BANK RUNS! Panic & Despair or Glass-Steagall

[GlassSteagallfan]

by Leandra Bernstein 29 May 2012

In the past days there has been an outpouring of articles and commentary on the spread of bank runs throughout Europe, in particular Greece and Spain.

While some have tried to call the Greek bank runs mere “jogs,” the evidence points to a full-on sprint to remove deposits from Greece, Spain, Portugal, Ireland and Italy. Much of this is being discussed as “capital flight,” but since the advent of online banking you’re not going to see the roving hordes of men in suits racing to get their money from the teller--they are panicking and sweating behind closed doors in front of their own laptops.

A bank run is sudden, immediate and spreads quickly. Matt King, analyst with Citi, said last week of bank runs: “A bank run can happen very quickly. You are fine the night before, but on the morning after it’s too late.”

Greece is a particularly acute case already experiencing bank runs partially because of the talk and inevitability of their exit from the euro. The obvious conclusion of both investors and depositors is if Greece goes back to the drachma under present conditions, that money won’t be worth jack.

Recent figures suggest that Greek foreign deposits have decreased by 52% from their peaks. The same goes for Ireland and Portugal. These figures come from Citi analyst Matt King who answered the question: What if the rate of withdrawals (aka bank runs) we saw in Greece are repeated in Spain and Italy? King said:

In Greece, Ireland, and Portugal, foreign deposits have fallen by an average of 52 percent, and foreign government bond holdings by an average of 33 percent, from their peaks. The same move in Spain and Italy, taking into account the fall that has taken place already, would imply a further $272.17 billion and $270.9 billion in capital flight respectively, skewed towards deposits in the case of Spain and towards government bonds in the case of Italy.
Of course, the trick with bank runs is that even the utterance of the word can cause a panic--and the word it out.The recognition of the sound of the starting gun for serious bank runs in Europe is widespread.

Martin D. Weiss, Ph.D, chairman of the Weiss Group, wrote earlier today in the Money and Markets blog that bank runs are “the final nail in the coffin of any modern economy,” continuing that “once the stampede strikes more than two or three major countries, you could see bank runs all across Europe”--and beyond.

Weiss’ analysis compares the previous European collapse in 2010 to the collapse today. In 2010, however, foreign investors were pulling their money out of weak nations’ bonds. This time it’s depositors pulling out their deposits.

However, the attempts to compare this crisis to 2008 is not only futile, it’s wishful thinking. While 2008 brought the collapse of an entire class of so-called assets, today brings the collapse of entire nations and currencies. Every attempt to “paper over” the crisis has brought trans-Atlantic governments and international institutions to the point where, frankly, there is no more paper!

Weiss notes:

In 2008, governments had not yet deployed their ‘big gun’ cures for the debt crisis. So they still had the firing power to squelch the crisis with a series of unprecedented rescues. Today, we have seen the rapidly diminishing returns — or outright failure — of nearly every possible stimulus plan, bailout deal or austerity measures known to man. [Emphasis added]
Furthermore, it was also reported today from a source within the Bank of England that the BOE is prepared for the unraveling of the euro. The source noted that the Bank is prepared to “play their part in mitigating the impact” of Greece, or other countries, exiting the Eurozone.

Again, the panic is currently spreading throughout Europe, and the very nature of such a panic in today’s economy implies that the panic will spread across the Atlantic too. However, that “contagion” can either be allowed to sweep Europe and the United States bringing all the social chaos of a banking collapse, or it can be blocked by the implementation of Glass-Steagall, a firewall separating obligations to investment banks, hedge funds and the like from legitimate banking deposits and obligations.

At this stage of the game no one will argue that governments are in debt, deeply in debt. But how much of that debt is proper to the government itself, and how much is owed to investment banks as a promise to back indefensible private financial obligations? How much is based on governments’ inability to fund the functions of the government and how much is bailout for gambling losses?

In the coming days, it will either be panic and despair, or Glass-Steagall.

As an individual one could always contribute to the panic, putting all investments into gold, withdrawing deposits to the supposed safety of a mattress--but that still assumes a very rosy picture of a global financial collapse. Or, you can call your congressman and tell him or her to call the Glass-Steagall bill, HR 1489 to a vote. Tell your Congressman, “Either implement Glass-Steagall and separate the good debt from the bad, or be prepared to go into deeper debt. Because it’s going to take a whole lot of money to pay private mercenaries to back up the National Guard when riots erupt in the streets of the United States.”

