Its Depression

[david mcgee]

I have been the merchant of gloom for months, but i havent been gloomy enough.

 

The toss of the coin has just landed and its official, its depression.

 

The US aint got a clue what to do, neithers Britain and its spread to the rest of the World.

 

The FTSE is off another 5% this morning, and god knows what will happen to the Dow when it opens.

 

Panic is about to set in, Central Banks will slash interest rates, Governments will through yet more billions at failing Banks and markets will continue to plummet.

 

Youve got to laugh, the faster they dig trying to get themselves out of this hole the deeper into it they are getting. The sides are about to fall in and bury the lot of them.

[Geoff Kilpatrick]

Where can I buy shares in Campbell's soup?

[BlackJAC?]

I've invested every penny I have (and more) in duct tape and bottled water. He who laughs last, laughs longest. Bwaaahahahaha and all that ****.

[Phage]

Having recently watched this movie http://www.zeitgeistmovie.com I quickly came to the conclusion that we are all royaly screwed. And the bail out is just another big chunk of the same problem chucked onto the existing unsustainable problem.

 

The controlled demolition of the economy is by design for whatever reason. I was never a new world order believer but I did read a bit about it and other world elitelists group for entertainment. But having watched that very well made movie, which I recomend to all it becomes clear that big business and money has in-slaved us all.

 

The first part of the movie explains about Americas federal reserve fractional banking systems that are quite simply terrifying.

 

If the federal reserve magic 10 billion dollars up out of thin air it goes to a bank.

The bank then keeps 1 billion dollars as a gurantee to the other 9 billion that it lends.

The 9 billion is lent to another bank who keeps 0.9 as the loans gurantee and lends out 9 billion to another bank.

The next bank get 8 billion, keeps 0.8 billion, moves it on. 7 billion, 0.7, 6 billion, 0.6 etc

 

So effectively it more like 90billion was magiced up out of nowhere. Apply this to the 700billion bail out and it is the end of the dollar as we know it.

 

So eventually everybody is in debt and there is not enough money in the system to pay off all the debts. With added interest and charges the world can never be debt free using this system and that in turn makes us all slaves to the economy.

 

The movie is not all doom and gloom and points towards a resource based economy where technology is used to make the world self sustainable and leaves everybody to sit back and chill while eco thermal energy powers the planet and planes are redundant replaced with electro magnetic trains. Which sounds rather nice indeed.

 

http://video.google.com/videoplay?docid=7065205277695921912 Thats the link to the new one just released which is the one i watched.

[Charlie-Brown]

There is nothing inherently wrong with fractional reserve banking although the amount of money in the system has to be tied to real-value in the physical economy - if the amount of money in the system exceeds the total-value in the economy then the value of money reduces (monetary inflation) ...... deriviatives are a problem because they are a massive side bet on the workings and performance of the real economy but they also can influence the decision making in the real economy and cause a domino effect when events turn sour.

[The People's Chimp]

The biggest depression is logging into jkb to see another "end of the world is nigh" thread from you!

[david mcgee]

The biggest depression is logging into jkb to see another "end of the world is nigh" thread from you!

 

Sad but, alas true.

[The People's Chimp]

Sad but, alas true.

 

[coppercrutch]

The banks are insolvent. I was laughed at when I stated this fact well over a year ago. Now it seems, rather scarily, that I was spot on.

 

Some people say there is nothing wrong with fractional reserve banking. In all honesty I don't know of a better alternative. There are ideas out there but I haven't read too much about them yet.

 

However fractional reserve banking is completely unstable. It takes a matter of hours for a big 'profitable' bank to go bust. As simple as that. Once confidence goes - the bank goes.

 

How can we have our entire financial system based on the following theory

 

(1)As long as everyone has confidence in the system it will be fine.

(2) As soon as that confidence goes it is completely goosed.

 

Is that really a good 'system' to have ? I think not.

 

The word fragile does not even come close.

 

There MUST be a better way.

 

As for conspiracy theories about a New World Order and all that. Every day I think they are looking a little less and less mental.

 

Think about organisations such as the CFR and the BIS.

 

I would be surprised if 5% of the UK population even have heard of them. At the same time they are 2 of the World's most powerful organisations. They probably control a lot of what we all do on a day to day basis…And yet most people don’t even know who they are !!

 

When you consider this - then the idea of dark smoky rooms filled with a 'New World Order' planning their next move is not that fanciful after all..

[Bomber Harris]

I have been the merchant of gloom for months, but i havent been gloomy enough.

 

The toss of the coin has just landed and its official, its depression.

 

The US aint got a clue what to do, neithers Britain and its spread to the rest of the World.

 

The FTSE is off another 5% this morning, and god knows what will happen to the Dow when it opens.

 

Panic is about to set in, Central Banks will slash interest rates, Governments will through yet more billions at failing Banks and markets will continue to plummet.

 

Youve got to laugh, the faster they dig trying to get themselves out of this hole the deeper into it they are getting. The sides are about to fall in and bury the lot of them.

 

How can you be depressed when your lady friend has just got a magnificent new set of papps

[david mcgee]

How can you be depressed when your lady friend has just got a magnificent new set of papps

 

That inflation was a couple of years ago.

[maroonlegions]

The banks are insolvent. I was laughed at when I stated this fact well over a year ago. Now it seems, rather scarily, that I was spot on.

 

Some people say there is nothing wrong with fractional reserve banking. In all honesty I don't know of a better alternative. There are ideas out there but I haven't read too much about them yet.

 

However fractional reserve banking is completely unstable. It takes a matter of hours for a big 'profitable' bank to go bust. As simple as that. Once confidence goes - the bank goes.

 

How can we have our entire financial system based on the following theory

 

(1)As long as everyone has confidence in the system it will be fine.

(2) As soon as that confidence goes it is completely goosed.

 

Is that really a good 'system' to have ? I think not.

 

The word fragile does not even come close.

 

There MUST be a better way.

 

As for conspiracy theories about a New World Order and all that. Every day I think they are looking a little less and less mental.

 

Think about organisations such as the CFR and the BIS.

 

I would be surprised if 5% of the UK population even have heard of them. At the same time they are 2 of the World's most powerful organisations. They probably control a lot of what we all do on a day to day basis?And yet most people don?t even know who they are !!

 

When you consider this - then the idea of dark smoky rooms filled with a 'New World Order' planning their next move is not that fanciful after all..

 

 

 

 

The more they do from the agenda to create a 'New World Order' the more they expose themselves and i think its happening now , they are trying a stepping stone approach to it but at the same time they cant help in giving themselves away , ID cards and then micro chipping are the big ones.

[maroonlegions]

This got me thinking.

 

 

 

 

 

 

 

You're browsing: Home ? The Federal Reserve: The Greatest Scam In History? (Revisited)

 

 

 

The Federal Reserve: The Greatest Scam In History? (Revisited)

Print This Post Print This Post | Topic: Other ? October 4th, 2008

 

IRS picture 04oct08

 

We first posted this article on 13th August 2007 when it appeared to us that the US Dollar along with the economy was heading into such dangerous waters that gold would be the beneficiary. At the time gold was trading at around $670/oz and it closed yesterday at $834.80 for a gain of $164.80 or 24%.

 

If we fast forward to time now and read any newspaper the headlines are dominated with the fire fighting actions being implemented by the Federal Reserve with bankers and politicians in tow. From these bailouts we can only conclude that the dilution of paper money will continue with the pace of dilution accelerating, resulting in massive inflation and propelling the precious metals to higher ground. If you have the time, please read this article and then take a look at what?s happening around you and then find the time to question what you are doing and why you are doing it. Being too busy to organise your own affairs is a poor excuse. Just switch the television off for a couple of nights and clear your head, the way forward for you personally will become apparent.

 

The Federal Reserve: The Greatest Scam In History?

13th August 2007

 

The Federal Reserve was created in 1913-1914 in order to bring stability to the economy and yet almost every major crash, including the great depression, can be attributed to the Federal Reserve.

