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| Urgent Financial Warning from Rick Wiles | |
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| Topic Started: Mar 11 2008, 01:02 AM (9,612 Views) | |
| Wil | Mar 11 2008, 01:02 AM Post #1 |
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Urgent Financial Warning from Rick Wiles…. ... In 1998 the Holy Spirit instructed me to pay close attention to credit derivatives. Back then, I had never heard of derivatives. The Holy Spirit told me that when the derivatives start to collapse, it is a sure sign that the American economy will collapse shortly thereafter. For 10 years I have kept the Holy Spirit’s admonition fresh in my heart and mind. I have diligently monitored the insane explosion in the credit derivatives markets. I have often wondered when the collapse will happen. As a watchman of the Lord, I am issuing an immediate warning: This is it! I repeat: this is it. The US banking system will crash very soon. The credit crisis is out of control. Decades of greediness, dishonesty, lying, and thievery are coming to an end. A major bank will close its doors in the near future. The collapse will be followed by numerous other bank failures. The shockwave will reverberate around the world. Many wealthy people will lose hundreds of billions of dollars in assets. You will witness something unseen since the 1929 Great Depression. God’s judgment on America’s sin and rebellion is entering a new level of intensity. In addition to bank failures, some major ministries and mega-churches will also collapse soon. They will reap a whirlwind of calamity for pursuing prosperity and purpose instead of the Kingdom of Jesus. Take immediate precautionary measures! Do not hesitate. Withdraw your money from any financial institution that is heavily exposed to credit derivatives. Consider depositing your funds in locally-owned, prudently managed banks and credit unions that have little or no exposure to derivatives and/or subprime mortgages. Here is the list of the Top 25 US banks with exposure to credit derivatives. (PDF file) Scroll down to pages 21-25. http://www.occ.treas.gov/ftp/release/2007-137a.pdf Withdraw as much cash as possible. Consider all possibilities: gold, silver, offshore deposits in other currencies. Purchase food and necessities immediately. Batten down the hatches and prepare to ride out the storm. Do not tell anybody about your emergency preparations! Recall the images of New Orleans during Hurricane Katrina. Most of all: Remain calm. If your faith and confidence is in the Lord Jesus Christ, you have nothing to fear. The Central Bank of Heaven is secure. There will be no “bank runs” in Heaven. If you have been faithfully depositing funds in Heaven by giving to soul-winning ministries and the care of orphans and the poor, God himself will see to it that you are cared for during this economic storm. If you haven’t been depositing your money into the Kingdom, there’s very little time left before you suddenly lose your earthly treasure. How long will you cling to your temporal wealth and ignore the Holy Spirit’s instruction to give substantial sums of money to the preaching of the Kingdom? I repeat my urgent warning: This is it. Take immediate precautionary measures to cope with the financial tsunami that will crash upon America’s shores. Stay calm. Repent of your sins. Trust Jesus. “Believe in the Lord your God, shall ye be established; believe His Prophets, so shall ye prosper.” (2 Chronicles 20:20) Audio: March 12, 1933… FDR’s speech announcing closing of all banks http://www.npr.org/templates/story/story.p...870&ft=1&f=1003 YouTube video: CNN commentators discuss possibility of another Great Depression http://www.youtube.com/watch?v=dR7h8NBQU3E YouTube: Video and pictures of the first Great Depression http://www.youtube.com/watch?v=Ig5Qg-_jvaw http://www.trunews.com/financial.htm |
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| Wil | Mar 11 2008, 06:37 AM Post #2 |
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PAUL B. FARRELL Derivatives the new 'ticking bomb' Buffett and Gross warn: $516 trillion bubble is a disaster waiting to happen By Paul B. Farrell, MarketWatch Last update: 7:31 p.m. EDT March 10, 2008 ARROYO GRANDE, Calif. (MarketWatch) -- "Charlie and I believe Berkshire should be a fortress of financial strength" wrote Warren Buffet. That was five years before the subprime-credit meltdown. "We try to be alert to any sort of mega-catastrophe risk, and that posture may make us unduly appreciative about the burgeoning quantities of long-term derivatives contracts and the massive amount of uncollateralized receivables that are growing alongside. In our view, however, derivatives are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal." That warning was in Buffett's 2002 letter to Berkshire shareholders. He saw a future that many others chose to ignore. The Iraq war build-up was at a fever-pitch. The imagery of WMDs and a mushroom cloud fresh in his mind. Also fresh on Buffett's mind: His acquisition of General Re four years earlier, about the time the Long-Term Capital Management hedge fund almost killed the global monetary system. How? This is crucial: LTCM nearly killed the system with a relatively small $5 billion trading