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A country goes broke-Iceland

It is written......

One of the first of several things that happens near the end of times or 'the end of this age' is a world depression.

Scary stuff going on. I couldnt beleive it to hear just now on CNN that Britain is trying to save their banks as well. I thought it was only the United States that was suffering this fate.. (and Iceland now as well).


Bill
 
It's a good thing I'm already poor...that way when the entire world economy crashes (which it will very shortly), I will not be upset when I wake up and realize that I am poor.

OBIO
 
Last depression went world wide and in this banking crisis the same rings true. This could very well be the avalanche leading into a second great depression. Then again, maybe it won't. My eldest family members survived the great depression only by their trade of dirt farming. What they planted and grew their food and raised livestock. They saved everything they could and at the end of the growing season, they would can the vegetables and store them for winter consumption along with stored meats and poultry. It was very hard times but they came through okay and helped in the War efforts overseas and at home. After the War, they all worked hard to build up their livelihoods and properties. Point being, if it crashes down, we can and will rebuild as before. Hope for the best but prepare for the worst always.
 
This has been going on for a long time,with Fannie Mae and Freddie Mac causing 100% of the problem. This crap of we want everybody to have part of the American dream is a joke. Loans were made for new homerowners that didn't even have a job...like duh! The tax payers have been picking up this bill for a long time we just didn't know it. We have created a hugh mess and it still has a long way to go before we see any light. These two clowns that we have running for the president will not be able to fix this like they are saying. They each say they have a all mighty plan of there own that will take care of all our problems. That is the same crap I have been hearing for the last fifty years. Lies and more lies. Overall, yearly housing costs rose by an average of $5,314, or nearly 65 percent, between 1996 and 2006, according the report released today by the Center for Housing Policy. In 2007, more than 7.5 million people — almost 15 percent of American homeowners with a mortgage — were spending half of their income or more just on their mortgage, property taxes and insurance, according U.S. Census data released last month. :isadizzy::banghead:
 
hey_moe said:
This has been going on for a long time,with Fannie Mae and Freddie Mac causing 100% of the problem. This crap of we want everybody to have part of the American dream is a joke. Loans were made for new homerowners that didn't even have a job...like duh! The tax payers have been picking up this bill for a long time we just didn't know it. We have created a hugh mess and it still has a long way to go before we see any light. These two clowns that we have running for the president will not be able to fix this like they are saying. They each say they have a all mighty plan of there own that will take care of all our problems. That is the same crap I have been hearing for the last fifty years. Lies and more lies. Overall, yearly housing costs rose by an average of $5,314, or nearly 65 percent, between 1996 and 2006, according the report released today by the Center for Housing Policy. In 2007, more than 7.5 million people — almost 15 percent of American homeowners with a mortgage — were spending half of their income or more just on their mortgage, property taxes and insurance, according U.S. Census data released last month. :isadizzy::banghead:
Click to expand...

I agree Helldiver. Hearing my Grandparents and relatives speak of it I don't want to see it either.

As to the US part of this with FM and FM, that is only part of the problem. This is a much larger and complex problem both here and abroad. The situation in Europe, Russia and Iceland aren't at all tied the the failures here but rather their own similar issues. Now all the chickens are coming to roost and there is nowhere for them to safely land.
 
I spent a year living in Iceland.

With a total populace of around 300,000 or so, they don't have the wide margin for error available that we in the USA enjoy....
 
Moe has hit the current crisis right on the head. Of course it's more complicated because of the trillions in 'funny money' created to cover the original 'sub-prime' mortgages.

I've been watching this mess develop for 15 years now; managed to make a few $$ early on. As a result, I've been buying gold coins over the years. Only thing that really scares me is during the last depression the government outlawed private ownership of gold, if I'm not mistaken.

I don't know about tough times, but interesting times is a' coming.

Bob
 
Take it tongue-in-cheek if you like, but I think it's high time we noosed a few multi-billionaire CEOs and their multi-millionaire management teams and dropped them through the gallows for the sake of the the world. Then use their overblown earnings for recovery!

Caz
 
Caz,

I rather like the idea of tarring and feathering, then the running out on a rail. That's what used to be done to scoundrels and snake oil salespersons.

