The Beginning - A rush to pull out cash

[Lex]

A rush to pull out cash
Worried about the stability of mortgage giant Countrywide Financial, depositors crowd branches. In Laguna Niguel, Bill Ashmore drove his Porsche Cayenne to the bank's office and waited half an hour to cash out $500,000. "It's got my wife totally freaked out," he said.

Read the rest...

Looks like things are starting to get ugly. 

[dalebert]

This scares me. These are exactly the things happening before the depression. I still have a lot of my assets in relatively liquid form.

[error]

Where the hell do they think they're going to go with their "money"?

[Lex]

Where the hell do they think they're going to go with their "money"?

From the article it sounds like to another bank. 

[dalebert]

I was on the phone with my investment guy who's also a good friend from before he got into that job. When I told him I know people who actually buy gold and silver in hand as opposed to stock, he said they have to worry that it might get stolen. I explained to him that their gold and silver MIGHT get stolen, but that any increase in stock value WILL reliably get stolen in some portion by the gubment. He conceded the point.

[Nicholas Gilman]

   Maybe next time around we can stop fractional reserve banking altogether,
and not carry a wallet full of IOUs.

[penguins4me]

   Maybe next time around we can stop fractional reserve banking altogether,
and not carry a wallet full of IOUs. >:D

Assuming the current gov't survives this mostly intact (can I can't imagine why they wouldn't), what are some ideas on how to go about getting an honest currency system implemented? People with the memory of paying $100 for a loaf of decent bread fresh in mind will most likely never be more open to hear about non-fiat currency...

[Nicholas Gilman]

http://www.basicincome.com/basic_gendata.htm

    Coins made of precious metals work well, especially in this day when gold and silver
have high demand for use in electronics and computers. 
   

[dalebert]

Assuming the current gov't survives this mostly intact (can I can't imagine why they wouldn't),

That's sarcasm, right?

[Friday]

Did anyone else find it interesting when the U.S. stock market was tanking on Thursday, and in the last few minutes of the trading session it "miraculously" turned around?  I wish I had saved the CNN webpage at the time, but that is literally the word they used: miraculous.  Gee, you think the Pope will try to get Bernanke beatified? 

The government lies about war, and taxes, and spying on its citizens... but I trust the functioning of its financial market, and the reportage of same, implicitly.   

[penguins4me]

Assuming the current gov't survives this mostly intact (can I can't imagine why they wouldn't),

That's sarcasm, right?

Granted: the US is not Argentina. Yet, "authority" didn't melt away into the shadows when their economy collapsed, nor has Brazil's runaway inflation caused people to institute a free society.

Perhaps pockets of freedom will flourish in areas already rich with people willing to shoulder the responsibility for such, but "the man" doesn't seem to go away simply because his wallet is empty and his credit cards are maxxed out... :(

[penguinsscareme]

Did anyone else find it interesting when the U.S. stock market was tanking on Thursday, and in the last few minutes of the trading session it "miraculously" turned around?

I heard on the news the fed bumped up the money supply to banks so it would be easier to lend more.

[penguinsscareme]

linkification:

http://hosted.ap.org/dynamic/stories/W/WALL_STREET?SITE=WBZAM&SECTION=BUSINESS&TEMPLATE=DEFAULT&CTIME=2007-08-18-05-18-37

[E-ville]

I just emptied my savings and invested it in liquid assets, if it all goes to hell and banks fold etc.. I'll still have my assets.. but, my savings was setup for this particular reason, a small holding pool for investment it material items that have increased value or use in a time of hard times.

Assets that are of value during good and bad times are a good investment, ones that will be worth more in a bad time are even better.

So far I have enough every thing I need to go anywhere in the country with a shelter at no cost.. I have hundreds of gallons of fuel stored, lots of food , transportation and shelter.  It's kind of like my savings are in items of value but items that will become more value in hard times.  And that is what most people should save for, a security blanket.. for when times are rough.. I got that, its just not in federal reserve notes, its in assets that do the same.

[error]

Those liquid assets, I hope, are in your sweaty little hands.