 

We are going to take a look at the history of the Fed and what prominent historical figures have said about the organisation.

 

Firstly, from 1837-1862 there was a system of national banks in the USA but then in 1913-1914 a consortium of 12 privately held banks got together and formed the Federal Reserve Bank, an entity that is not part of the US government. These banks then purchased notes from the US Mint for printing costs and lent them out through member banks charging interest.

 

The Federal Reserve came into being after its supporters paid for the Presidential campaign of US President Woodrow Wilson. Wilson signed the bill that transferred the US currency to twelve regional private banks Wilson regretted his decision later saying:

 

?I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. :eek:We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world. No longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men.?

 

In 1933 President Roosevelt confiscated citizens gold and handed it to the Federal Reserve. At the very moment when Americans have needed to protect their wealth the most, the best store of wealth ever created, gold, was confiscated from American citizens and given to a un-elected :eek:conglomerate of private banks.

 

When the bill for the Federal Reserve was being considered, some brave politicians spoke out against its creation calling it ?the strangest, most dangerous advantage ever placed in the hands of a special privilege class by any Government that ever existed? and Congressman Victor Murdock said, ?I do not blind myself to the fact that this measure will not be effectual as a remedy for a great national evil ? the concentrated control of credit.?

 

It even appears that one of the most important and most respected figures in American history disagrees with the Federal Reserve saying, ?If the American people ever allow private banks to control the issue of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered.?

 

Jefferson also said, ?I sincerely believe the banking institutions having the issuing power of money are more dangerous to liberty than standing armies?

?Paper is poverty? it is only the ghost of money, and not money itself.?

 

The Federal Reserve make no secret about the scam they are running as the Boston section of the Federal Reserve Bank said:

?When you or I write a check there must be sufficient funds in our account to cover the cheque, but when the Federal Reserve writes a check there is no bank deposit on which that cheque is drawn. When the Federal Reserve writes a cheque, it is creating money.?

 

Perhaps the Fed can create money, but we strongly believe that wealth cannot be created. Wealth is simply transferred, it is not created and we challenge anyone to prove otherwise. The only time wealth was created was when the world was created, with all its resources, true wealth. So why hasn?t the Federal Reserve been disbanded?

 

Well as the Rothschild Brothers of London said in 1863; ?The few who understand the system, will either be so interested from it?s profits or so dependant on it?s favours, that there will be no opposition from that class.?

 

The great Henry Ford once said ?It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.?

 

The problem is, very few people understand the system at all. It is not taught in schools and even some of the most prominent financial analysts and fund managers really have no idea how the system works. They tend to define inflation as rising prices when in fact inflation occurs because of the expansion of the money supply. Or even link inflation with the economy doing well, saying, ?we should raise interest rates as the economy did extremely well this month and we don?t want inflation getting out of hand?, or words to that effect.

 

What all people, not just investors, need to understand is that paper money is worthless. Gold and precious metals are the real money, the real wealth that cannot be created like its paper ghost.

 

Gold Prices Newsletter:

[maroonlegions]

There is nothing inherently wrong with fractional reserve banking :eek:although the amount of money in the system has to be tied to real-value in the physical economy - if the amount of money in the system exceeds the total-value in the economy then the value of money reduces (monetary inflation) ...... deriviatives are a problem because they are a massive side bet on the workings and performance of the real economy but they also can influence the decision making in the real economy and cause a domino effect when events turn sour.

 

 

 

 

 

The great Henry Ford once said ?It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning;)

[maroonlegions]

This got me thinking.

 

 

 

 

 

 

 

You're browsing: Home ? The Federal Reserve: The Greatest Scam In History? (Revisited)

 

 

 

The Federal Reserve: The Greatest Scam In History? (Revisited)

Print This Post Print This Post | Topic: Other ? October 4th, 2008

 

IRS picture 04oct08

 

We first posted this article on 13th August 2007 when it appeared to us that the US Dollar along with the economy was heading into such dangerous waters that gold would be the beneficiary. At the time gold was trading at around $670/oz and it closed yesterday at $834.80 for a gain of $164.80 or 24%.

