Of course you're just fucking around, it makes no sense otherwise and despite being arrogant no one can claim you're dumb. That's why I don't just let you run roughshod over whoever posts here despite it being dead. In that, you kind of remind me of RE and his whole routine. Of course, that's not a compliment but you'll probably take it as one. Anyways, the warning stands, keep your tone civil or the usual warn-ban routine stands.

Now, asides are finished, back on topic with a friendly demeanor.

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I want you to take notice of the fact that no one has even attempted to discuss the topics I initially brought up, namely fractional reserve banking, and the way our whole economy is owned by the Federal Reserve. In fact, titan brushed it aside after admitting he had no clue (even though I was kind enough to provide him with a very handy resource).

And because y'all simply don't even have the ability to discuss those things, you've gone after me. That's why it doesn't matter what tone I have, because you just can't take what I'm dealing you.

So, again, you're fooling yourself with your own rhetoric.

EDUCATE YOURSELF.

What elevation says has affected at least one person, I can attest to that.

If you've ever seen the movie, "It's a Wonderful Life", it's easy to understand what's going on. The banks don't actually have the money you have saved in there. They've invested in stocks and bonds... so when a group such as Lehman Brothers gets called out asking to show some money, they can't because it's out there floating around in investments and loans, thus bankruptcy.

Now, I'm sure I'm not really talking over anyone's head at the moment, but the point is, it's probably a good idea to research an off-shores account just in case your bank goes bankrupt. Luckily for me, I'm with Wachovia, who will merge with Wells Fargo (unless CitiBank has some more things to say about it), so my money should be fine (not to mention, I don't have SO much money that they couldn't provide me), but for those in a lot of debt or those who are very wealthy, it's a good idea to perhaps take a step back and really look at what's going on.

... and on a political note, I hope nobody here really thinks a president can fix or ruin this. This is a societal issue. I guess the only negative a president really could do is if Obama is elected, he'll raise taxes, which will hurt more for a lot of people right now and ultimately it probably won't help the economic situation since people won't be able to boost the economy with more purchasing from money saved on tax breaks.

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"I'm the bullet crack in your diamond pimp cup."


PD~

Maybe I'm completely stupid now but as far as I know the exact same thing that's happening now happened in the beginning of the 90's too, at leastg with swedish banks, and a lot of people lost a lot of money, but in the end the economy turned back up again. And I wont even get into the great depression.

Isn't this just how it works, it goes up and down, the risk-takers lost a lot or win a lot, the rest of us just have to tag along for the ride, because cash in your mattress will be eaten up by inflation in to time.

I have about 3000 dollars on my bank account, I'm not reallyu worried my card will be declined when I plan on using them, and another 2000 bucks in stock, that stock's lost value before a lot of times but it goes up again.

Worst case scenario I'll just work some extra hours and make that money again. It's not like rent is killing me.

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Do you know what it is that actually happened in the 90's?

Do you know what is actually happening right now?

Keep in mind why the United States is in this near-crisis to begin with... it's because we're stupid and selfish. How many 20-somethings thought it would be great to get married, pump out 2 kids, all while not completely financially stable, and then go for that big house because our banks came up with the great idea of sub-prime loans. Next thing you know, those kids are really expensive (as well as divorce settlements), you start missing mortgage payments, and you default on the loan. Uh-oh, foreclosure city, tanking economy. Classic.

I never took an economics course, but I'm not dumb enough to either start a family and go for the house when I'm not ready or go for the house if I had a credit score below 700. It's the banks' fault, ultimately, though.

It reminds me of that commercial where the guy is painfully smiling in every scene while he's explaining how he has all these great things in his life, such as a nice house, nice car, etc... "I'm up to my ears in debt."

Ahh, the American Dream.

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"I'm the bullet crack in your diamond pimp cup."


PD~

Basically, that has happened on a massive scale never seen before. Our current system of a fiat currency has existed only since 1971, when Nixon officially closed the gold window. Since then the dollar has been unbacked by anything of any value, and the debt levels across the board have skyrocketed. The only way this system can keep growing is if credit is cheap and easy (just like our energy), and if the debt levels can keep ballooning without ever having to be written down. That's how Alan Greenspan inflated us out of the NASDAQ bubble burst of the dot-com era. He held interest rates at historically low levels for three years to allow the real estate market to explode into its own bubble, so we could keep the party going and put off our day of reckoning. And that's what's going on right now - anything that is supposed to bail out or prop up the system will only make the end result more catastrophic. At this point they are just trying to postpone it until after this administration. I'm not convinced they'll even make it that far.

no it's my fault, i started this thingy ^^

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I think the country will survive. I know it seems gloomy, but The Depression was a lot worse and we still turned out fine from that. The people this is really going to affect the most are the poor and uneducated. They won't be able to get jobs or make enough money to live within a means. Someone such as myself will be fine... and by that standard (my own), that's why it will never be THAT bad.

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"I'm the bullet crack in your diamond pimp cup."


PD~

Tomorrow is the day.

This week is the week.

Seek shelter.

Dude, you just have to accept what is.
One person has next to no effect on this material world.

However, we can use this time to instead direct our attention inward, while we still can. Draw your consciousness toward the unmanifested instead of identifying with your thoughts that are deluding you into fully believing that you can do anything to affect what's happened today. What's the use in blaming people, does blame change anything? It does not, and it is insane to think otherwise.

All things in the material world are bound to fail. What's the worst that will happen, we'll die? I'm over it.
Move to Canada, we'll be subsistence farmers, how bout that? Bring a guitar.

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transientb.bandcamp.com

What you are seeing is the collapse of the entire global economy. It began in earnest this week, and the destruction will continue through 2009.

The next 6 months or so will be ugly, and God knows what happens after that.

The rise of regional, and community based agriculture, and the end of the suburbs. The rise of rural economy and farmers. The end of industrial farming.

Our form of global capitalism is inherently unsustainable. What we'll probably see is a shift towards more local (perhaps even communal) economies. Ask any critical globalization studies professor, they will tell you that the end of capitalism is not the end of civilization. However, they are all Marxist, so take it with a grain of salt.

The breakdown of society =/= the end of civilization. Stop worrying so much. Accept your fate and work from there.

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transientb.bandcamp.com

I am diversifying by investing my money in alpacas!

When society collapses and we use the dollar as toilet paper, I am gonna be sitting pretty on my alpaca!

/sorry couldn't resist.

/grin

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I <3 doyle.

Hey, when life gives you lemons, have a lemon party.

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transientb.bandcamp.com

@ elevation: you live in the US, don't you? Then I can understand why you're acting so serious about the bank stuff. They're just after your money=> banks are bad
But bennieboj lives in europe, and here, we don't have those banks who offer loans with super-high interest like in america=>banks are good

And if you already knew this: sorry

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Braveslash, take cover.

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I dont know much about banks, but i was watching this harry potter movie and a big ugly guy and some little funny lookin kid were at a bank and there was a midget behind the counter and his face looked like wax pretty weird

In fact this is off topic, LOLzzz

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heading for a bunker right now

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can I be in that bunker to plzz ?

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well, if you have a plane ready for japan, sure, why not

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Man i ahve 5 but what does this has to do with economy, just keep on talking about the world economy

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