the looting would be insane.
Not one chance in hell. No even they are stupid enough to think they (the elites) would survive that.
would be interesting to witness, but uhuh not happening.
Posted: Fri Oct 10, 2008 10:15 pm Post subject: Re: Fox/CNBC Reporting A Bank Holiday Needed Next Week
We need an Ubama holiday next week. _________________ People first, then things, then dollars.
There will be enslavement, cannibalism, & zombie invasions.
Posted: Sat Oct 11, 2008 1:19 am Post subject: Re: Fox/CNBC Reporting A Bank Holiday Needed Next Week
If there's one sure way to cause a run on all banks, it's to report that there's going to be a holiday.
Now - what is W going to get on CNBC and tell everyone not to run to the bank and hoard cash? They'll do it because he said not to. If he doesn't say anything, they'll run to get cash. If he tells them to, they'll run to get cash because if even W can tell we're in deep sh*t, we must really be screwed.
Joined: Sep 03, 2007 Posts: 638 Location: Sunny Virginia, USA
Posted: Sat Oct 11, 2008 4:46 am Post subject: Re: Fox/CNBC Reporting A Bank Holiday Needed Next Week
Quote:
while I would not (count) on a global bank holiday next week, one would make sense to me,"
What a misleading title. Read the article a little closer and realize this is one person's opinion along with the fact that he doubts it would happen. _________________ When somebody makes a statement you don't understand, don't tell him he's crazy. Ask him what he means. -- Otto Harkaman, Space Viking
Joined: Jun 18, 2004 Posts: 800 Location: Western North Carolina
Posted: Sat Oct 11, 2008 5:12 am Post subject: Re: Fox/CNBC Reporting A Bank Holiday Needed Next Week
Quote:
10 Oct 2008 | 10:41 AM ET
Oct 10 (Reuters) - Foreign Exchange Analytics' David Gilmore says markets should prepare for another coordinated rate cut next week, and this time, he predicts Japan, with its 0.5 pct benchmark rate, will participate. He adds that "while I would not (count) on a global bank holiday next week, one would make sense to me," particularly with scheduled U.S. and Japanese bank holidays on Monday . "Again this is a remote option, but not to be ruled out." The main focus, he says, must be on "government efforts to restore solvency in the banking system, and that process will be taking place in Washington not on Wall Street."
Last edited by Roy on Sun Oct 12, 2008 7:52 am; edited 1 time in total
Joined: Mar 25, 2008 Posts: 812 Location: Alif Lam Mim
Posted: Sat Oct 11, 2008 5:25 am Post subject: Re: Fox/CNBC Reporting A Bank Holiday Needed Next Week
Since a bank holiday, or even the announcement of a future one, would cause a run on the banks, wouldn't it make sense to have an alternating holiday? So like, over a one week period, each bank would be randomly selected for one of those five days that week to be closed. In effect, on each day during that banking holi-week, 1/5 of all banks are closed while 4/5's are open. That way the entire system doesn't shut down, but it is slowed down somewhat in general.
Or would that have the same effect as closing them all for one day? I.e. the rape and pillaging would begin. _________________ Riches are not from abundance of worldly goods, but from a contented mind.
Joined: Apr 23, 2008 Posts: 158 Location: Georgia, USA
Posted: Sat Oct 11, 2008 8:17 am Post subject: Re: Fox/CNBC Reporting A Bank Holiday Needed Next Week
Would this holiday last all week?
How would this affect mortgage payments, car payments, life insurance payments, etc? We have most of our bills on "auto pay" and they draft out of the account automatically.
If our payments were late, it wouldn't be our fault, but would they still assess penalties? How much harm would this cause the mortgage companies and finance companies when they have a week with no cash inflows?
The fact that the bank holiday idea has made it into the MSM is really scary.
Also, you might be surprised to find out just how many people in the US are already 100% cash based. No bank account and no credit cards due to bad credit and a history of overdrawing their bank accounts. I've seen them in one of my previous jobs. So these folks might be less inclined to riot than we think.
Last edited by IgnoranceIsBliss on Sat Oct 11, 2008 8:19 am; edited 1 time in total
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