Merrill Lynch has warned that the United States could face a foreign "financing crisis" within months as the full consequences of the Fannie Mae and Freddie Mac mortgage debacle spread through the world.Things'll get real interesting if we do suffer a complete financial meltdown.
It could get to the point where it'll be too late for some to change their minds about guns.
[Via Avg Joe]
9 comments:
Global this, global that. American investment firms suggest putting our money in ASIAN stocks and bonds now. I guess South Koreans will be getting the dog meat they traditionally eat on July 19th from new, modern supermarkets instead of traditional vendors, supermarkets built with American dollars.
Foreign entanglements. We could all go down together. The price of fuel and consequently the price of food is up WORLDWIDE.
I don't see how a crash COULD be a local event.
The news yesterday said that more people than ever are borrowing more money than ever from their retirement accounts.
I think the less money we have on paper in some account in some institution somewhere, the less it'll feel like October 1929 when it goes boom. Enron and GM were once solid-gold lifetime career providers. Now workers look at their retirement and see moths fly out.
Suppose the end of the economic world happens and riots break out everywhere. It won't make a nickel's worth of difference what your opinion about guns is if you have one but don't have the ammo to feed it. Stock up now, while prices are nice and (relative to the future) low.
Boys read the comments at the end of the story. They sound like they are coming from gun owners but the word gun isn't in the comments.
People are starting to wake up and are thinking about the road the international bankers have put us on.
Today's paper has a consultant predicting $15-a-gallon gas as world production peaks. U.S. production, he says, peaked in 1970. Anyone remember the "energy crisis" of '76? That was some bicentennial. Bow toward Mecca... and beg.
1970 would have been the time to prepare for now. There was a big emphasis on being "green" then, too. No Alaska drilling. No offshore drilling on the East and West coasts.
Almost like ... a conspiracy to put us where we are now. I only drive to and from work anymore. At $4 a gallon, a week costs me $20. I'll still HAVE to do it at $60 a week. The cost of everything else I buy will rise proportionally.
American families already have NEGATIVE savings. Borrowing from retirement accounts is at record levels.
Peak Oil never actually happened. The higher spending on fuel has encouraged investment in horizontal drilling of shale formations -- for example -- it's happening right now in the U.S. There are also other disruptions in commodities trading that aren't caused by oil cartels price-fixing and dumping on the market to bankrupt competitors, or our "high" consumption coupled with heavily restricted energy markets -- and consumption appears to be dropping. (Boy, when I think about all the investors who were financially ruined by the willful destruction of the Nuke industry...)
However, I think there might be another elephant here. My perspective on high-risk loans and the lending market is that my directly-paid (not total) yearly tax burden is larger than a year's worth of mortgage payments; the largest investment of my life. Yeah, I'm sure that doesn't mean anything.
this is an old, old story, but...
there's also a dude who is reasonably sure he has a better explanation for where oil comes from than simply "fossils."
it's possible that the wells renew themselves, as the deep-earth processes which may generate oil from raw chemical elements are continuous.
so, "oil is a fossil fuel" probably isn't the whole story.
also, we have a TON of shale here in the US. there is also a new way of "microwaving" the shit out of it -- and other rubbers and plastics, too -- turning it back into crude, which is just getting started:
http://peswiki.com/index.php/Directory:Global_Resource_Corp:High-Frequency_Attenuating_Wave_Kinetics_or_HAWK
Don't worry - the forum warriors at Arfcom have told me because Bush is in power, this whole recession thing is a plot by the eeeeevil democrats to subvert his supreme authority. The wall-banger is still going to eat his $100 kobe beef steaks no matter how many Americans are destitute.
Give it up. Have you guys even noticed that other folks are putting 2+2 together?
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