loss. Peanuts compared with the hundreds of billions of dollars of subprime-credit write-offs now making Wall Street's big shots look like amateurs. Buffett tried to sell off Gen Re's derivatives group. No buyers. Unwinding it was costly, but led to his warning that derivatives are a "financial weapon of mass destruction." That was 2002. Derivatives bubble explodes five times bigger in five years Wall Street didn't listen to Buffett. Derivatives grew into a massive bubble, from about $100 trillion to $516 trillion by 2007. The new derivatives bubble was fueled by five key economic and political trends: Sarbanes-Oxley increased corporate disclosures and government oversight Federal Reserve's cheap money policies created the subprime-housing boom War budgets burdened the U.S. Treasury and future entitlements programs Trade deficits with China and others destroyed the value of the U.S. dollar Oil and commodity rich nations demanding equity payments rather than debt In short, despite Buffett's clear warnings, a massive new derivatives bubble is driving the domestic and global economies, a bubble that continues growing today parallel with the subprime-credit meltdown triggering a bear-recession. Data on the five-fold growth of derivatives to $516 trillion in five years comes from the most recent survey by the Bank of International Settlements, the world's clearinghouse for central banks in Basel, Switzerland. The BIS is like the cashier's window at a racetrack or casino, where you'd place a bet or cash in chips, except on a massive scale: BIS is where the U.S. settles trade imbalances with Saudi Arabia for all that oil we guzzle and gives China IOUs for the tainted drugs and lead-based toys we buy. To grasp how significant this five-fold bubble increase is, let's put that $516 trillion in the context of some other domestic and international monetary data: U.S. annual gross domestic product is about $15 trillion U.S. money supply is also about $15 trillion Current proposed U.S. federal budget is $3 trillion U.S. government's maximum legal debt is $9 trillion U.S. mutual fund companies manage about $12 trillion World's GDPs for all nations is approximately $50 trillion Unfunded Social Security and Medicare benefits $50 trillion to $65 trillion Total value of the world's real estate is estimated at about $75 trillion Total value of world's stock and bond markets is more than $100 trillion BIS valuation of world's derivatives back in 2002 was about $100 trillion BIS 2007 valuation of the world's derivatives is now a whopping $516 trillion Moreover, the folks at BIS tell me their estimate of $516 trillion only includes "transactions in which a major private dealer (bank) is involved on at least one side of the transaction," but doesn't include private deals between two "non-reporting entities." They did, however, add that their reporting central banks estimate that the coverage of the survey is around 95% on average. Also, keep in mind that while the $516 trillion "notional" value (maximum in case of a meltdown) of the deals is a good measure of the market's size, the 2007 BIS study notes that the $11 trillion "gross market values provides a more accurate measure of the scale of financial risk transfer taking place in derivatives markets." Bubbles, domino effects and the 'bad 2%' However, while that may be true as far as the parties to an individual deal, there are broader risks to the world's economies. Remember back in 1998 when LTCM's little $5 billion loss nearly brought down the world's banking system. That "domino effect" is now repeating many times over, straining the world's monetary, economic and political system as the subprime housing mess metastasizes, taking the U.S. stock market and the world economy down with it. This cascading "domino effect" was brilliantly described in "The $300 Trillion Time Bomb: If Buffett can't figure out derivatives, can anybody?" published early last year in Portfolio magazine, a couple months before the subprime meltdown. Columnist Jesse Eisinger's $300 trillion figure came from an earlier study of the derivatives market as it was growing from $100 trillion to $516 trillion over five years. Eisinger concluded: "There's nothing intrinsically scary about derivatives, except when the bad 2% blow up." Unfortunately, that "bad 2%" did blow up a few months afterwards, even as Bernanke and Paulson were assuring America that the subprime mess was "contained." Bottom line: Little things leverage a heck of a big wallop. It only takes a little spark from a "bad 2% deal" to ignite this $516 trillion weapon of mass destruction. Think of this entire unregulated derivatives market like an unsecured, unpredictable nuclear bomb in a Pakistan stockpile. It's only a matter of time. World's newest and biggest 'black market' The fact is, derivatives have become the world's biggest "black market," exceeding the illicit traffic in stuff like arms, drugs, alcohol, gambling, cigarettes, stolen art and pirated movies. Why? Because like all black markets, derivatives are a perfect way of getting rich while avoiding taxes and government regulations. And in today's slowdown, plus a volatile global market, Wall Street knows derivatives remain a lucrative business. Recently Pimco's bond fund king Bill Gross said "What we are witnessing is essentially the breakdown of our modern-day banking system, a complex of leveraged lending so hard to understand that Federal Reserve Chairman Ben Bernanke required a face-to-face refresher course from hedge fund managers in mid-August." In short, not only Warren Buffett, but Bond King Bill Gross, our Fed Chairman Ben Bernanke, the Treasury Secretary Henry Paulson and the rest of America's leaders can't "figure out" the world's $516 trillion derivatives. Why? Gross says we are creating a new "shadow banking system." Derivatives are now not just risk management tools. As Gross and others see it, the real problem is that derivatives are now a new way of creating money outside the normal central bank liquidity rules. How? Because they're private contracts between two companies or institutions. BIS is primarily a records-keeper, a toothless tiger that merely collects data giving a legitimacy and false sense of security to this chaotic "shadow banking system" that has become the world's biggest "black market." That's crucial, folks. Why? Because central banks require reserves like stock brokers require margins, something backing up the transaction. Derivatives don't. They're not "real money." They're paper promises closer to "Monopoly" money than real U.S. dollars. And it takes place outside normal business channels, out there in the "free market." That's the wonderful world of derivatives, and it's creating a massive bubble that could soon implode. Comments? Yes, we want to hear your thoughts. Tell us what you think about derivatives: as "financial weapons of mass destruction;" as a "shadow banking system;" as a "black market;" as the next big bubble dangerously exposing us to that unpredictable "bad 2%." http://www.marketwatch.com/news/story/deri...D9124B59D436%7D |
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| kgreen20 | Mar 11 2008, 11:20 AM Post #3 |
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What's a derivative? |
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| MoreofHim | Mar 11 2008, 12:33 PM Post #4 |
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This echoes David Wilkerson's strong warning of an immenent crisis that will send shock waves around the world... David Wilkerson spoke this same prophetic message back in September 2007... "IN ONE HOUR EVERYTHING IS GOING TO CHANGE": http://www.timeforrenewal.com/wmedia/2070805S1.asx He spoke of the financial playing field being leveled, and the master becoming equal to his servant. A time of great loss. Visit the thread here on ATN: http://all-things-new.net/index.php?showtopic=7607 |
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| 7SevenThunders7 | Mar 11 2008, 02:46 PM Post #5 |
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$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ Thank God, you can't get blood from a turnip! Although I have no major holdings anymore, I used to bank at a bank on the top 25 Derivative holding banks of America. Number 24. It was difficult to bank there because their charges were insane. I got away from them a few years ago and switched to a bank that is not on the top 25 Derivitive holding list, unbeknownst to me. When I moved to my new town, the only bank in town was the bank I left in disgust a few years ago! So now I drive 20 miles just to bank at another bank! The Lord gave me a similar warning sign and it has also occured. I was told that the economy would crash after crude oil topped $100 a barrel. When I saw this happen, I knew it would be a rough year to follow in the markets and it has been. True to the Vision. Even experts warned that $100 oil was a warning sign. Prior to the $100 oil, I was told the sign to watch was the colored U.S. Dollar. The colored $50 bill to be exact. This was the sign prior to the $100 oil sign, so I was expected the $100 oil in advance. When they started to color the money, I was ticked off. I knew our money would end up a joke in Europe. So watch the dollar against the Euro now. The devaluation of the dollar to the Euro is the next sign. ~7Seven $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ |
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| MoreofHim | Mar 11 2008, 05:23 PM Post #6 |
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My bank is also on the Top 25 list... I began withdrawing all my cash back in August 2007. I now keep only enough in my account to cover payment on checks. |
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| dibldabl | Mar 11 2008, 10:23 PM Post #7 |
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LOL :lol:  LOL. 7, you have a great sense of humor. I can imagine Jack Benny delivering that line, something like: "Coming financial tsunami? What coming financial tsunami? I don't feel a tsunami. I'm broke!" Gotta wipe the tears away here. That was priceless. Anyway, as far as this financial crisis goes, I've been watching everything like a hawk for the last 2 years: stock markets (American and overseas markets), commodities, forex (currency), as well as the general financial news. I am self-taught in financial matters after I prayed 2 years ago for the Lord to show me the truth of what was really happening in the world. Here are some of my thoughts:
7, I am still smiling. 
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| METHUSELAH | Mar 11 2008, 10:34 PM Post #8 |
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Is there ANYONE on board who can define the term "derivative" in layman's terms? All I know for sure is that $516,000,000,000 (trillion) is an unfathomable amount, particularly if you consider the fact that the US debt is estimated by experts to be somewhere between $12,000,000,000 (TRILLION) and $20,000,000,000 (TRILLION) dollars. Pause to reflect on the discrepancy of the figures in paragraph one...  Somehow this does not compute, since so many politicians and economists get so worked up about a national debt figure that is a mere 1/25 to 1/43 of the derivatives debacle. I think it's fair to say that the derivatives figures are "paper tigers", more so than is the actual US debt figure. This means that if and when it collapses, the lion's share of the damage will be done to the CEOs, boards and employees of the financial institutions involved. Those outsiders who foolishly bought into the unrealistic upward spiral that is about to collapse under it's own over-inflated actual wealth are destined for financial ruin as well.  My question is "Exactly how widespread will the damage to samll investors be?"  Terry |
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| dibldabl | Mar 11 2008, 11:41 PM Post #9 |
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The reason no one can define a derivative is that it is virtually undefinable, hence its great potential for destruction. I'm not going Zen here, it's true. I spent 6 months trying to condense a logical definition for a derivative and here is what I came up with:
Here's the definition I came up with: Derivatives are another level of monetary abstraction built in multiple layers atop securities, usually mortgage backed securities (MBS). They are like bets. They are highly leveraged. That's all I have after 6 months and life is too short and my head hurts. Who will be harmed when the derivatives house collapses? Nobody knows because nobody is sure where all of this paper has ended up or what its final real value will be. Rick Wiles advice is good: avoid any financial institution with exposure to MBS. Who is that outside of the 25 he mentioned? Smaller institutions may be safer but any institution that dabbles in real estate is at risk. Secondary effects from the collapse may take down institutions that otherwise appear solid. It is all very unpredictable. One in five banks failed over the course of the Great Depression. I fear it may be worse this time. The dollar values are just mind boggling. I used to bank at one of the 25 banks on his list but am now at a credit union but not entirely. I think it wise to stay diversified in terms of asset types and keep accounts at multiple institutions (eggs/baskets). When the collapse happens, almost everyone will lose something. Some will lose everything, especially the rich as you note. If you end up with ANYTHING after the collapse, you will be way ahead of the game. Fortunately, the Bank of Heaven will never fail us. |
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| METHUSELAH | Mar 12 2008, 07:33 AM Post #10 |
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Thanks dibldabl for the valiant attempt and especially for the link. Economics and Physics are two subjects that have always made my eyes glaze over... From what you say, derivatives could actually be thought of as an abstract extension of the "futures" market(s). One thing I have learned is that the worldy practice of Economics is a con game based largely, if not solely on confidence and extreme speculation. Add to the mix the refusal of financial players to defer gratification in terms of an honest system based on facts, work, a value backed currency and a modicum of personal and corporate greed and I think it's plain to see how such a horrible situation could come into being in the first place. I appreciate the supreme effort on your part to help this old history major make sense of the absurd. 
