VERY Important - I never thought I would see this happen so soon

[freelance]

Jim Sinclair has been saying for a year than when everything is marked to market, we are in some deep shit. And, what is market, exactly, in his opinion? ZERO value.

 

[Duckman]

What really matters during an economic meltdown is FOOD, WATER and SHELTER.

Those that stock up on food supplies, water and have their mortgage paid for will weather the storm, while those that stock up on gold will either be starving or trading an ounce of gold for a bag of beans.

Of course though in the end it doesnt matter, because once the economy tanks the entitlement generation will riot.

Once that happens the federal government will have to step in with martial law to stop the rioting and once that happens you can kiss the constitution goodbye.

Powerful post. And probably true.

 

[RSLudlum]

isnt this good for Dr.Paul?

hes the only one admitting recession.. and hes the only one who has a plan!

It ain't gonna be good for alot of people.

 

[Waldo]

Ok, so what can we do, besides trying to get Dr Paul in office. What would be the smart move
financially right now? Any economic guru's wanna weigh in here?

 

[Gadsdenfly]

Don't panic. It's not looking good and could get bad but keep in mind that every downturn has alarmists on the side winding up the noise. That said I hope you all have some hard assets. And diversity will see you through. Don't place all the eggies in one basket. Oh and Grandma, it's time to stop giving Series EE bonds for birthday gifts ok.


"It's too late to work within the system, but too early to shoot the bastards." - Claire Wolfe

 

[OptionsTrader]

Ok, so what can we do, besides trying to get Dr Paul in office. What would be the smart move
financially right now? Any economic guru's wanna weigh in here?

I'd be willing to give my thoughts privately in PM, but don't like to give out advice publicly...

 

[Dustancostine]

If you want to keep some alternate money, just buy silver rounds and put them away for later. You can get them for 39 cents over spot at this web site.

http://www.silverprice.com/

When the excrement impacts the pneumatic impeller, they will be like money.

Yea but they are charging $25 for shipping. Unless you are putting down $2k it is not worth it.

--Dustan

 

[Dr.3D]

Yea but they are charging $25 for shipping. Unless you are putting down $2k it is not worth it.

--Dustan

I know, but I usually buy 10k worth at a time.
The 25 bucks is cheap for that kind of weight.

 

[buffalokid777]

Ok, so what can we do, besides trying to get Dr Paul in office. What would be the smart move
financially right now? Any economic guru's wanna weigh in here?

If you have stocks, especially underperforming ones......

Dump them and buy gold and silver coin and bullion. Also consider Platinum and Palladium.

It's not too hard to see the handwriting on the wall.

The Fed will print even MORE money for the "economic stimulus package", further devaluing the dollar and increasing the debt. The bottomless debt pit of Iraq will continue, increasing the debt.

Precious Metals are the only way to protect against the devaluation of the dollar.

Will we see $1000/ounce gold in the next month? I bet we will. Until the printing presses at the Fed slow down and the US starts paying back some debt....expect precious metals to be the only way to protect yourself against the falling dollar if you have lots of dollars.

 

[msirilla]

Anyone have a sense of whether we can pull out of this one - or is this it?

Just asking....

 

[Dr.3D]

Anyone have a sense of whether we can pull out of this one - or is this it?

Just asking....

I see a recession coming. This will lead to people losing their jobs. That will then make the housing bubble pop again. This in turn will cause another crisis and the FED will again feed more money into the mess. After that, other countries will drop the dollar and a depression will follow. This time though, all of the other countries will have the same problem and it will be world wide.

Just my view...

 

[luvfreedom]

Will we see $1000/ounce gold in the next month? I bet we will. Until the printing presses at the Fed slow down and the US starts paying back some debt....expect precious metals to be the only way to protect yourself against the falling dollar if you have lots of dollars.

What if you don't have lots of dollars?

 

[ronpaulblogsdotcom]

Ron Paul is being ignored, as usual. Instead, the folks on the evening news discuss how Hillary or Edwards can spend even more money and get us farther in debt as a solution.

Now Bush is saying he is going to do this before the election in a short term but fast way. Tax Refund probably....

 

[LynnB]

What if you don't have lots of dollars?

Stock up on food basics and plant heirloom seeds...

 

[susano]

MARLTON, N.J. (AP) — An executive of a collapsed subprime mortgage lender jumped to his death from a bridge Friday, shortly after his wife's body was found inside their New Jersey home, authorities said.

The deaths of Walter Buczynski, 59, and his wife, Marci, 37 — the parents of two boys — were being investigated as a murder-suicide, according to the Burlington County Prosecutor's Office.

Prosecutor Robert Bernardi said Evesham Township police went to the couple's home in the Marlton section of the township around noon after a male caller asked them to check on Marci Buczynski. Her body was found in a bedroom.

Authorities would not provide further details on her death, saying only that she was pronounced dead at the scene and that the county medical examiner's office would perform an autopsy Saturday.

About 20 minutes after her body was found, officers from the Delaware River and Bay Authority Police Department received reports that a man — later identified as Walter Buczynski — had parked his car on Delaware Memorial Bridge and jumped from the span.

Crews were searching for his body Friday night.

Bernardi said a motive for the apparent murder-suicide was not immediately clear. The couple's children were being cared for by family members, Bernardi said.

Walter Buczynski was a vice president of Columbia, Md.-based Fieldstone Mortgage Co., a high-flying subprime mortgage lender that made $5.5 billion in mortgage loans and employed about 1,000 people as late as 2006.

However, it has since filed for bankruptcy and now has fewer than 20 employees. The company had recently filed court papers seeking approval to pay about $1.1 million in bonuses that would be divided among Buczynski and other staffers so the company could wind down its lending operations and go out of business.

 

[susano]

Jim Sinclair has been saying for a year than when everything is marked to market, we are in some deep shit. And, what is market, exactly, in his opinion? ZERO value.

I've read his stuff (most recent, yesterday). Hair raising.

Does marked to market mean that actual value is revealed?

 

[susano]

"It's too late to work within the system, but too early to shoot the bastards." - Claire Wolfe

Uh, not sure I agree about that last part.

 

[Dave Pedersen]

A whole lot depends on the power grid. It is the difference between 2008 and 1908.

 

[OptionsTrader]

Does marked to market mean that actual value is revealed?

Yes, basically. And the value is near zero in many cases.

When the good times were rolling and everyone was making money hand over fist in the derivatives market, the real counter party risk inherent in the investment instruments was not priced even remotely correctly because of inputs like manic greed up and down the food chain and computer pricing models that have since blown up because a systemic credit crunch of multiple sigma severity we've been seeing over the last year was never postulated to be possible. When this toxic waste has to be sold, it is sold at the market's price, the highest bid which has been monumentally lower than the models ever predicted because greedy flawed humans did not price the risk with transparency. What the market is figuring out lately is something the bears have known for some time, our financial system had morphed into an overleveraged house of cards and it's getting windy out there.

 

[susano]

Options Trader, I have a question for you. My 85 year mom lives with me. She collects Social Security, and has a 100K in a CD, which matures in a few days. I would like to see that converted to gold, IN HAND. Is that practical, and where does one buy buy 100K in gold (or silver) coins?