February 9, 2016 at 5:05 am #47152
Get your shopping list out of the last ditch before the fall buying spree. According to Michael Snyder the collapse is within sight.
By Michael Snyder, on February 8th, 2016
“The next great financial crisis is already here, and right now we are only in the early chapters.
Ultimately what we are facing is going to be far worse than the financial crisis of 2008/2009, and as a result of this great shaking the entire world is going to fundamentally change.”
“Overall, Europe’s banking stocks are down 23 percent year to date and 39 percent since the peak of the market in the middle of last year.
The financial crisis that began during the second half of 2015 is picking up speed over in Europe, and it isn’t just Deutsche Bank that could implode at any moment. Credit Suisse is the most important bank in Switzerland, and they announced a fourth quarter loss of 5.8 billion dollars. The stock price has fallen 34 percent year to date, and many are now raising questions about the continued viability of the bank.
Similar scenes are being repeated all over the continent. On Monday we learned that Russia had just shut down two more major banks, and the collapse of Greek banks has pushed Greek stock prices to a 25 year low…”February 9, 2016 at 9:50 am #47154
I just read this morning that the CEO of Sweden’s largest bank has been fired, effective immediately…February 9, 2016 at 1:23 pm #47155
In my opinion if there are credit unions and small banks in your area, preferably non-publicly traded, they are a far safer bet than the big boys of Wall St. Credit Unions and small banks make their money the old fashioned way via mortgages, and small business and consumer loans. They do not play the market nor do they play those derivative games that few if any understand. They also tend to keep a lot more in capital than is required by the regulators. Non-publicly traded ones don’t have to play the quarterly market games which sometimes sacrifice the future viability of an institution in exchange for bonuses the decision makers will earn today.
Regulators (both Federal and State) audit small banks far harder than they do the big boys, because they can. The slightest infraction gets them written up. The end result is small banks work hard to play by the rules. The big boys consider paying fines a cost of doing business. They make a billion via outright fraud, pay a hundred million as a fine, and keep the rest. Rinse and repeat. They know they are too big to fail, too big to jail.
You can stay abreast of the financial status of your bank by checking these sites. You want a 4 or 5 star ranking. Run fast at a 2 or lower. Note that the ranking are only updated quarterly and even then with a month or two lag in getting the rankings posted, but banks generally do not change their status very quickly.
There are others too like this. These two are very easy to navigate.February 9, 2016 at 3:43 pm #47157
Joined a credit union after being jerked around by a big bank. Could not be happier with them. Conservative banking approach, accessible customer service, and super strong financials. Feel confident that as the big banks tumble, that I will be as well protected as possible. Plus the Credit Union invests in the local economy and strengthens it.
Rated 5 stars!February 9, 2016 at 5:05 pm #47159
Agree with the credit union idea. They do have a better chance. What I see is that the Dow is going up one day and down the next. This is a sign of things are getting close to a slow but sure collapse. Will be nothing like 2008, will be much larger. Just remember that even if we have our money in the safest place that the dollar may collapse so it is very important to stock up on food, water and ammo. Keep your eyes on the national debt clock at http://www.usdebtclock.org/ so you can see that the national debt is now at $19 Trillion. Many say that the $20 to $21 Trillion is the point of the collapse, we will see. The $20 Trillion mark will hit in 2016 so it is around the corner.February 9, 2016 at 6:09 pm #47160
Here is another sign, Negative Rates In U.S. Only As a Last Resort http://www.foxbusiness.com/markets/2016/02/09/negative-rates-in-u-s-only-as-last-resort.htmlFebruary 9, 2016 at 8:05 pm #47165
I recognize this is legitimately about banks, and this is not an attempt to hijack it. I only add this because it’s all so interconnected and interdependent. Big oil is similarly on the brink. While I do NOT recommend being conned into many of the offerings on Casey Research now that Porter Stansberry is in control of the company, I do recognize that they still put out at least some good information (usually as a teaser to get the reader to buy into something of Stansberry’s). Here’s what just came out yesterday:
The Wall Street Journal reported last week that the global economy is oversupplied by about 1.5 million barrels a day.
• Giant oil companies are struggling to make money…
. . .
British oil giant BP (BP), … Exxon Mobil (XOM), … Chevron (CVX), … Royal Dutch Shell (RDS.A), [and] Total SA (TOT), Europe’s second largest oil company, … are known as the “supermajors.” On average, their stock prices have plunged 30% since June 2014.
• The oil industry is in “survival mode”…
Oil companies have laid off more than 250,000 workers since the downturn began. Worldwide, they’ve cut spending by more than $100 billion in the last year alone.
Oil companies have sold assets… slashed exploration budgets… and abandoned billion-dollar projects.
• But until recently, big oil companies have not cut dividend payments…
. . .
• ConocoPhillips (COP) cut its dividend by 66% last week…
Conoco is the third largest U.S. oil company. It announced horrible results last week. Fourth-quarter sales plummeted 43% from the prior year, and it booked a net loss of $3.5 billion.
And as I type this, oil is now under $28 (after briefly jumping over $33 the other day), and the $US is only at 95.94, after having finally hit 100 just a couple of weeks ago or so. Plus, gold just spiked from $1078 less than a month ago, topping $1200 yesterday, and holding just below that today. It started yesterday around $1165, climbing steadily from there to $1200 by 2:00 p.m. A 3% gain in only hours? And an 11% gain in under a month? Banks? Oil? Gold? And other significant indicators you won’t hear about on the nightly “news” because the only thing that matters is what the polls say about the candidates. But it all seems to be like pieces of a complicated puzzle, all laid out on a large table, and suddenly they’re all moving toward the center of the table and taking shape, even interlocking appropriately to form the eventual picture.