Mind you, that is not a threat to your representative in Washington, but a reasonable ultimatum.

Source: http://larouchepac.com/node/22859

[ThePythonicCow]

In the coming days, it will either be panic and despair, or Glass-Steagall.

My take ... unlikely to be yours, given your screen name :) :



Glass-Steagall is to banking as separate compartments to isolate inflowing water from hull damage are to ship design.

Re-instituting Glass-Steagall now would be like instituting improved ship design standards, when the Titanic had one end up in the air, and the other below water, about to break in two. It's time to man the life boats, women and children first.

The depth of the damage, corruption, debt and derivatives is vastly in excess of what is guaranteed to sink our (human civilisation's) current financial and monetary arrangements ... as will be plain for all to see, likely this year, certainly within two or three years.

[GoodETxSG]

Until recently I worked for The Spanish Bank Santander. These Euro Banks are one and the same in purpose and tactics as the American Banks. I do believe that after the EURO falls the Dollar may actually bump up temporarily... then another currency will have to take its place as the Dollar is even more full of hot air than the Euro. I believe it is going to be an extremely scary time in the non BRIC's world. The only person that can say they are not afraid and be truthful is someone who has no debt, House and Car's paid off... nothing to leverage against their assets and have precious metals and food stock piled. Sounds silly to have all of this to most people, but it is better to have it and not need it then need it and not have it. These Banks will crash down and with them there will be a lot of people freaking out in the streets. Sadly this will be way worse than any crash or depression we have had in recorded history.
Just my 2 cents as usual... :eek:

[toad]

In the coming days, it will either be panic and despair, or Glass-Steagall.

My take ... unlikely to be yours, given your screen name :) :



Glass-Steagall is to banking as separate compartments to isolate inflowing water from hull damage are to ship design.

Re-instituting Glass-Steagall now would be like instituting improved ship design standards, when the Titanic had one end up in the air, and the other below water, about to break in two. It's time to man the life boats, women and children first.

The depth of the damage, corruption, debt and derivatives is vastly in excess of what is guaranteed to sink our (human civilisation's) current financial and monetary arrangements ... as will be plain for all to see, likely this year, certainly within two or three years.



nice analogy.


Until recently I worked for The Spanish Bank Santander. These Euro Banks are one and the same in purpose and tactics as the American Banks. I do believe that after the EURO falls the Dollar may actually bump up temporarily... then another currency will have to take its place as the Dollar is even more full of hot air than the Euro. I believe it is going to be an extremely scary time in the non BRIC's world. The only person that can say they are not afraid and be truthful is someone who has no debt, House and Car's paid off... nothing to leverage against their assets and have precious metals and food stock piled. Sounds silly to have all of this to most people, but it is better to have it and not need it then need it and not have it. These Banks will crash down and with them there will be a lot of people freaking out in the streets. Sadly this will be way worse than any crash or depression we have had in recorded history.
Just my 2 cents as usual... :eek:


The way it sounds your 2cents may not be worth much in the coming days :P.

[sygh]

This bothers me... all of it really bothers me immensely but most especially the information about President Obama starting around 16:00. I have yet to be able to fact check this but if it's true... he's got to go. And if it is true, it will also tell us very firmly that all of this was planned as we have figured from the start.

Now here's the rub with that, the particulars no longer matter. They want civil war. They want it and they will get it because of the economy. Let's spread the word that we cannot be divided, with the consitiution behind us and our Bill of Rights.

http://www.youtube.com/watch?feature=player_detailpage&v=9vjqj8Q64-4

http://www.youtube.com/watch?feature=player_detailpage&v=M3WEDsqUo7o

[nearing]

A bank run today would be completely different from the one we had in the US in '29 or was it '30? We now have digital banking. All the banks would have to do is close their doors and tell everyone they need to use their cards - no cash allowed.

This would be a disaster of a different (longer term) sort because they are looking for any excuse to get rid of cash.

Crisis - solution - chain around neck.

[ThePythonicCow]

A bank run today would be completely different from the one we had in the US in '29 or was it '30?
Now the run won't be on the bank; it will be on the Dollar.

Anyone without Dollars will be desperate for food and gas. Anyone with Dollars will be desperate to exchange them for anything else that isn't losing value so rapidly.

