When Will Financial Armageddon Begin?

[Lumi]

When Will Financial Armageddon Begin?

By Greg Hunter
USAWatchdog.com

A little more than two years ago, economist John Williams of shadowstats.com predicted a ?severe recession? was coming and soon. At the time, I was working as an investigative correspondent for CNN. I interviewed Williams for a story about the coming financial crisis. Most so-called experts, at the time, did not see the financial meltdown coming, let alone that all the banks were in trouble. Williams? assessment of the economy was spot on in 2008. I don?t see how you can characterize what we have now as anything but a ?severe recession.? Accurate information is the first and foremost reason to use someone as a source when you are a journalist. In my experience, what I have gotten from Williams has been stellar. (Click here for the 2008 CNN story featuring Williams and his predictions for the President in 2012.) (Click here for shadowstats.com)

 

[Lumi]

Time to Print, Print, Print

Time to Print, Print, Print

Time to Print, Print, Print

By JONATHAN R. LAING | MORE ARTICLES BY AUTHOR
We have to embrace quantitative easing in order to avoid the kind of economic stagnation that's plagued Japan.

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Fed chairman Ben Bernanke's recent testimony before Congress was fairly pallid. He described the current economic outlook for the U.S. as "unusually uncertain." (When isn't it?) Growth in gross domestic product seems to be flagging some, but Bernanke implied the Federal Reserve wouldn't be reaching into its bag of monetary tools unless the economy were to double dip into recession or financial markets turn unruly again as in 2008.

That's a mistake. The Fed should, and probably will change its tune by the fall and fire up the printing presses. Its current stance of watchful waiting in the face of slowing economic growth, inflation cycling below its preferred target rate of 1.7% to 2% and naggingly elevated unemployment strikes some observers as nothing short of mind-boggling. With good reason, these critics are pushing the Fed to adopt the deflation-fighting strategy that Bernanke mentioned in 2002, when he was a newly minted Fed governor. He suggested that the Fed could always buy long-term government bonds and corporate debt to mainline more liquidity into the financial system to counteract incipient deflation.

 

[Lumi]

Fed Printing May Create 'Final Crisis': Marc Faber

Fed Printing May Create 'Final Crisis': Marc Faber

Fed Printing May Create 'Final Crisis': Marc Faber

3 AUG 10

By: Antonia Oprita
Web Producer, CNBC.com

• The Federal Reserve will create a "final crisis" by continuing to print money because it is underestimating the strength of the economy, Marc Faber, the author of "The Gloom, Boom and Doom Report," told CNBC Tuesday.

And investors who share his bearish view would be better off holding stocks instead of bonds in their portfolios, Faber said.

Analysts have said the Fed will decide to re-start easing monetary policy, possibly by buying assets, as early as Aug. 10 when the next meeting over policy is scheduled.
"Investors should have listened to me already six months ago when I wrote that the Fed will continue to monetize ? they will print and print and print until the final crisis wipes out the whole system," Faber said.

 

[Lumi]

Another Bank Bites the Dust, 109 for the Year

Another Bank Bites the Dust, 109 for the Year

Another Bank Bites the Dust, 109 for the Year

Failed Bank Information

Information for Ravenswood Bank, Chicago, IL


I. Introduction

On Friday, August 6, 2010, Ravenswood Bank, Chicago, IL was closed by the Illinois Department of Financial and Professional Regulation - Division of Banking, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution. The FDIC has compiled the following information, which should answer many of your questions.

 

[Chadman]

At what point does one of our administrations allow interest rates to rise to a sensible level? Of course nobody prefers this, but at some point we have to endure it, don't we? It just doesn't make any sense to me. We can't have lenders getting nothing for their money, forever, can we? I know this is a novice question, but I just don't get it, and haven't for a long time. (multiple administrations...)

 

[Duff Miver]

The prophets of doom and gloom - "The dollar will be worthless" "Armageddon starts next Thursday"
have been around forever.

You may remember Harry Browne's book You Can Profit from a Monetary Crisis which was a big seller 35 years ago, and which made Harry a lot of money.

The certain "monetary crisis" he predicted? Never happened.

Ole Harry's still writing that kind of shit, laughing all the way to the bank, and the fools are still buying into it.:shrug: