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Apocalypse…Soon? December 9, 2011

Posted by Mitchell in Bad Times Ahead.
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I read this article last night with open-mouthed horror: Zero Hedge It’s lengthy, but well worth your time to read it all. But, thumbnail version: Eurozone financial institutions are far more heavily over-leveraged than is being generally reported. What’s worse is that many U.S. banks are dangerously exposed to it through their foreign subsidiaries set up in the U.K. Bank wipe-outs in Europe could wipe out our bank accounts too.

The Eurozone is going to collapse. I honestly don’t think there’s anything anybody can do to stop it. While I knew things were bad, I had no idea they were this bad.

Oh my God
We are going to have to learn how to live in a much more difficult, dangerous, and poorer world. Many of us will not be able to do so.

*Update* I got all my money out of Bank of America (which is straight up involved in all this through their Banc of America foreign subsidiary) a couple years ago because of my growing alarm with what they were doing and into a much smaller, local bank. Still, I have grave concerns because it’s impossible to tell who is exposed and who isn’t due to the interconnectedness of all these institutions. <-Check that link out. Be sure to scroll down!  I’m going to start drawing down my savings account and leaving less in the checking account. It’s not like I’m earning any real interest on it and when the balloon goes up a lot of people are going to suddenly find themselves locked out of their accounts entirely or only able to withdraw little amounts per day. Protect yourselves. And buy real physical gold if you can, or silver if you can’t. I buy from the American Precious Metal Exchange.

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Comments

1. Mitchell - December 9, 2011

Here’s a squee! to go along with the DOOM!

http://www.buzzfeed.com/catesish/just-an-owl-petting-a-dog

2. jam2 - December 10, 2011

currently silver is a pretty good buy… gold of course will always be king.

looking back at past economic crises, small change was always a problem. Don’t overlook having a bag of “junk” silver aka: pre-1965 90% dimes and quarters.

our 401’s are a big fat juicy target for politicians on spending DT’s… just saying…

tick tock…

3. Mrs. Peel - December 17, 2011

Hmm…most of our money is in credit unions. I wonder how safe they are?

Mitchell - December 18, 2011

Difficult to say Mrs. Peel. I doubt the people who run the credit unions and small banks are fully aware of the true extent of their own involvement.


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