World faces "total" financial meltdown: Bank of Spain chief

Yup I told u so...

It will be a total reorganization

Silver in your hands, now! It is getting too late.

So....what does that mean exactly?

Elimination of currency world-wide? Global electronic transactions only?

a new world currency based on energy

Yes, that sounds plausible.

So......we will be in the ME pretty much forever and Russia will soon be taking "control" of the Ukraine (because of their Gazprom debt and Ukraine will be frozen and begging for it). S. Ossetia was just a little warm-up for what Russia must be planning.

Am I on the right track?

Yes, and we ALL know that should be FREE with free energy. Maybe we should go to world barter and cut out all these middle men.Let them barter and not scam like the rest of the population.

the US has vast coal reserves

wealth can be created by building nuke plants, solar farms and wind farms

Canada has vast oil shale resources

we are in the ME because of Israel

energy will not be free

it will be the basis of currency

maybe the new currency will be called watts

In order for humans to survive, w/o being serfs to the NWO commu-fascist plantation prison, we need a paradigm shift. imho, that calls for a return to basics, small is beautiful, and protectionism of local communities.

middle ages ???

Protection of local communities will become a big issue.
Parts of the Philippines have found the answer, but of course are bing excoriated by the so called "human rights groups".

[link to www.ahrchk.net]

Good stuff. It's high time Americans grew a pair and did the same for their own communities.

Time for a new currency!!!


:eyesymbol:

Here...some holiday reading found at the Craig Oxley website.........






Worldwide Bankruptcy Wave About to Hit

Posted by Brian Baxter
December 18, 2008 2:00 PM
[link to amlawdaily.typepad.com]


Europe and the U.S. are about to experience a significant increase in business failures.
That's the conclusion reached by Paris-based Euler Hermes, the world's largest credit insurer, in a recently released 57-page report on business insolvencies worldwide.
With the exception of Japan, which recently emerged from its own "Lost Decade," Euler expects that almost every country in the world will see a rise in insolvencies far greater than previous economic downturns.
According to Euler, 28,000 businesses went bust in the U.S. in 2007. In 2008, that number increased nearly 45 percent -- to 42,000 insolvencies. Chapter 7 liquidations, Chapter 11 reorganizations, and Chapter 13 filings for individuals all showed dramatic increases in 2008; the only decrease came in the area of Chapter 12 filings, a chapter of the U.S. bankruptcy code usually reserved for family farmers and fishermen. (Who knows--maybe we'll all be farming or fishing six months from now.)
In 2009, Euler estimates that an additional 62,000 U.S. companies will become insolvent. If accurate, those numbers would mark the largest increase in corporate bankruptcies since the U.S. recession of 1993.

The situation is just as bad in Europe. Euler expects the number of insolvencies in Western Europe to rise from 169,000 this year to 197,000 next year, an increase of 16.7 percent. U.K. firms will account for a large portion of that bankruptcy surge, with the burst of the real estate bubble and worsening finance and banking crisis creating havoc for British companies. Spain is also expected to be particularly hard hit from the collapse of the construction and real estate market.
Euler believes that German companies will continue to suffer from bad debt risk, while The Netherlands, which underwent only a 10 percent increase in bankruptcies this year, will see its insolvency numbers jump nearly 40 percent in 2009. In Eastern Europe, the Czech Republic and Hungary will see bankruptcies increase by 15 and 20 percent, respectively.
As corporate failures become more widespread, Euler states that it will take actions to solidify its own business. The credit insurer will increase the premiums it charges to act as an underwriter on deals.





U.S. debt approaches insolvency

In 2007, 61.82% of America's public debt was held by foreign investors, most of them Asian

Friday, December 19, 2008By Asia News
[link to www.speroforum.com]


In the United States, the danger of debt insolvency is growing, putting at risk the currency reserves of foreign countries, China chief among them. According to new figures published by Bloomberg in recent days (Nov. 25, 2008 [1]), the American government has employed a total of 8.549 trillion dollars to stop the financial crisis. This means a total of about 24-25.4 trillion dollars of direct or indirect public debt weighing on American taxpayers. The complete tally must also include the debt - about 5-6 trillion dollars - of Fannie Mae and Freddie Mac, which are now quasi-public companies, because 79.9% of their capital is controlled by a public entity, the Federal Housing Finance Agency, which manages them as a public conservatorship.

In 2007, public debt in the United States was 10.6 trillion dollars, compared to a GDP (gross domestic product) of 13.811 trillion dollars. In just one year, direct and indirect public debt have grown to more than 100% of GDP, reaching 176.9% to 184.2%. These percentages exclude the debt guaranteed by policies underwritten by AIG, also nationalized, and liabilities for health spending (Medicaid and Medicare) and pensions (Social Security)[2]. By way of comparison, the Maastricht accords require member states of the European Union (EU) to reduce their public debt to no more than 60% of GDP. Again by way of comparison, in one of the EU countries with the largest public debt, Italy, public debt in 2007 was equal to 104% of GDP.