[sygh]

I mean no offense to anyone when I say I am blown away by the crap this administration is getting away with. To make matters worse, those who are avid President Obama followers are not even remotely approachable. I shouldn't say all, just the one's I happen to be dealing with, and they used to be my friends 40 years ago. Wow.

I've never seen so much propaganda being spewed out from both sides of politics. And giving Dylan this political honor, while it makes me smile with joy also tells me Obama is buying votes. Never thought Dylan could be bought. Maybe he isn't being bought but for him to get up there and take that award is almost like saying Dylan isn't Dylan any more. Yes, people change but this change is huge. Sorry Dylan, I love ya but as far as I'm concerned, you're bait.

It's enough to wanna make me puke all over both parties. And I don't believe Fulford either; everybody has their own agenda. And everyone's goin' don't believe me, do your own research. Blah, blah, blah. What a freak show.

Look at all of this very closely, and see it for what it is. Shear manipulation. Soon we will hear a cresendo. Someone break out the big drums, and symbols. What a crock! Now, how will history record this?

Have known this was coming for such a long time, and its almost here what a waste! We have so many things that are more important and LOOK where we are headed. Let's take the US back peacefully. Lets do a Ghandi big time! Like nope, sorry but we aren't going along with this and you are out.

[eileenrose]

My two cents....banks close, banks open, people keep going.

Panicing will only upset your heart. It doesn't do any good to panic in stressful circumstances.
People who don't want to stress out over their own finances need to be very cautious right now. Make no bones about it.
But other than preparing for this eventuality (US and Euro banks going under), there isn't anything really to do.

We've told our senators/representative what we would like them to do, in their jobs, and they are refusing to do anything.
So they are in on all of this.

Asking them to do more just avoids this issue. If they won't do what they need to do, eventually you just have to fire them all. We just are reaching this 'tipping point' of just axing
all these people from their jobs. If getting rid of them does no good, then eventually, we will have to ax these types of jobs as well (our 'government 'supposed' leadership')

They only get to keep their jobs in good times. In bad times they must fight to keep them. In really awful times they lose them (and in the past their heads as well).

Don't they realize it? Probably not (yet).

[The Truth Is In There]

i can't wait for the total economic collapse to happen. after money is gone people may actually rediscover themselves. the biggest problem is actually money itself, not the loss of it. it just has to happen quickly, completely and everywhere at the same time. that's my 2 cents.

[intruth]

Stew Webb just did an important interview which Neo posted on Ben Fulford's blog:

RED ALERT: Obama Readies Killing Americans with Assassination Czar to Blame Iran!

Posted by Glenn Canady on May 29, 2012 at 10:00pm

http://www.project.nsearch.com/profiles/blogs/red-alert-obama-readies-killing-americans-with-assassination-czar

Neo

Stew says that a bank collapse is imminent (1-3 weeks). Pull your $ out of 401Ks and put in gold (of course there are other commodity choices) or you will have nothing.

I have been hopeful about Drake's message, but I do consider what if he were just disinfo agent. Let everyone think the calvary is coming so they just sit back and relax. It disburbs me how Drake talks about all bank accts going to $0. He does mention millionaires will be jumping out windows. He says this without one bit of alarm. Think about what this would really mean. All dollar denominated assets (bank accts, 401k's etc) becoming worthless! He did say the stock market s/b at about 6000. Big losses on the way there. I've been feeling this for a long time. When the banks collapse, there will be a panic. They better be arresting people BIG TIME!

[9eagle9]

That is how I found the GW Bush ardent fans from 99 to 2008 (and yes...even now) . Unapproachable. Couldn't say a word against him.



I mean no offense to anyone when I say I am blown away by the crap this administration is getting away with. To make matters worse, those who are avid President Obama followers are not even remotely approachable. I shouldn't say all, just the one's I happen to be dealing with, and they used to be my friends 40 years ago. Wow.

I've never seen so much propaganda being spewed out from both sides of politics. And giving Dylan this political honor, while it makes me smile with joy also tells me Obama is buying votes. Never thought Dylan could be bought. Maybe he isn't being bought but for him to get up there and take that award is almost like saying Dylan isn't Dylan any more. Yes, people change but this change is huge. Sorry Dylan, I love ya but as far as I'm concerned, you're bait.

It's enough to wanna make me puke all over both parties. And I don't believe Fulford either; everybody has their own agenda. And everyone's goin' don't believe me, do your own research. Blah, blah, blah. What a freak show.

