You know some of you will laugh at the thought but it is those who do not prepare that will hurt the most so I suggest you quit laughing and get ready. No this is not some JW fear tactic either this is real and coming soon to a neighborhood near you !
The Economy for 2010
by oldflame 49 Replies latest jw friends
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shamus100
Hi oldflame,
I don't think you're trying to scare us at all. There are some real nutbags on here, and you don't seem to be one of them.
It could go either way, IMO. The chances of a double-dip is substantial, and I"m choosing to watch the market every day and be ready to sell immediately. It's like hanging on with white knuckles right now; I've already done quite well since it bottomed out, and am taking another chance.
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sammielee24
Not laughing oldflame.
Interesting that Citi has highlighted their policies this month, letting their customers know that they have the right to freeze any withdrawl from your checking account for a week. This is old news they say, but it's in bold highlighted now so customers should understand there's a reason why this is coming to the forefront now.
According to the more knowledgeable people out there, we are set for a major crash in commercial real estate...bigger than the residential which is still dropping people into the fire pit. It seems that analysts predict a market collapse later this year into early next year but who really know? Everyone has an opinion on it and they vary.
People should be prepared for any disaster as much as they possibly can and that includes financial. A small sum of cash on hand is better than nothing - if banks like Citi were to freeze account withdrawls for a week there is no guarantee there wouldn't be a disruption of other services at the same time. sammieswife.
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leavingwt
People should be prepared for any disaster as much as they possibly can and that includes financial. A small sum of cash on hand is better than nothing - if banks like Citi were to freeze account withdrawls for a week there is no guarantee there wouldn't be a disruption of other services at the same time. sammieswife.
You may want to exercise your 2nd Amendment rights, too. Otherwise, someone may relieve you of your cash, during American Revolution 2.0.
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oldflame
Well here is some more to add to what I have been saying !
ATHENS (AFP) – Greece risks bankruptcy unless strict austerity measures are enacted fast to cut its deficit, Prime Minister George Papandreou warned on Friday, while reports said the EU wants even more belt-tightening.
"The dilemma is -- are we going to let this country go bankrupt or are we going to react?" Papandreou told lawmakers in Athens .
"We have an obligation to the Greek people to do everything we can now, today, to face immediate dangers because tomorrow will be too late," he said.
Papandreou also emphasised that "no other country will pay our debts" amid speculation of possible emergency financing from the European Union .
His comments came after news reports said that Greece had to delay a bond issue this week because of financial market turbulence , as three major German banks told AFP they would no longer buy Greek government bonds .
Greece has the highest public deficit in the eurozone and its fiscal crisis has dragged down the value of the euro and raised fears on Europe's economy. Moody's rating agency has estimated that 15.1 percent of tax revenues will be needed to finance borrowing this year.
Analysts at Wall Street giant Goldman Sachs said in a note that Greece faced "imminent refinancing challenges" and possible "liquidity shortages."
Greece has raised about 14 billion euros (19 billion dollars) this year out of an estimated 55 billion euros in financing needs, the analysts said. It also has 20 billion euros in debt service payments due in April and May.
"Our view for some time now has been that the government will be hard-pressed to push through this financing hump with only commercial or internal sources of funding," the bank said.
"Some external assistance may therefore ultimately be required, likely in the form of bilateral aid or loan guarantees from individual member states."
Goldman Sachs is under scrutiny for allegedly assisting Greece to conceal the weak state of its finances from the early years of the eurozone.
Christoph Weil, an economist at Germany's Commerzbank in Frankfurt , said: "The focus is on the question whether Greece will find any buyers at all for the bonds it will have to issue to prevent default by April at the latest."
A Greek official meanwhile told AFP on condition of anonymity that the head of Deutsche Bank , Josef Ackermann , was in Athens on Friday and could meet with Papandreou, saying the talks would send "a message to the markets."
The prime minister said earlier that Greece's borrowing needs are covered only until mid-March and has called for the EU to intervene to lower the rate at which Greece can raise funds to a level comparable to its eurozone partners.
The yield, or interest rate, that Greece must pay in order to sell its debt on bond markets has risen sharply in recent months because of a perceived risk of default and is now more than twice as high as Germany 's.
The yield on Greece's 10-year bonds, however, dipped to 6.605 percent on Friday afternoon from 6.640 percent late on Thursday -- still high compared to 3.113 percent for the equivalent German bonds.
Financial markets have become wary of Greek bonds since the country raised its 2009 public deficit estimate to 12.7 percent of output from 3.7 percent initially, highlighting disastrous finances and unreliable book-keeping.
The government has since unveiled a series of austerity measures including new taxes, public sector benefit cuts and hiring freezes to save in order to shave off four percentage points from the deficit this year.
But the European Union is now pressing for far tougher action in the Greek programme, Dow Jones Newswires reported, citing a senior Greek official.
"They are telling us the current measures will only cut two percentage points," the government official was quoted as saying on Friday.
Heightening investor fears, Moody's and Standard & Poor's have warned of possible further downgrades of Greece's already low credit rating.
Luxembourg Finance Minister Luc Frieden meanwhile said in an interview published on Friday that fellow eurozone states would have to step up to aid Greece if necessary in the interests of European cohesion.
"We don't have any other choice. Europe is a community of solidarity," Frieden told the German business daily Handelsblatt . "We are not going to allow Greece to become a risk for the eurozone," he said.
French Finance Minister Christine Lagarde also said in an Australian television interview that if Athens proved it could reduce its deficit "members of the eurozone clearly will be prepared to help Greece if that was necessary."
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oldflame
Here is a link from some more news today..
http://finance.yahoo.com/banking-budgeting/article/108914/the-euros-next-battleground-spain
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Think About It
I was in a financial seminar earlier in the week and the current technical charts are strikingly similar to the post 1929 chart. After the 1929 crash there was a significant rebound and then a worse fall. Be on guard at all times! Be resolved to not ride it down again if it looks like another crash. Was talking to a broker yesterday and he was telling me about a woman who during the tech run of the late 90's turned $60,000 into $1.6 million only to ride it back down to $60,000 when the tech bubble burst.
Think About It
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leec
Sorry, I missed seeing this post until just now:
Robdar: "My fiance was saying something similar. Hey, I missed your link to the documentary. Could you repost it? Thanks."
Here you go (it's about an hour, and well worth the time): The Warning
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oldflame
leec,
I watched the video it is worth the time to watch it. It's another nail in the governments coffin.