 

If we fast forward to time now and read any newspaper the headlines are dominated with the fire fighting actions being implemented by the Federal Reserve with bankers and politicians in tow. From these bailouts we can only conclude that the dilution of paper money will continue with the pace of dilution accelerating, resulting in massive inflation and propelling the precious metals to higher ground. If you have the time, please read this article and then take a look at what?s happening around you and then find the time to question what you are doing and why you are doing it. Being too busy to organise your own affairs is a poor excuse. Just switch the television off for a couple of nights and clear your head, the way forward for you personally will become apparent.

 

The Federal Reserve: The Greatest Scam In History?

13th August 2007

 

The Federal Reserve was created in 1913-1914 in order to bring stability to the economy and yet almost every major crash, including the great depression, can be attributed to the Federal Reserve.

 

We are going to take a look at the history of the Fed and what prominent historical figures have said about the organisation.

 

Firstly, from 1837-1862 there was a system of national banks in the USA but then in 1913-1914 a consortium of 12 privately held banks got together and formed the Federal Reserve Bank, an entity that is not part of the US government. These banks then purchased notes from the US Mint for printing costs and lent them out through member banks charging interest.

 

The Federal Reserve came into being after its supporters paid for the Presidential campaign of US President Woodrow Wilson. Wilson signed the bill that transferred the US currency to twelve regional private banks Wilson regretted his decision later saying:

 

?I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. :eek:We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world. No longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men.?

 

In 1933 President Roosevelt confiscated citizens gold and handed it to the Federal Reserve. At the very moment when Americans have needed to protect their wealth the most, the best store of wealth ever created, gold, was confiscated from American citizens and given to a un-elected :eek:conglomerate of private banks.

 

When the bill for the Federal Reserve was being considered, some brave politicians spoke out against its creation calling it ?the strangest, most dangerous advantage ever placed in the hands of a special privilege class by any Government that ever existed? and Congressman Victor Murdock said, ?I do not blind myself to the fact that this measure will not be effectual as a remedy for a great national evil ? the concentrated control of credit.?

 

It even appears that one of the most important and most respected figures in American history disagrees with the Federal Reserve saying, ?If the American people ever allow private banks to control the issue of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered.?

 

Jefferson also said, ?I sincerely believe the banking institutions having the issuing power of money are more dangerous to liberty than standing armies?

?Paper is poverty? it is only the ghost of money, and not money itself.?

 

The Federal Reserve make no secret about the scam they are running as the Boston section of the Federal Reserve Bank said:

?When you or I write a check there must be sufficient funds in our account to cover the cheque, but when the Federal Reserve writes a check there is no bank deposit on which that cheque is drawn. When the Federal Reserve writes a cheque, it is creating money.?

 

Perhaps the Fed can create money, but we strongly believe that wealth cannot be created. Wealth is simply transferred, it is not created and we challenge anyone to prove otherwise. The only time wealth was created was when the world was created, with all its resources, true wealth. So why hasn?t the Federal Reserve been disbanded?

 

Well as the Rothschild Brothers of London said in 1863; ?The few who understand the system, will either be so interested from it?s profits or so dependant on it?s favours, that there will be no opposition from that class.?

 

The great Henry Ford once said ?It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.?

 

The problem is, very few people understand the system at all. It is not taught in schools and even some of the most prominent financial analysts and fund managers really have no idea how the system works. They tend to define inflation as rising prices when in fact inflation occurs because of the expansion of the money supply. Or even link inflation with the economy doing well, saying, ?we should raise interest rates as the economy did extremely well this month and we don?t want inflation getting out of hand?, or words to that effect.

 

What all people, not just investors, need to understand is that paper money is worthless. Gold and precious metals are the real money, the real wealth that cannot be created like its paper ghost.

 

Gold Prices Newsletter:

 

 

 

http://www.gold-prices.biz/the-federal-reserve-the-greatest-scam-in-history-revisited/;)

[Rick Grimes]

 

How can we have our entire financial system based on the following theory

 

(1)As long as everyone has confidence in the system it will be fine.