Look at all of this very closely, and see it for what it is. Shear manipulation. Soon we will hear a cresendo. Someone break out the big drums, and symbols. What a crock! Now, how will history record this?

Have known this was coming for such a long time, and its almost here what a waste! We have so many things that are more important and LOOK where we are headed. Let's take the US back peacefully. Lets do a Ghandi big time! Like nope, sorry but we aren't going along with this and you are out.

[Rocky_Shorz]

Stew Webb just did an important interview which Neo posted on Ben Fulford's blog:

RED ALERT: Obama Readies Killing Americans with Assassination Czar to Blame Iran!

Posted by Glenn Canady on May 29, 2012 at 10:00pm

http://www.project.nsearch.com/profiles/blogs/red-alert-obama-readies-killing-americans-with-assassination-czar

Neo

Stew says that a bank collapse is imminent (1-3 weeks). Pull your $ out of 401Ks and put in gold (of course there are other commodity choices) or you will have nothing.

I have been hopeful about Drake's message, but I do consider what if he were just disinfo agent. Let everyone think the calvary is coming so they just sit back and relax. It disburbs me how Drake talks about all bank accts going to $0. He does mention millionaires will be jumping out windows. He says this without one bit of alarm. Think about what this would really mean. All dollar denominated assets (bank accts, 401k's etc) becoming worthless! He did say the stock market s/b at about 6000. Big losses on the way there. I've been feeling this for a long time. When the banks collapse, there will be a panic. They better be arresting people BIG TIME!

everyone that ever recommended buying gold, has some and are losing money as it is dropping in price, hoping to draw in new investors so they can move it...

buy pennies, not gold...

if things get bad you can melt it down, create copper coils and start your own power company to keep the lights on for the dork with the gold...

if things get as bad as the doom and gloomers are hoping for, it will be like Gilligan's Island, with ol Thurston sitting on a trunk of paper...

but what will it buy on the Island if nobody cares about money?


think of it this way, if you want to hurt people holding gold, let everyone know that 1 out of 100 pieces of paper are backed by physical gold, the rest are toilet paper...

musical chairs, the first to dump holdings get cashed out, but 99 others are left without a chair, it would cause a crash as everyone bailed...

so what good is a bar of gold if you need bread and they don't have change?

whack off a chunk of an ounce that originally cost 600 loaves of bread?

1/600 of an ounce = 1 loaf?

that is a pretty small shaving, and why would they accept it? instead of having you unload a horse cart filled with supplies for food for the family...

listening to bankers telling people with no money to buy gold is ridiculous...

[ThePythonicCow]

everyone that ever recommended buying gold, has some and are losing money as it is dropping in price, hoping to draw in new investors so they can move it...

buy pennies, not gold...

if things get bad you can melt it down, create copper coils and ...
Pennies these days aren't copper. They are zinc with a copper coating (http://wiki.answers.com/Q/How_much_copper_is_in_a_penny) ... 2.5 % copper in total.

At least some of us gold bugs aren't holding on hoping to draw in new investors suckers in order to sell; we are hoping to preserve some of our wealth through the anticipated collapse of the current US Dollar based world monetary system.

[Rocky_Shorz]

in every collapse, coins still have value, so would a seashell if you knew someone who would accept it... ;)

in this market, you move to a solid fund that doesn't move up, or down... just sits Idle

when Wall Street decides it has fallen far enough, move to a high yield that follows the market for the ride back up

if you bought gold for $1950 an ounce not long ago...

how much wealth have you preserved? ;)

[Rocky_Shorz]

everyone that ever recommended buying gold, has some and are losing money as it is dropping in price, hoping to draw in new investors so they can move it...

buy pennies, not gold...

if things get bad you can melt it down, create copper coils and ...
Pennies these days aren't copper. They are zinc with a copper coating (http://wiki.answers.com/Q/How_much_copper_is_in_a_penny) ... 2.5 % copper in total.


and ps...


Electricity From Air and Zinc? A Growing Chorus Says Yes

Zinc. Laugh if you want, but a few startups and some researchers say it could replace lithium-ion batteries and allow solar farms to store energy...

link (http://www.greentechmedia.com/articles/read/electricity-from-air-and-zinc-a-growing-chorus-says-yes-5533/)

Switzerland's ReVolt Technology, which received 10 million Euros ($14 million) in a second round of funding today, is the latest to promote zinc as a storage medium. The company makes zinc air batteries. In these devices, zinc powder or pellets are placed in an electrolyte solution. When the solution is exposed to air, chemical reactions take place that cause electrons to be released. In all, ReVolt has raised 24 million Euros.