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| Daniel | Mar 12 2008, 01:38 PM Post #11 |
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The economy earthquake is coming (is already here). In 2003, I had a vision of the stock market curve. It went up and down. To my surprise it went up mostly, I did not understand until now. I thought that it should go down very soon at that time. But it did go up for several years. In the vision it was going down eventually. But I am not sure that I will see it when I am still on this earth. In Love, Daniel |
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| 7SevenThunders7 | Mar 12 2008, 04:25 PM Post #12 |
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Thanks Dib! I can thank my Dad for my sense of humor, he passed away in Dec. 2006, but I still keep his humor alive. He passed the torch of his old-fashioned sayings to me. A lot of his personality has been passed down to me. I  my Pappa.I guess the easiest way to describe the current banking/market situation is to say the money doesn't really exist. That makes it pretty hard to tell you what these illiquid figures actually represent, like trying to measure hopes and dreams. They have a name for it, it's called consumer confidence. It's worth whatever we believe it's worth. Derivitives are the same because they are based on fluctuating values of homes, loans, futures, etc. Correct? Not only the uber-wealthy will be affected though. Because lay-offs and higher unemployment will follow. The wealthy need to feel that they are storing up masses of cash, or else they will throw their employees overboard. That's the majority of us. >splash< They are already trying to replace cashiers with self-serve type check-out. How many people are in sales and services? The sales and services sector will be hit hard in the beginning. Move over illegals, we will soon want your job! We may soon wish we were picking strawberries! As people lose money, there will be other sectors falling as well. If no one can afford to eat, who will want to take their car to a mechanic? Who will be able to buy a new home or a new car? Who will be trying to keep up with trends in fashion by buying new clothes? Who cares if you have the latest high tech gadget if you can't even afford to keep money on your cell phone? Will anyone be able to afford home repairs? Each sector falls as the supply of money is reduced and more lay-offs follow suit. How do I know this? Because the poorest among our population are among the first to feel the crunch. I'm not making it up, I'm currently living it as is my Mother who was recently laid-off and she is having a terrible time trying to get unemployment -they're giving her the phone run-around now for 6 months. Now our only goal is to keep a roof over our heads, and food in our stomachs. We can't afford to store up goods just in case of disaster, we are lucky to have food at all. So if you can afford to do so now, do it fast or else when it all hits the fan, there will be no time, nor will you have to means to do so. If you do keep a storage of dry/canned goods, remember to rotate your stocks first in, first out; you'll need to keep your supplies fresh or else you'll only get sick eating expired food. Start out with an abundant stock of things that you wouldn't mind eating any time. Canned raviolis, macaroni, spam, tuna, etc. Then make sure you rotate it from time to time putting the newest cans in the back of the shelf. Once in a while go through everything and check expiration dates, eat up things that expire first and replace them with new stuff. Only eat some stocks after you've replaced the new stock. However, this is extremely difficult to do. Figuring out how much food you will need to store; will the shortages go on for years? It's nearly impossible to say how much you'll need and for how long you'll need it. What have I learned? I have learned that indeed, the Lord feeds his sheep and you have to trust him for every crust of bread, for every can of soup, for your very life. Keep your focus on the Lord and he will supply you with exactly what you need. We may see many modern day miracles of multiplying fishes and loaves! Amen! ~7Seven |
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| Rog | Mar 12 2008, 05:12 PM Post #13 |
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Keep in mind David Wilkerson's other prophecy concerning Mexico defaulting on its loan. FROM DAVID WILKERSON'S PROPHETIC VISION: It's about to happen---very soon, one nation, and I'm speaking prophetically--if I've ever heard anything from God in my life, I heard it-the nations,...Very soon a European or North African or Eastern nation is going to default on it's international loan and when that happens, within two weeks, Mexico is going to default. Mexico owes $100 billion ---80% of it to American banks---and here's what is going to happen: about two weeks after the first country goes bankrupt, (we're going to survive that, because most of that (money of the first country) is owed to European banks---German, Swiss and French banks---) but a second country is going to go down, probably Argentina or Brazil, and we'll kind of live that down and say: "Well, maybe it's not going to hurt," but two weeks after the first country goes down, Mexico's going to default on $100 billion. And when the banks open the next day at 9 in the morning, $15 billion an hour is going to be withdrawn from our American banks---they're going to be running our banks---the Arabs---All the Latin American countries, they're going to be running our banks--and before the day is over, the U.S.A is going to have to declare a "bank holiday." SIX MONTHES OF HORROR: And we're going into six monthes of the worst hell America has ever seen---there's going to be chaos---not even the National Guard's going to be able to quiet it down---we're going to have to call out the whole U.S. Army. Now I've had visions recently, for I've been in New York City and I was in Macy's in a vision, and I saw people walking around stunned because they couldn't get their money out of the bank. Now I'm going to give you a word of advice, the first country goes bankrupt---I've documented this and I've got it sealed