(2) As soon as that confidence goes it is completely goosed.

 

Is that really a good 'system' to have ? I think not.

 

 

but you've been telling us the system was keeked since 12 months ago when everyone else thought it was fine. ergo, YOU caused the lack of confidence & YOU caused the downfall of Capitalism.

 

i hope you're bloody proud of yourself.

 

 

[coppercrutch]

but you've been telling us the system was keeked since 12 months ago when everyone else thought it was fine. ergo, YOU caused the lack of confidence & YOU caused the downfall of Capitalism.

 

i hope you're bloody proud of yourself.

 

 

 

Aye sorry about that. I haven't even managed to make money out of this mess. Devastating !!

 

Interesting comments above from Maroonlegions regarding the Fed though. When you have 2 former presidents publicly saying the following you must know some sort of scam is going on.

“I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world. No longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men.” Woodrow Wilson

“I sincerely believe the banking institutions having the issuing power of money are more dangerous to liberty than standing armies - Paper is poverty… it is only the ghost of money, and not money itself.” Thomas Jefferson

 

Now I do think Maroonlegions goes a wee bit over he top with some of the conspiracies....

 

However when it comes to this one all the evidence is just too much. They are basically taking the **** in front of our faces.

 

Who knows how it will end but it's not going to be pleasant.

[david mcgee]

The working mans pension has collapsed.

 

The greedy, get rich overnight types have been firmley put in their place.

 

Every entreprenuer has had to have a re-think.

 

Secret millionaires will no longer spread their wealth to the less fortunate.

 

We now need Government more than we every thought we did, or so they would have us believe.

 

For the ammount of money America has thrown at the problem you would expect a collapse in the Dollar, not a bit of it, people are now talking about a strengthening in the Dollar.

 

The biggest losers today were Russia and emerging markets, funny that aint it?

[Charlie-Brown]

If you want to understand the good that Banking / Credit Unions / Building Societies can do then watch It's a Wonderful Life with Jimmy Stewart.

 

However the global banks and financial markets only concern with their own profits and squeezing every last penny out of the system with creating ever more financial instruments that they can sell & trade that aren't based on anything real but are just another layer about the real economy that functions below it.

 

Proper Banking provides a useful function in the real economy matching borrowers with lenders (savers) ........

[davemclaren]

This means I'll have to work until I'm 75. However, finding a job might be tricky. And don't even mention my Icelandic savings accounts.....

[david mcgee]

Here is something positive from me for a change.

 

I think today we have oversold a little and can see a mini bounce over the next four weeks.

 

Buying today would result in a ten percent profit, the FTSE will push toward the 5000 barrier, i would sell at 4985 , remember we are in a bear market.

 

Things are far from rosey and i forsee plenty more gloom, but i think most of the bad news is built in and the markets will take time to draw breath.

 

I think markets are on a downward spiral, but right now might be a chance to make a quick profit.

[Bomber Harris]

I can see a mini bounce

 

not from what I heard

[david mcgee]

not from what I heard

 

Me thinks, you can see a maxi bounce.

[coppercrutch]

This means I'll have to work until I'm 75. However, finding a job might be tricky. And don't even mention my Icelandic savings accounts.....

 

 

Ouch. I closed my Icesave about 6 months ago. Was getting far too nervous about that place.

 

The Krona has lost about 35% against most currencies today I heard..

 

Here is something positive from me for a change.

 

I think today we have oversold a little and can see a mini bounce over the next four weeks.

 

Buying today would result in a ten percent profit, the FTSE will push toward the 5000 barrier, i would sell at 4985 , remember we are in a bear market.

 

Things are far from rosey and i forsee plenty more gloom, but i think most of the bad news is built in and the markets will take time to draw breath.

 

I think markets are on a downward spiral, but right now might be a chance to make a quick profit.

 

Trying to guess any of this is a very risky game !!!

 

I have lost out on 3 out of 4 so far.

 

I was going to short banks and builders last year but decided on buying Gold mining shares instead.......DOH !!!!

 

Oh well.