Zinc air batteries could store four times the amount of power that lithium-ion batteries, claims the company, but would be far more stable, resistant to short circuits, and wouldn't lose much of their charge over time. In some ways, the batteries function more like fuel cells than classic batteries because they get "recharged" by the addition of chemicals rather than getting plugged into a wall.

Another big benefit: Zinc oxide, the stuff found in sunscreen, is one of the byproducts of the zinc air battery reaction. It can then be reformed into zinc for fuel, according to PowerAir, a U.S. company that spun out of Lawrence Berkeley National Labs and is trying to do the same thing.

"Imagine a fuel that, rather than burning up and polluting the atmosphere, can be recycled to use over and over again. Zinc is that fuel and has the potential to replace traditional fuels to power the world," says PowerAir's Website...



at a buck a pound, it's a bargain... ;)

[ThePythonicCow]

if you bought gold for $1950 an ounce not long ago...

how much wealth have you preserved? ;)
That would depend on when I sell it :).

[Rocky_Shorz]

if you wanted to run for the border with a million in gold coins in your pocket... (500)

http://i.dailymail.co.uk/i/pix/2012/02/16/article-2102056-11BCBEAE000005DC-87_634x348.jpg

in Pennies it would take half a school bus...

this is a Billion Pennies...

http://www.kokogiak.com/megapenny/one_bill_A.jpg

[9eagle9]

Stock up on alcohol and tobacco. Not for yourself of course or rather not JUST for yourself.

Because the banks crash and everyone is supposed to turn into a light body doesn't mean everyone jonesing will go away with it.

Better yet, erect a still.

Make a batch of MacDonald's secret sauce too while your at it, its unrealistic that will people will just fly straight and narrow because the money evaporated.

[risveglio]

everyone that ever recommended buying gold, has some and are losing money as it is dropping in price, hoping to draw in new investors so they can move it...

buy pennies, not gold...

if things get bad you can melt it down, create copper coils and ...
Pennies these days aren't copper. They are zinc with a copper coating (http://wiki.answers.com/Q/How_much_copper_is_in_a_penny) ... 2.5 % copper in total.


and ps...


Electricity From Air and Zinc? A Growing Chorus Says Yes

Zinc. Laugh if you want, but a few startups and some researchers say it could replace lithium-ion batteries and allow solar farms to store energy...

link (http://www.greentechmedia.com/articles/read/electricity-from-air-and-zinc-a-growing-chorus-says-yes-5533/)

Switzerland's ReVolt Technology, which received 10 million Euros ($14 million) in a second round of funding today, is the latest to promote zinc as a storage medium. The company makes zinc air batteries. In these devices, zinc powder or pellets are placed in an electrolyte solution. When the solution is exposed to air, chemical reactions take place that cause electrons to be released. In all, ReVolt has raised 24 million Euros.

Zinc air batteries could store four times the amount of power that lithium-ion batteries, claims the company, but would be far more stable, resistant to short circuits, and wouldn't lose much of their charge over time. In some ways, the batteries function more like fuel cells than classic batteries because they get "recharged" by the addition of chemicals rather than getting plugged into a wall.

Another big benefit: Zinc oxide, the stuff found in sunscreen, is one of the byproducts of the zinc air battery reaction. It can then be reformed into zinc for fuel, according to PowerAir, a U.S. company that spun out of Lawrence Berkeley National Labs and is trying to do the same thing.

"Imagine a fuel that, rather than burning up and polluting the atmosphere, can be recycled to use over and over again. Zinc is that fuel and has the potential to replace traditional fuels to power the world," says PowerAir's Website...



at a buck a pound, it's a bargain... ;)

I've bought Gold and Silver in the past. Don't really have any money to buy more but I would think now would be a pretty good time to buy. With our world governments I would be surprised if Gold does not pass $2000 by the end of the year and I think Silver is just about at its bottom barring a Greece or Spain crisis but even then, I think the drop would be temporary. I also hoard pre-1982 pennies and all nickles. The copper value of the penny is about 2.5 cents and the zinc value in a nickle is close to 5 cents so in 10-15 years barring a complete collapse they will probably net a decent return. Much better than any government bond or a cd.