in an envelope, and I'm going to call all my friends and I'm telling you---this is the first time I've said it in a public meeting like this---but the first country that bellies up, you go get every dime you have---church get your money out of the bank--because there's going to be a bank holiday and you won't be able to get a dime for six monthes. Now, of course, there's going to be -restored, but the nation will never be like it is again. There's going to be fearlike we've never known---judgment at the door. When I was at Macy's Dept. store in a vision and I watched people walking around stunned, they didn't know what to do, they didn't know what was happening; then a bunch of people walked into Macy's and suddenly went wild and began to steal and within an hour everybody---I saw the spirit of everybody in the store---they were robbing and stealing---they raped Macy's and destroyed five floors---Macy's was raped and ruined in a period of an hour or two. That's just the beginning. Folks it's all in this book ( the bible) ---we've been warned and warned and warned---you can't tell me God hasn't warned us. You can't tell me God isn't saying something awesome here tonight in this church...we better get our prayer life straightened up, our lives straightened up, get rid of the idols, as Paul writes, and seeking the face of God in holiness or you're not going to be ready for what's coming. God's warning get ready and you'll not fear these things that come onto you and you'll start rejoicing, you'll not be afraid because your hands will be clean. You've been praying and God's building a wall of fire around you to keep you." |
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| dibldabl | Mar 12 2008, 09:46 PM Post #14 |
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You're welcome, Methusalah. I have 2 science degrees myself but cared little for the financial realm until recently and then only at the prodding of the Lord. It is rumored that Bernanke himself had to be tutored on derivatives so us mere mortals have much to struggle with here. Indeed you're right that the financial game is all about confidence. When our paper money is backed by nothing tangible, only the good faith of the US government, our currency will only be as good as our government fiscal policy. Well, I don't need to say anymore about that. :lol: I agree with you, Daniel, that the economic crisis is already here. I am amazed at how few people are aware of it though or are changing anything in their lives to meet it. I guess everyone has full faith in the Fed or in the government to fix it all somehow. If they only had as much faith in the Lord, we would not be in this mess. The stock market will continue its gyrations for some period of time as you see but ultimately, there are too many problems with the banks and our currency and our massive debt, both personal and public, for it to do anything but nosedive. Faith by foreigners in our currency and government is also eroding quickly and that will spill over into our market. During the next meeting with OPEC, the delegates will seriously consider whether they wish to take dollars anymore for oil. The fact they are even talking about this topic speaks volumes about the financial state of the US. 7, sounds like you had a great Dad. Those are in short supply and I'm glad you treasured yours. Interestingly, when derivatives were created, their value was computed using a computer model. This was called mark-to-model. As long as the real world market was similar to the computer model, the value of the derivative remained high or even grew. Many hedge funds made a lot of dollars from derivatives for a few years. But when the market started to sour, the models were no longer useful in determining the value of the derivatives. But no one could figure out what the derivatives were really worth outside of the model. This froze everyone (the current credit crunch) because no one knew or had a consistent or agreed on way to mark the derivatives to market. In the end Wall Street engineered a financial product that could not live in the real world, only in the hothouse climate of a bubble. Hey, anyone remember the tulip bulb bubble from centuries past? Sounds eerily similar. You've got a pretty good description of an economic decline, 7. You've done your homework. It will be a hard time but the Lord will take care of His own. I'm thinking loaves and fishes are going to be common amongst the brethren. David, I am watching Mexico very closely. They are not in good shape. A significant decline in the production of the Cantarell oil field started last year and looks to be accelerating. Also, with the housing boom turning bust and a recession starting in the US, far fewer dollars are being wired home from Mexican workers here. Many are even returning to Mexico. These two things spell seriously reduced income for the Mexican government. The Wilkerson dream talks about foreign governments 'running' our banks. Interestingly, or maybe I should say ominously, the reserves held by our banks went negative a couple of weeks ago. Because of all of the writedowns (losses), bank capital is at an all-time low. Current reserves are not cash; they are borrowed money. Think about that for a minute: the money we have in the bank is really gone already. Many banks have had to borrow to keep cash on hand for daily transactions. What was deposited by individuals and businesses has been lost. This leaves our banks either thinly capitalized or worse. There is no buffer against runs, foreign or domestic. Things may be falling in place in support of Wilkerson's vision. |
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| METHUSELAH | Mar 13 2008, 02:41 AM Post #15 |
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I want to thank you, dibldabl, for the comforting inside information that Ben Bernanke himself required tutelage in the matter of derivatives upon ascending to the chairmanship of the Federal Reserve Board. :rolleyes: No doubt I'll sleep soundly tonight as I consider the import of that revelation and the impact it will undoubtedly have on the conclusion of the ongoing economic crisis both in the U.S. and eventually in the global economy. 
