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Thread: Financial crisis at-a-glance: 7 Oct (from the BBC)

  1. #1
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    Oct 2006
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    Default Financial crisis at-a-glance: 7 Oct (from the BBC)

    All times in BST, chart in GMT.

    2100: The Dow Jones industrial average loses 508.39 points, or 5.11%, to end at 9,447.11.

    1930: Chancellor Alistair Darling says he will make a statement before the markets open on Wednesday on government plans to "put banks on a longer-term sound footing".

    1826: US President George W Bush calls for co-ordinated action by leading industrialised countries to tackle the crisis.

    1815: US Federal Reserve chief Ben Bernanke says prospect for economic growth has worsened, and hints at a possible interest rate cut.

    1754: Belgium raises minimum guarantee on bank deposits to 100,000 euros - an increase of 20,000 euros.
    Lots more at Link

    There has also been news that EU member states will guarantee bank deposits up to 50000 euros, and...

    CHANCELLOR Alistair Darling pledged again today to do “whatever is needed” to maintain financial stability as he disclosed that depositor protection for savers may rise again from the planned £50,000 limit.
    Link

    Well, on the one hand, a guarantee for your own money seems like a nice thing, but on the other hand, isn't it equivalent to saying "wave goodbye to everything you have over £50,000...?"

    Or to put it another way: You have two cows. The government guarantees that you get to keep one cow. The other cow disappears overnight and no-one can say where it went...

    It should not be lost on goldbugs that if you have your money in physical gold in your possession, then some or all of it vanishing into a black hole in the vaults of your bank will be the least of your worries.

    This is something that physical gold advocates at Kitco, USAGOLD, Gold-Eagle, PruBear, GIM, Voy and other places have been carping on about ever since Greenspan sounded the alarm over "Irrational Exuberance", which although it may seem like a long time, is merely the inevitable winding-up process of the debt burden to followers of long-wave cycles. Now this lesson is becoming brought into sharper focus for many people.

  2. #2

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    It should not be lost on goldbugs that if you have your money in physical gold in your possession, then some or all of it vanishing into a black hole in the vaults of your bank will be the least of your worries.

    Cajus,

    Sorry, a little dense right now. Are you saying that some physical wouldn't help because it's going to get so bad? Or that we might lose it?
    If something seems too good to be true; it's best to shoot it, just in case.

  3. #3
    Join Date
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    Remember, remember the 5th of November where what I told you will come to be...... black clouds in the skys and fire on the ground and the people will wonder which way to go, but there will be no answer for a leader we will not have so that all that you can do is what you do on your own.

    5th of November??? where the heck did I get that date from?...... anyone with any idea what is supposed to happen on that date?

  4. #4
    Join Date
    Dec 2007
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    Default

    Cajus should know what happens on Nov 5th. Cajus, don't you live in England?

  5. #5
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    Dec 2007
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  6. #6

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    They gurantee upto 100,000...

    But they never say when you will get it.

    The other question is, what will the currency be worth when you get it.

  7. #7
    Join Date
    May 2008
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    I long ago moved my cash savings to Northern Rock. After it collapsed, and the government nationalised it, it became ike owning government bonds with added banking services. The UK government doesnt default, it only finished repaying war loans from WW2 to the US in 2007. We all still need cash to pay our bills so oyu have to have an account somewhere.

  8. #8
    Join Date
    Oct 2006
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    4,205

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    Quote Originally Posted by CarRide View Post
    Cajus,

    Sorry, a little dense right now. Are you saying that some physical wouldn't help because it's going to get so bad? Or that we might lose it?
    If you have your money in gold - outside of a bank - then it can not disappear inside a bank.

  9. #9

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    Forget gold, it's going to get so bad gold will have little if any value at least for a little while.

    So: if you haven't allready- get yourself these things, RIGHT NOW! :

    FOOD: Anything nonperishible! Don't wait, stock a minimum 3 month supply if you can! Go by calorie content and nutrition, and learn to use it.

    WATER: Get a method of storing and purifying it, RIGHT NOW!

    A gun with inexpensive ammunition: and when you do... PRACTICE! A 12 gauge shotgun is versitile- the best bang for the buck if you reload, 22's are dirt cheap, a 9mm handgun is a good chice for less than enjoyable close encounters of the deadly kind.


    Handyman/fixit type skills
    : great for bartering, and you'll never "run out"!


    A network of people willing to help each other out
    : this is one of the most important things on the list!

    If you can, also get these things too:

    A rural plot of land with a spot for growing a garden

    Garden vegitable seeds

    Fuel if you can safely store it

    Trade/barter items

    A bible or other holy book for your faith: They have a lot of wisdom in them that will help you through this time.

    "nuff said

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