In a complete collapse, gold might not yield much but that was not the case in Zimbabwe, as Gold was one of the few things you could use to buy you food when their economy collapsed. Gold has always been money and I think it always will be. I don't have a hatred for money though as I see it as just a way to measure labor. I do see a problem with greed, but you don't need money to have greed.

[Rocky_Shorz]

I have a friend sitting on over 100 gold coins, but not one bottle of water...

I'm more worried about a sun flare CME burst than I am a complete collapse of America, which as long as In God We Trust is on it we'll be fine...

banks can collapse, we're all in credit unions with over $2 Trillion in money not in the banking system, underground cash economy is why America is recovering so quickly from the recession.

Banks will take a spanking, but with 7 Billion people watching, they will have to accept defeat and move on, we all did in 08...

banks are at the highest profit levels since 08, which is the same with US economy, those trying to paint a bleak picture to give Romney a chance are having trouble making anyone believe it, because we are watching people getting hired that have been out of work for years...

it's not as bad as a handful would like you to believe...

let's see, how did that go, 33 in the left hand and... ;)

[risveglio]

I do not know many getting hired but that is another story. I see no difference between Rommey, Obama, or Bush so that was not my intention. I do believe you should have at least a weeks worth of food and water before you get gold though.

[Rocky_Shorz]

if we want to get out of debt, tax the printing press on derivatives and it will be gone in a year... 2nd year, wipe out the other nations...

bankers created this mess, fixing it really isn't that hard and no one needs to leave the Euro.

they start paying now or there is only collapse of their world to look forward to...

¤=[Post Update]=¤


I do not know many getting hired but that is another story. I see no difference between Rommey, Obama, or Bush so that was not my intention. I do believe you should have at least a weeks worth of food and water before you get gold though.

I'm not democrat or republican, I'm an American...

Bankers are flying under a different flag...

[Rocky_Shorz]

well when it first hits is the worst, San Diego was hit at Rush hour...

no gas and a parking lot in every direction...

nobody freaked, people were helping strangers, all in all it gave me a lot of hope for worst case scenario situations...

I see hope for all of us...

but dang, imagine no Avalon for a few months while transformers get replaced around the country...

no banks, no wall street...

just neighbors hanging out with neighbors getting by the best they can...

I do have a solar charger for my cell phone now though...

I'll be surfing Avalon while the generators are still running... ;)

[ThePythonicCow]

I do believe you should have at least a weeks worth of food and water before you get gold though.
Another option, besides storage, for water, would be a water filter or two. A Berkey (http://amzn.com/B002RZRJHI), a Katadyne (http://amzn.com/B0007U00YE) and a nearby lake, stream or well with working hand pump ... should suffice to provide water for quite a while. Water is sufficiently essential that I would hate to be down to my last working filter.

Also be sure you have a plan, ready to put in action, for shelter and food, in the event that a foreseeable disaster (fire, war, riot, storm, monetary collapse, quake, tsunami, CME, ...) occurs.

[Rocky_Shorz]

it is all in the timing, why would Chinese Banks be buying up refined copper? Because it's real... ;)


A Standard Chartered Bank report said about 600,000 tons of copper was added to the stockpiles held in Shanghai’s bonded warehouses in March. Fu Peng, chief analyst at Galaxy Futures Co., said as of May these stocks may have swelled to 800,000 tons.

A sizeable amount of that warehoused copper — 90% according to Standard Chartered — has been locked up by banks. The banks accepted the commodity as collateral from companies that took out loans last year after the Chinese government tightened credit access to cool inflation.

Copper Shorts (http://www.marketwatch.com/story/hot-copper-shorts-burning-china-commodity-firms-2012-05-30)

[conk]

9eagle9 is on to something. There is a small segment of the population that are already buying up lots of hard liquor as a hedge against the fall. A quart of whiskey could be bartered for tons of stuff after the crash. I'm in on it and have begun to buy up quality, inexpensive whiskeys. Evan Williams, Jim Beam, etc. will be worth their weight in gold........or food.

And yes, the end is nigh. The devastating amount of debt cannot be repaid. There was never any intention of doing so either. The crash is planned, as was The Great Depression. This fall will be much, much worse. People knew how to fend for themselves in the 1930s. Now over half of us are dependent upon government hand outs. Those people will be trying to take what does not belong to them, forcefully if necessary. Chaos guaranteed.