Peter Schiff (Ron Paul financial advisor) points out that the government destroyed the United States Economy. Let the free market cleanse the markets.
The Dollar will go into free fall.
Washing...
Peter Schiff (Ron Paul financial advisor) points out that the government destroyed the United States Economy. Let the free market cleanse the markets.
The Dollar will go into free fall.
Washington Mutual Inc was closed by the U.S. government in by far the largest failure of a U.S. bank, and its banking assets were sold to JPMorgan Chase & Co for $1.9 billion.
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Thursday's seizure and sale is the latest historic step in U.S. government attempts to clean up a banking industry littered with toxic mortgage debt. Negotiations over a $700 billion bailout of the entire financial system stalled in Washington on Thursday.
Washington Mutual, the largest U.S. savings and loan, has been one of the lenders hardest hit by the nation's housing bust and credit crisis, and had already suffered from soaring mortgage losses.
Washington Mutual was shut by the federal Office of Thrift Supervision, and the Federal Deposit Insurance Corp was named receiver. This followed $16.7 billion of deposit outflows at the Seattle-based thrift since Sept 15, the OTS said.
"With insufficient liquidity to meet its obligations, WaMu was in an unsafe and unsound condition to transact business," the OTS said.
Customers should expect business as usual on Friday, and all depositors are fully protected, the FDIC said.
FDIC Chairman Sheila Bair said the bailout happened on Thursday night because of media leaks, and to calm customers. Usually, the FDIC takes control of failed institutions on Friday nights, giving it the weekend to go through the books and enable them to reopen smoothly the following Monday.
Washington Mutual has about $307 billion of assets and $188 billion of deposits, regulators said. The largest previous U.S. banking failure was Continental Illinois National Bank & Trust, which had $40 billion of assets when it collapsed in 1984.
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IF you want a real laugh, look at how many COLLAPSED BANKS the FDIC has rescued from runs and total collapse, as opposed to simply 'assisting', so far this year (2009Jul02)... it is hilarious!
The usa's minor banking system is collapsing to total SILENCE from the media! How amusing.
Yet again the usa slides further towards 3rd world status, the Chinese distance themselves from the increasingly worthless $ while Asia and the Rest-of-the-World quietly recovers from the usa's homegrown disaster.
Who are familiar with the 40k series hear this: These are the closing years of the U.S Empire of the 21st Century. With the U.S military resources exhausted due to the holy crusades during the war on terrorism, countries like Russia, China and India are able to catch up. More and more U.S soldiers are sent to the Middle East to retain stability. The realm of America begun to crumble and its armies call for reinforcements that do not exist. The light of the Pentagon is fading.
oh great idea, let's not have our dollar based against gold, are we this stupid people, the fed has the heist of all time going on right in front of your eyes. Wake up you bunch of sheep!!!
While there is certainly merit in a gold standard I still believe the best system is a federal bank that is mandated to increase the money supply 2% to 5% a year.
The federal bank should be prohibited from changing the reserve requirement once a figure is agreed upon, say 7% and prohibited from "setting" interest rates.
The ONLY function of the federal bank should be to grow the currency.
A separate bank should be in charge of liquidating failed banks financed by fees from those banks.
That would be a better system than the one we have now... but your still growing (inflating) the money supply... so you would lose 2% to 5% of your "wealth" every year
Gold has a very stable value... it's the fluctuation of the dollar that makes the gold market look volatile
In the end a dollar is only worth what you can buy with it
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(Mad Max)
The usa's minor banking system is collapsing to total SILENCE from the media! How amusing.
Yet again the usa slides further towards 3rd world status, the Chinese distance themselves from the increasingly worthless $ while Asia and the Rest-of-the-World quietly recovers from the usa's homegrown disaster.
These are the closing years of the U.S Empire of the 21st Century. With the U.S military resources exhausted due to the holy crusades during the war on terrorism, countries like Russia, China and India are able to catch up. More and more U.S soldiers are sent to the Middle East to retain stability. The realm of America begun to crumble and its armies call for reinforcements that do not exist. The light of the Pentagon is fading.
watch "money masters" to see how they are connected.
I get tired of explaining this to dummies, but yet again I have to... the usa cannot go back on a gold standard because "it has no gold" of a
significant quantity and the amount of gold in the ENTIRE world wouldn't underpin even a small portion of the world trade that takes places EACH DAY!
A dollar collapse will help me but cripple you.
The federal bank should be prohibited from changing the reserve requirement once a figure is agreed upon, say 7% and prohibited from "setting" interest rates.
The ONLY function of the federal bank should be to grow the currency.
A separate bank should be in charge of liquidating failed banks financed by fees from those banks.
Gold has a very stable value... it's the fluctuation of the dollar that makes the gold market look volatile
In the end a dollar is only worth what you can buy with it