In 2007, 61.82% [3] of America's public debt was held by foreign investors, most of them Asian. So the U.S. public debt held by nonresident foreigners is equal to about 109.39% (113.86%) of GDP. According to a study by the International Monetary Fund, countries with more than 60% of their public debt held by nonresident foreigners run a high risk of currency crisis and insolvency, or debt default. On the historical level, there are no recent examples of countries with currencies valued at reserve status that have lapsed into public debt insolvency. There are also few or no precedents of such a vast and rapid expansion of public debt.

The United States also runs large deficits in its public balance sheet and balance of trade. Families and businesses are also deeply in debt: in 2007, American private debt was equal to a little more than 100% of GDP. At the moment, it is not clear how much of America's private debt has been "nationalized" with the recent bailouts.

In the early months of next year, when the official data are published, the United States will run a serious risk of insolvency. This would involve, in the first place, a valuation crisis for the dollar. After this, the United States could face a social crisis like that in Argentina in 2001. A crisis in U.S. public debt would likely have a severe impact on the Asian countries that are the main exporters to the United States, China first among them. Chinese monetary authorities, thanks to a steeply undervalued artificial exchange rate, at about 55% of its fair value, have limited imports (including food) and have achieved an export surplus. This has allowed them to accumulate a large stockpile of dollar reserves. In a currency crisis, China risks losing much of the value of its accumulated currency reserves. At the same time, pressure on imports (wheat, other grains, and meat) have led to inflation in the prices of food, the most important expenditure for more than 900 million Chinese. This is nothing more than a small confirmation of the recent statements of the pope, in his message for the World Day for Peace, where the pontiff calls the current financial system and its methods "based upon very short-term thinking," without depth and breadth (nos. 10-12), preoccupied with creating wealth from nothing and leading the planet to its current disaster. [4]

Take spain seriously....
they have never had a good economy, so they have most experience in this.

WHERE'S THE LINK!! I WANT TO KNOW THE SOURCE OF THIS ARTICLE, RATHER THAN TAKE YOUR WORD FOR IT! CAN'T YOU FIGURE THAT OUT? TO GIVE THE INFORMATION SOME WEIGHT, RECORD THE LINK.

That is a good thing. It is time for antiquity to meet it's end.

My sentiments exactly. Gas prices being lowest in 5 years tells me it could have always been this price. Greedy Bastards.

Happy Monday ;)

who gives a shit

If you think that, then you're delusional. Oil is being shorted to hell and back as well as a moderate downturn in demand. I doubt there's any downturn in demand that's capable of producing the prices we're seeing.
In case you're wondering they're trying to protect the dollar by reducing the price of oil.
Lower oil means cheaper energy, which translates into cheaper local goods or services.

Duhh? Oooh the economy is in trouble??? Why is this

pinned???

>>> NEXT GREAT DEPRESSION <<<

Thread: >>THE NEXT GREAT DEPRESSION<< (Page 7)

wrong, they had the most stable growing economy in europe only a year ago and have never in history experienced a recession.

Back to bartering, like the good ole days. I have a horse and 2 cows which I will take offers for....

*** HEY FOOLS *** Financial Armageddon is not EMPTY SHELVES! It is Illuminati NOW offering oil at $33!
CIA Disinfo posts thread: "American People Warned To Prepare For Financial Armageddon".
HEY FOOLS, Financial Armageddon is not EMPTY SHELVES! (1)

 The reason why it is called "Financial Armageddon" is that there is no way back.

In other words, the day the battle of Financial Armageddon is decided, the attackers _ _ _ T launch Nuclear Armageddon.
Financial Armageddon has NOW reached its MAXIMUM, with oil being offered by the illuminati almost for free, at 20 to 40% of production costs, in a LAST desperate attempt to create chaos in Russia.
Yet another End Times "Paradox": it was systemic collapse (which caused the exponential curve to abruptly fall) that made it possible for the illuminati to launch Financial Armageddon. (3)

Notes
(1) PACKED shelves, $50 oil shortly before the END - HORRIBLE TRUTH, revealed worldwide first
[link to engforum.pravda.ru]

(2) LARGEST ECONOMIC ATTACK in History is UNDERWAY
[link to armageddon-now.blogspot.com]

The links are to words of End Times Prophet, not to Pravda media.
In
[link to www.godlikeproductions.com]

In certain respects a currency based on a unit of energy would make sense. The earth only recieves a limited amount of it from the sun and fossil fuels are really just that, stored solar energy. There being a presumed scientifically calculated finite amount it would at least be something not quite fiat. Look at it this way, we get X amount of sunlight per day creating x amount of energy, we sould not "spend" more energy than that. This way we are treating fossil fuels like a savings acount not a credit card.

There have been wackier thoughts for organizing an economy.

What's the holiday schedule for the U.S. markets? Will we be watching a Santa Rally or is the doom too thick for that?

I love the "Hey Fools" part of this post. There's always an enlightened few who have insight the rest of us poor mortals lack.