We still have a U.S. presidential election to go yet, and IF that’s allowed to go as planned, I suspect the PTT (Plunge Protection Team) will be allowed to continue doing its job to maintain the illusion of sanity in the marketplace, low unemployment, … and calm. After November (and particularly during the truly lame duck period from then until 20 January 2017), all bets are off. I suspect there will be no emergency declaration or other catastrophic decision by FedGov. Instead, I would not be surprised if they finally allow things to crash and burn, sit back playing their fiddles, while some Republican candidate gets sworn into office with an unfixable disaster on his hands. And if it’s Hillary, and she’s indicted, Obama will pardon her on 19 January 2017, and allow her to implement all the things the people will be screaming for, thereby ushering in the scenario recommended by Cloward and his lovely bride, Frances Fox Piven.
These be dangerous times, don’tchaknow! But all is well – Beyonce got to bring out her Black Panther, anti-cop, pro-Black Lives Matter routine in front of the entire world Sunday, Lady Gaga was the “best” person to sing the national anthem, so all must be well.February 9, 2016 at 8:34 pm #47168
I fully expect an October Surprise. I don’t know what they have cooked up, but there will be one.February 9, 2016 at 10:02 pm #47173
There is no knowing what may be on the horizon but I find myself with a very calm state of mind. My IRA account is being battered in this down market, WWIII is a very real possibility (and the next one won’t be restricted to “over there” but will likely be “here” too), the world my grandkids are inheriting has fewer opportunities than I one I came into, and the guy in the Oval Office can do a whole lot more damage before he is out. Yet there is not much I can do about any of it, and so I am choosing to enjoy life’s little pleasures and go about my days one foot in front of the other. My wife unknowingly helped set my mood the other day by showing me a photo she came across on Facebook of a red barn visually standing out in the snow. It was taken some hundreds of feet away so that you got the fresh snow on trees and such with the barn as sort of a focal point. It was from some photos of Vermont site that she goes to sometime to look at the pictures. That barn happens to be across the way sort of from my house and it made me think how fortunate I am. Illogical I know but there something about the serenity of it that I felt.February 9, 2016 at 10:22 pm #47174
MB, We all need to live day by day. But I can say that almost all on this forum are a lot better prepared for what is coming then 90% of the population. We can never be 100% ready, never. So just keep living. We are a good group which are ahead on all the news coming out on the world economy but who know how long it will take for what is coming our way.February 10, 2016 at 12:07 am #47177
74, I’m not sure what strongly leads you to that belief – somehow I’m not feeling it as strongly at this point (anything could change), but would I rule it out as a long shot or “impossible?” Not for an instant. The only thing that’s certain in my mind is the the outcome is planned, and barring some mistake in that planning, it will come to pass. If it doesn’t, or clearly isn’t coming together as planned, now that would certainly trigger the October Surprise. Then again, it may not be particularly about the United States – an October Surprise here may be designed to be a catalyst for trigger for a cascading series of events world wide.
MB, I appreciate your position. Part of me is very much on board with it, particularly the part that says there’s little to nothing I can do. And I subscribe more and more, the older and more experienced I get, to the Serenity Prayer:
God, grant me the serenity to accept the things I cannot change,
The courage to change the things I can,
And the wisdom to know the difference.”
But I’m also unwilling to sit quietly with my head in the sidelines sand. So, I talk to who I can (and will listen), do what’s worth doing that might have some impact, hoping somebody else’s tiny effort will also be added to mine (or vice versa), etc. One thing’s for sure – my sleep these days is far less affected by the events of the world, and I rarely if ever dream about them. I just keep preparing as I can, adding things as I think or become aware of them, etc. (For example, until recently somehow I’d never thought about the idea of having a clean water source in my first-level EDC kit. Now we’ve got a LifeStraw and will get some more for other kits or longer term. Sometimes it’s just little things that I never thought about for some reason, occasionally it’s a major project to revamp something we’ve already got in place, add to it, or whatever. And anyone that missed the EDC article just posted by Toby a day or two ago, missed excellent material, by the way.)
I just appreciate this forum, the folks in it around the world, and the community it represents – diverse micro-beliefs and opinions, but a common macro-belief that all is not well, and we don’t have to just roll over and accept it. I was struck by the helplessness as well as the fear of the Military and the belief that the government owes everybody everything, with zero personal responsibility, in a video linked on the SHTF Facebook page, about the Flint, Michigan, water crisis:
Finally, back to Europe and the banks, I don’t have faith that the Europeans will allow the banks to fail – unless it fits into their plans. But if that’s the case, it’ll be a good sign that the plan all along has been what only tin-foil-hat-wearing whackos (like me) have believed for quite some time: destroy the system so “the government” HAS to take full control, and we subject ourselves, world wide, to “the government,” for our own good and safety. I think the European banking crisis will be a very instructive thing to watch.February 11, 2016 at 4:56 am #47186
Additional information on the collapse of European banks (with the usual caveat about not falling for the sales pitches from the “new” Casey Research used car salesmen under the control of Porter Stansberry since Doug Casey largely retired – but the articles and analysis, minus the sales pitches, are still often very good). Part of the update includes the fact that Deutsche Bank just hit an all time low this week. The hemorrhaging continues. But the economy is basically strong, says Mz. Janet (Yellen).
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