[Mesuge]

The funny part, in that "fast crash" scenario, not even the majority of PO forum members will likely be able to mitigitate by cashing out or to do anything with their assets.

The next crash will be Argentina style but more global, closed banks incl. internet banking accounts, total IT infrustructure meltdown in that sector etc. This will wipe some serious % of the "virtual money" out of the financial system pretty easily.

The goldbugs and physical commodity squirrels will turn into multimillionaires and billionaires over night with the proviso, they can keep that news from their relatives and friends and therefore survive the first nasty weeks/months afterwards.

Following that logic, in the first stage of chaos it's quite likely that the governments will have to provide for basic needs (energy, food) by trading directly suitcases of gold/metals to exporting nations hand to hand. Which in turn means pretty tight oversight over any precious metals trade by mere mortals. Some "islands" or hubs of freedom might prevail, Switzerland, Lichtenstein, Emirates etc.
=> In all probability this translates into total wipe out of the middle class, how many of you have gold stashed in those safe havens.. ?

[gnm]

$this->bbcode_second_pass_quote('Mesuge', 'T')he funny part, in that "fast crash" scenario, not even the majority of PO forum members will likely be able to mitigitate by cashing out or to do anything with their assets

[Mesuge]

gnm> exactly, in short my point is that in this scenario any value if at all will be retained only by the uber-mega-doomers.

The fainter stock of lite-doomers, fashionable forum doomerosexuals, not mentioning the naive cornocupids will stand a little chance. It will be a quick meltdown all done within a span of few minutes, all digitally enhanced by the mighty information superhighway..

[jdmartin]

Is there anything about this in the mainstream media?? I've tried searching CNN & Yahoo and couldn't find this press information. If this shit is serious there should be something, somewhere on it because it would be a hell of a scoop.

[jbrovont]

I think the video says it's from Yahoo! If cnn came out mid-day and said "6000 banks may fail tomorrow or next week," any attempt to use your cell phone would result in "There are no available connections for the number you are trying to reach. Please try your call again later." In short, CNN saying the financial system in the US was crashing would cause it to when everyone bailed, closed their checking accounts, etc.

$this->bbcode_second_pass_quote('jdmartin', 'I')s there anything about this in the mainstream media?? I've tried searching CNN & Yahoo and couldn't find this press information. If this crap is serious there should be something, somewhere on it because it would be a hell of a scoop.

[GoghGoner]

$this->bbcode_second_pass_quote('Leanan', 'W')ow. That OpEdNews guy stole my blog entry word for word, without a link back or anything.

[GoghGoner]

$this->bbcode_second_pass_quote('jdmartin', 'I')s there anything about this in the mainstream media?? I've tried searching CNN & Yahoo and couldn't find this press information. If this crap is serious there should be something, somewhere on it because it would be a hell of a scoop.

[lorenzo]

$this->bbcode_second_pass_quote('Mesuge', 'T')he goldbugs and physical commodity squirrels will turn into multimillionaires and billionaires over night.

[lorenzo]

$this->bbcode_second_pass_quote('jdmartin', 'I')s there anything about this in the mainstream media?? I've tried searching CNN & Yahoo and couldn't find this press information. If this crap is serious there should be something, somewhere on it because it would be a hell of a scoop.

[something_awfull]

Are we there yet?

[lorenzo]

$this->bbcode_second_pass_quote('something_awfull', 'A')re we there yet?

[socrates1fan]

$this->bbcode_second_pass_quote('lorenzo', '')$this->bbcode_second_pass_quote('something_awfull', 'A')re we there yet?

[Mesuge]

Socrates> remember the end of roaring 1920s ? And that crash came about relatively fast both in the US/Europe/Worldwide, now it can play out only that much faster.

The signs are all there, rising energy demand/no supply, no new rafineries, oil company investment funds not proping up the free falling stock of Detroit anymore, ... , writing is on the wall..

The "positive message" is in the proportionality, as an example if the U.S. economy gets hit by 80% destruction, the E.U. only by 55% etc.. hah

[lorenzo]

$this->bbcode_second_pass_quote('socrates1fan', '')$this->bbcode_second_pass_quote('lorenzo', '')$this->bbcode_second_pass_quote('something_awfull', 'A')re we there yet?

[DantesPeak]

I have tried to find out more details about Fortis said, without much success. Anyway someone else agrees with what they said about General Motors:
$this->bbcode_second_pass_quote('', 'G')M Bankruptcy `Not Impossible,' Merrill Analyst Says By Adam Haigh and Jeff Green
July 2 (Bloomberg) -- General Motors Corp. was cut to ``underperform'' from ``buy'' by Merrill Lynch & Co., which said ``bankruptcy is not impossible'' for the largest U.S. automaker.
``The key change in our outlook is a much lower forecast for U.S. auto sales that is driving a higher cash burn necessitating a much larger capital raise than the market is currently anticipating,'' New York-based analyst John Murphy wrote in a note to clients today.

[jdmartin]

I searched and it appears to be a hoax as far as I can see. I suspected as much, because I don't believe for a second that CEOs are going to make public any kind of knowledge they might have or suspect about a global economic meltdown. They're going to save their own asses first, and that doesn't include making your stock options worthless.

My guess is people won't know what's hitting them until it's already hit them - they're not going to get an "Oh, by the way" from some CEO somewhere...

[Gerben]

$this->bbcode_second_pass_quote('jdmartin', 'I') searched and it appears to be a hoax as far as I can see. I suspected as much, because I don't believe for a second that CEOs are going to make public any kind of knowledge they might have or suspect about a global economic meltdown.

[JustaGirl]

Well just look at the Dow right now, down 166. This is bad, real bad

[DantesPeak]

$this->bbcode_second_pass_quote('Gerben', '')$this->bbcode_second_pass_quote('jdmartin', 'I') searched and it appears to be a hoax as far as I can see. I suspected as much, because I don't believe for a second that CEOs are going to make public any kind of knowledge they might have or suspect about a global economic meltdown.

[Fences]

I second Gerben and Lorenzo, this is true, not a hoax at all. I am Belgian, this story has been all over the main quality newspapers and state TV for the last couple of days.

As far as I understand, Votron (CEO of Fortis) is hedging against an expected financial meltdown in the US, and he is backed by Lippens, the chairman. And they're even taking an 68% free-fall in shares value as an acceptible consequence. Still seems credible to me.

I double checked the link and can confirm everything Lorenzo states in his post about the newsitem on Belgian (actually flemmish) state TV. Seems like some sensible people (a ceo and a chairman of a major Belgian-Dutch bank) have finally made a stand.