[david mcgee]

 

Ouch. I closed my Icesave about 6 months ago. Was getting far too nervous about that place.

 

The Krona has lost about 35% against most currencies today I heard..

 

 

 

Trying to guess any of this is a very risky game !!!

 

I have lost out on 3 out of 4 so far.

 

I was going to short banks and builders last year but decided on buying Gold mining shares instead.......DOH !!!!

 

Oh well.

I agree its risky guessing, but the graphs suggest we have tested new lows, look at the recent graphs for the FTSE you could draw a nice downward line between the lows.

 

It suggest this is a relatively safe window to take a little profit.

 

What do you think about this " New Government protectionism" CC?

 

Is it going to protect us?

[coppercrutch]

I agree its risky guessing, but the graphs suggest we have tested new lows, look at the recent graphs for the FTSE you could draw a nice downward line between the lows.

 

It suggest this is a relatively safe window to take a little profit.

 

What do you think about this " New Government protectionism" CC?

 

Is it going to protect us?

 

Well fill yer boots and let us know how it goes !!

 

As for the Government I have little faith.

 

Broon:

"No more boom and bust".

 

"I will not let house prices get out of control. "

 

Now he is telling the World that they must abide by a system of "morals", including "responsible risk-taking" and a "work ethic".....

 

http://news.bbc.co.uk/1/hi/uk_politics/7655723.stm

 

 

Is this man just mental ? Or is he simply just stupid ?

 

Either way he is frightening. What ever they have in store could be seriously painful.

 

What do you reckon ?

[david mcgee]

Well fill yer boots and let us know how it goes !!

 

As for the Government I have little faith.

 

Broon:

"No more boom and bust".

 

"I will not let house prices get out of control. "

 

Now he is telling the World that they must abide by a system of "morals", including "responsible risk-taking" and a "work ethic".....

 

http://news.bbc.co.uk/1/hi/uk_politics/7655723.stm

 

 

Is this man just mental ? Or is he simply just stupid ?

 

Either way he is frightening. What ever they have in store could be seriously painful.

 

What do you reckon ?

 

Funnily enough the only guy i think understands whats going on is Mervyn King and he is about to be steamrollered.

 

I still think a period of deflation is the most likely outcome.

[coppercrutch]

Funnily enough the only guy i think understands whats going on is Mervyn King and he is about to be steamrollered.

 

I still think a period of deflation is the most likely outcome.

 

It is looking that way. Still I wouldn't be too sure. Anything goes.

 

I just hope we don't get a full scale systemic collapse. Not sure how they are going to stop all this though. Seems nothing anyone does helps.

[davemclaren]

 

Ouch. I closed my Icesave about 6 months ago. Was getting far too nervous about that place.

 

The Krona has lost about 35% against most currencies today I heard..

 

 

 

 

I'm keeping my money there in the hope of testing out, for everyone's benefit, the various financial compensation schemes.

[coppercrutch]

I'm keeping my money there in the hope of testing out, for everyone's benefit, the various financial compensation schemes.

 

Very honourable of you Mr McLaren...

 

However.........:eek:

[david mcgee]

The Spanish and Italian economies are the ones that bemuse me.

Ireland, Iceland, Britain and Germany are in melt down but not a word about Spain and Italy, presumably dirty money is keeping them afloat.

 

This Bank Santander is apparently bullet proof, whilst every Bank in the World contracts this crowd continue to spend,spend spend.

 

I fear the next big story could include them?

[davemclaren]

Very honourable of you Mr McLaren...

 

However.........:eek:

 

It's an interesting one as the first ?x,000 is covered by the Icelandic government then the next ?y,000 up to ?50,000 is covered b the UK FSCS.

[Ulysses]

The Spanish and Italian economies are the ones that bemuse me.

Ireland, Iceland, Britain and Germany are in melt down but not a word about Spain and Italy, presumably dirty money is keeping them afloat.

 

This Bank Santander is apparently bullet proof, whilst every Bank in the World contracts this crowd continue to spend,spend spend.

 

I fear the next big story could include them?

 

Spain's economy is in a mess, it's been news for months.