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| 7SevenThunders7 | Mar 13 2008, 01:48 PM Post #16 |
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Weak dollar launches oil to $111 Gas prices are likely to rise much higher this spring; estimates range from about $3.50 a gallon in the Energy Department's latest forecast to $3.75 or even $4 a gallon according to some analysts. Supply is meeting demand. Indeed, investors seem to have stopped looking to the oil market's underlying supply and demand fundamentals for price direction, Cordier said. Oil supplies have risen in eight of the past nine weeks, and numerous forecasters have cut demand growth estimates for this year, yet crude prices continue to surge. Gasoline supplies are at 15 year highs, and gasoline demand has fallen every week since late January, yet gas prices keep rising to new records. For consumers, that means pain at the pump - and in the form of higher prices for food and consumer goods, primarily related to rising fuel costs - will continue into the foreseeable future. "There's really no end in sight to this," Cordier said. http://money.cnn.com/2008/03/13/markets/oi...sion=2008031311 Gold prices hit $1,000 milestone Precious metal hits key level on fears about economy and further weakness in the dollar. NEW YORK (CNNMoney.com) -- Gold prices touched the $1,000 milestone for the first time ever Thursday as the dollar plunged amid nagging fears about the health of the U.S. economy. After weeks of flirting with the key psychological mark, COMEX gold for April climbed to $1,000 an ounce in floor trading. Prices have since pared their gains and were most recently up $16.60 to $997.10 an ounce. Sending prices higher were another drop in the dollar, looming Federal Reserve interest rate cuts, and rising inflation. "Supply and demand is not really the driver of gold prices," said UBS metal strategist Robin Bhar. "This is about global financial stresses." Falling dollar. The dollar hit a 12-year low against the yen and retreated to yet another record low versus the euro Thursday. As the price of gold appreciates compared to the dollar, investors pour money into the commodity in hopes that their gold will maintain some value. "Perhaps some investors have reached a point where there is nothing better than a hard, physical asset like gold," Bhar said. http://money.cnn.com/2008/03/13/markets/go...sion=2008031310 Dollar sinks as Carlyle selloff looms The dollar sank to an all-time low against the euro and a 12-year low against the yen Thursday as investors worried about the health of the U.S. economy and the effects of the Federal Reserve’s efforts to boost liquidity. The dollar traded as low as 99.8 yen, its lowest level since 1995, while a euro fetched $1.56. The dollar has been sagging for more than five years now, but the decline has accelerated in recent months as the financial sector takes heavy losses on mortgage-related securities gone bad. http://dailybriefing.blogs.fortune.cnn.com...-selloff-looms/ *Now for my commentary: I was waiting for Gold to hit $1000 as a sign that the Euro would makes big gains on the dollar. I didn't know that it would be fulfilled in the same day, however. The sign prior to this for me was oil hitting $100. It has all been fulfilled now... Gas hits $100... Gold Hits $1000... the dollar falls to record lows against the Euro... I'm actually afraid to tell you what happens next! ~7Seven |
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| w8n4him | Mar 13 2008, 04:58 PM Post #17 |
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gas prices are at a 15 year high? Has gas been this high before??? |
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| lionschild | Mar 13 2008, 05:12 PM Post #18 |
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Hey I really want to know! If you can please let us know! Curiosity tends to kill this cat. lol |
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| 7SevenThunders7 | Mar 13 2008, 08:54 PM Post #19 |
