So the Doc has been updating us on the ATM crashes from RBS, UBS, and the German bank (Deutsche w/e) and I just wanted to give you guys a critical parallel to the sub-prime mortgage crash that is shockingly similar to what is going on now.
First, I know there was that IT guy (I forget his name) that posted about how this is all normal and what not and that it is likely a systems update but I am reading “The Big Short” by Michael Lewis and I am at the part where Mike Burry is explaining when SHTF in June 2007 in the Sub-Prime world that the big banks where he placed his CDS wagers with (Goldman and Morgan Stanley) all of a sudden would have systems crashes and made up excuses anytime he tried to contact them to ask about how his portfolio of CDS’s were doing and if they were increasing in value when the bonds they were tracking were blowing up.
It is eerily similar to what is going on today with the banks in europe and how they are claiming systems updates or or ‘systems problems’. I just wanted to note that to you guys, that if this is a similar situation then all of Europe is about to blow up in the next 2 months. That is all.
When Wachovia was failing and being closed down there was a run on the bank before it was fully taken over. There were doubts about the purchase/takeover between Wells and Citibank but the silent bank runs that took place over a period of a weekend in Sept 2008 deplete the bank to insolvency in a blink of the eye.
Over that weekend the FDIC stepped in to backstop the bank but the large depositors and account holders had already done the damage and stripped the bank of billions in 48 hours. This bank and WAMU were gutted in a period of a couple of days as the large account holders took their account balances down to the FDIC protection of $100,000. The individual account holders heard about this and the problems with keeping the bank open and began the jogging bank run. There was a brief time period when the MSM showed people lined up outside the bank to get their money. Just like 1930.
In Europe the banks are being decimated by the large account holders shifting their funds to other banks and other countries with a mouse click, creating this silent bank run. If I was to predict anything about this, if bank runs begin in earnest, the smaller account holders will be the last in line. The real bank run will take place over night; over a weekend, as they remove hundreds of billions of dollars from JPM, B of A, WFB, US Bank, GS and others. It will create such a systemic failure that a bank holiday will take place on a Monday morning when people wake up to the realization that their bank is now insolvent and their funds are inaccessible.
You’re a fool who deserves to be parted from your money if you trust a bank or government.
That said, most of us still get paid in fiat dollars and are paying our routine bills in fiat. So maybe the smart thing to do is, carry on as usual, siphoning off as much after-the-bills money as possible to invest in the real money – gold and silver ( granted, many people right now don’t even have enough for all the bills, let along anything left over ).
Another critical factor is continuing to maintain a low profile, staying well below the radar of authorities. I’m not paranoid or anything. I just don’t trust government or bankers.
" There are two middlemen here in town that will exchange the silver for paper during normal business hours, for now...
Aside from the few mom and pop stores converting it in the back of the store, it hasn't caught on as a growing trend. But at least we have the gold and silver "stores" that wi... "Reply To: Did anyone ever tried purchasing stuff with precious metals?
" Windex I've never heard of it used for that. Is it the ammonia that neutralizes the corrosive elements? I heard that Simple green is a good solvent for general gun cleaning. It seemed logical in that so long as you dry the gun thoroughly, the SG stuff cleans like a whiz.
"Reply To: Guns, Guns, Guns
" Corrosive ammo is fine, I don't know where the myth started that it instantly eats barrels. Military used it for years and you know they didn't clean guns the minute they stopped firing. I shoot corrosive surplus all the time in my Mosin, when I get home a squirt of Windex down the barrel then cl... "Reply To: Guns, Guns, Guns
" Wombat's right about the Saiga 12, devastating fire power at close range for under $1000. Your better AR15's can run NATO 5.56 rds. That's plenty of stopping power and they are American made which I like. Ammo of all calibers is available for immediate delivery now at BulkAmmo.com "Reply To: Guns, Guns, Guns
" Good info was already posted so I'm just going to add a couple of notes. If you go the AK route you will often see old surplus ammo for sale. Don't ever buy anything that is noted as being corrosive. It's just not worth it. Romanian AKs are fine. All AKs are very durable and even though the ... "Reply To: Guns, Guns, Guns
" Sumkid How have you been? We haven't heard you voice much lately.
I can answer your question about using real money, silver, for purchases. It is important that a person talks to a business owner or someone who has a product or service that you want to purchase and let them know your plans;... "Reply To: Did anyone ever tried purchasing stuff with precious metals?
" Lots of great wepons info in here!
I have nothing to add, but fortunately I was not handcuffed but little things like FIAT.
I went the more modern route, (AR15) but regret not getting an AK or Mosin.
I guess I still can, but I am filling out my accessories and ammo counts. ;)... "Reply To: Guns, Guns, Guns
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