 

The Italians have been hit as well, with Unicredit (the country's second-largest bank) in serious bother.

[david mcgee]

Spain's economy is in a mess, it's been news for months.

 

The Italians have been hit as well, with Unicredit (the country's second-largest bank) in serious bother.

 

Spain and Italys economies have been in a mess for years, yet there Banks have been slower to capitulise than ours, strange?

[Malinga the Swinga]

Well fill yer boots and let us know how it goes !!

 

As for the Government I have little faith.

 

Broon:

"No more boom and bust".

 

"I will not let house prices get out of control. "

 

Now he is telling the World that they must abide by a system of "morals", including "responsible risk-taking" and a "work ethic".....

 

http://news.bbc.co.uk/1/hi/uk_politics/7655723.stm

 

 

Is this man just mental ? Or is he simply just stupid ?

 

Either way he is frightening. What ever they have in store could be seriously painful.

 

What do you reckon ?

 

Unfortunately, he is mental. Countries all round the world are doing their best, albeit not all successful, but Mr Brown and Mr one eyebrow say that they will do whatever it takes, which in their cases, means doing the square root of zero. Darling speaks to the sommons and the market crashes whilst he talks. He doesn't have a clue.

[davemclaren]

It's an interesting one as the first ?x,000 is covered by the Icelandic government then the next ?y,000 up to ?50,000 is covered b the UK FSCS.

 

Better read up on that....

[Tommy Wiseau]

Better read up on that....

 

 

 

As an Icesave man myself, I've been reading up on the latest all day. Rumours starting that the administrators are currently arranging a sale, so we may not need to use that compensation scheme after all.

 

Which would be a good job, because from what I've read today, it's not worth the paper it's written on...

 

Fingers crossed, Dave. Hope you get your money back.

[Rick Grimes]

Broon:

"No more boom and bust".

 

"I will not let house prices get out of control. "

 

Now he is telling the World that they must abide by a system of "morals", including "responsible risk-taking" and a "work ethic".....

 

http://news.bbc.co.uk/1/hi/uk_politics/7655723.stm

 

 

Is this man just mental ? Or is he simply just stupid ?

 

 

i can assure you, he is NOT mental.

[coppercrutch]

Better read up on that....

 

Good luck Mr McLaren.

 

Looks like there may be some application process to go through ? Will be interesting to see how this compensation thing works.

[davemclaren]

Good luck Mr McLaren.

 

Looks like there may be some application process to go through ? Will be interesting to see how this compensation thing works.

 

Indeed.

 

In a sense it might be lucky to be first.

[Ulysses]

Spain and Italys economies have been in a mess for years, yet there Banks have been slower to capitulise than ours, strange?

 

What do you mean when you say their economies have been in a mess for years?

[david mcgee]

What do you mean when you say their economies have been in a mess for years?

 

I read about a crisis in Spains real estate about 18 months ago, it was the bedrock of the Spannish economy. ( think it was the FT)

Pretty sure Spain has had a shocking trade defecit for years too.

 

Italy is often refered to as the," sick man of Europe ".

 

I do not profess to be an expert on either Country, im more interested in our own economy, if i have it horribly wrong i apologise profusely.

[footieman]

Better read up on that....

 

Am sure I heard Darling saying on the TV this morning that he will be making a statement on the Iceland bank situation at Westminster later today, basically hinting that Iceland are reneging on their promises and that he will be helping out the British savers.

[Geoff Kilpatrick]

Am sure I heard Darling saying on the TV this morning that he will be making a statement on the Iceland bank situation at Westminster later today, basically hinting that Iceland are reneging on their promises and that he will be helping out the British savers.

 

Apparently, the UK will sue Iceland.

 

One daft question: In what court?

 

And, with Iceland bust, even if the UK won, how would the money be repaid?

[footieman]

You're not allowed to ask sensible questions like that.

[david mcgee]

Apparently, the UK will sue Iceland.

 

One daft question: In what court?

 

And, with Iceland bust, even if the UK won, how would the money be repaid?

 

Maybe they will freeze their Bank Account.