Bob
 
"Those Who Forget History Are Doomed to Repeat It"? Santana.
It took ten years and WWII to finish the other depression. Roosevelts NRA, CCC and WPA were only a stop gap measures. I really hope that it won't take WWIII to bring this new one to a close.
 
Lionheart said:
It is written......

One of the first of several things that happens near the end of times or 'the end of this age' is a world depression.

Scary stuff going on. I couldnt beleive it to hear just now on CNN that Britain is trying to save their banks as well. I thought it was only the United States that was suffering this fate.. (and Iceland now as well).


Bill
Click to expand...

I'm with ya on this one Bill!! Good thing I've invested in lots of ammo!:costumes:
 
MudMarine said:
I'm with ya on this one Bill!! Good thing I've invested in lots of ammo!:costumes:
Click to expand...
I have a case of special hand loaded Sierra Match King 175gr 7.62/.308 ammo for my Sniper Systems. The value of that case has gone up nearly 4 times what I paid for it and the company who sold it too me has tried to buy it back repeatedly(fat chance!). I broke up that case and other ammo I have and spread it between locations at home and my dig in the mountains. I have enough emergency provisions and MRE's stored to feed me and my family for almost a year besides our normal food supply and livestock located at the family farm.

"Have guns, will travel"
 
deathfromafar said:
I have a case of special hand loaded Sierra Match King 175gr 7.62/.308 ammo for my Sniper Systems. The value of that case has gone up nearly 4 times what I paid for it and the company who sold it too me has tried to buy it back repeatedly(fat chance!). I broke up that case and other ammo I have and spread it between locations at home and my dig in the mountains. I have enough emergency provisions and MRE's stored to feed me and my family for almost a year besides our normal food supply and livestock located at the family farm.

"Have guns, will travel"
Click to expand...

Woohoo, smart man!

Yep desperate times make people desperate. Robberies and voilent crimes on the rise around here. Caught a guy attempting to steal gas from my GF's car last week. He almost lost a discussion with a 9mm hollow point!
 
I've got a bunch of 44-40 ammo loaded up that fits both my rifle and my pistol. And plenty of 357 for the wife's guns. That takes care of the venison and home defence. And I've got enough powder, etc to reload that much more. I could always use more 22 ammo for small game though.

I do believe times are about to get interesting...
 
deathfromafar said:
This is scary. One of my friends who is a broker/investor predicted all this many years back and like clockwork it is coming to pass. Anyone care to guess what the prediction odds of another world wide depression are?

http://news.yahoo.com/s/ap/20081007/ap_on_re_eu/eu_iceland_meltdown_1
Click to expand...


How rich is he now?
If someone really had known this before, he must have made his fortune!

I am very glad, that I put nearly everything I earned in my education.
Noone can take it from me ever again.
 
Jaxon said:
How rich is he now?
If someone really had known this before, he must have made his fortune!

I am very glad, that I put nearly everything I earned in my education.
Noone can take it from me ever again.
Click to expand...

Well, he did make a lot of money when the going was good. He stowed cash in safer confines and more secure investment which have actually skyrocketed in the last 2 years. His stocks as of late have taken a severe beating. He prepared though unlike many.
 
Things have changed from the last depression.
Today Moneytransfers are not connected to good transfers anymore.

They exceed it by rate X and are part of their own. Nevertheless, they are still connected to a certain part. And this crisis will reach the real market, for sure.

But on the other hand, other financial crisis have been evaluated really good and men learned from them. There have been ca. half a dozen crisis in the uprising in the last decades, that could be stopped before they went out of control. (tiger-states crisis in asia, crisis in south america, etc.).

If something like this occurs, there is a good will and enough money and understnading to stop it by taking action fast and with a hose, not with a can. That is the reason, why you read these huge amounts being invested right now. One bank helps the other and even government supports, where it can.

Normally this is no problem, when a single business went bankrupt - it is its own fault.
But in this new dimensions, letting the business die would cost us all even more, than helping it.
Not good to know. Everybody else in this region up there can do whatever he wants without risk now.
---

Bankrobbery is for idiots.
Pros found a bank!
:icon_lol:
 
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