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I suppose I will, but then it could go to that watching page.... and I'll feel held to it like it's some heavy stone has been hung on my shoulders. If it doesn't happen right away, don't trip out on me, but so far every other sign along the way has occured in order according to the word the Lord gave me concerning it. I am afraid to say anything, it is a terrible thing and I don't like to make people afraid. I am against living in fear. I am Anti-fear, Pro-faith.  The economy crashes, 1929 style. This is when it gets fun. No one will be able to afford to drive a car, only the wealthy. No one will be able to put tires on their car or keep gas in their tanks. The government/auto industry will try to get everything switched over to Ethanol, but it'll be too late as most people won't have the money to get a car that runs on E or even to get their car converted to make it run on E.  Then the war hits. Eventually it will be fought on U.S. soil. The army will reinstate the draft at that time. This "army" will consist of rag-tag, barely uniformed soldiers. The red cross will require any red vehicles available to be donated, to which they will affix a white cross. This will be our haphazard U.S. Army. The enemy will not fight according to Geneva Convention rules, it will be gorilla warfare. At first, we seem to have the upper hand because we live on the home turf, but we don't win the war as it will seem as every nation on earth has come against us and is for our demise and the EU's rise.  This is when the concentration style camps emerge.Those who didn't fight in the war won't be imprisoned and will try to go on with life with EU control and Euro as the new currency. The EU will impose curfew, make you register as an EU citizen and then they will keep all Americans under surveillance. If you say or do anything anti-government, first they write down your name and you get a warning, if you keep acting in the insurrection, they jail you, and finally imprison you. They will have ways of keeping an eye on you, police, taxi drivers, etc. will have little hand held computers and all they have to do is enter your name in the data base and see if it's your first offense, second or third and how harshly they will then treat you. I don't know who starts the initial war. It will be a surprise attack, pearl harbor style and nuclear. We won't have time to think of who the attack was from, who the enemy we are fighting is. It will happen that fast but it has been planned for many years by a combination of our enemies. Russia, China, Iran. Europe won't get involved until later and they won't really be helping us, it will only be in order to make sure they take over the world economy, though they try to act like they're our salvation.  By this time you will know who the anti-christ is. The anti-christ will be a charming individual, even people in churches will watch him and believe he has the answers to help us. Many will look to him as a savior. Life will be going great for those who accept him but for those who don't and are involved in the insurrection life will be a challenge to say the least.  The Rapture/Resurrection of the DeadOk, so now your asking me, don't I believe we'll all be raptured? I wish I could say we'll all be gone by then.  That's the happy, clappy version of the story. But I have not received word concerning the rapture, so I'm not sure. I know those who have heard from the Lord on this are 100% sure and I commend them for sharing their faith in it. I would love this to be true myself. People tend to look at it as a faith issue, when it's really a dogma of religion, not a proved point of faith in Jesus Christ. ><> No matter what happens I trust in Him!I have received word on the resurrection of the dead. This is 100% a faith issue. It will happen. I have seen the resurrection of the dead within the prison camps, within the hospitals, and the body of Christ will participate in the resurrection of the dead. We will actually see the dead rise as Christ rose Lazurus. The Body of Christ will be given the gift to do this in the last days.  So here is the vision that has been given to me over the years. The picture has come in over several years of visions and dreams. Is this an accurate view of the future? Is this a prophecy? Can I say with 100% fact? Is it an issue of my faith? No. Have I been called to share this? I'm not sure. The Lord did not say to me either way. The visions were powerful and some have come true already as if to show me that these things are certain to happen as well. I also saw other things that are in Revelation, raining blood and fire mixed with hail, 1/3 of the green grass burnt up. It's biblical, it will occur. When? I don't know the day/hour not even the Son knows the hour but only the Father. "No one knows about that day or hour, not even the angels in heaven, nor the Son, but only the Father." ~Matthew 24:36 The beginning was as I told you: The colored $50, $100 gas, $1000 gold, Dollar plummets against EURO. This post will self destruct in 48 hours. ~7Seven |
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| MoreofHim | Mar 13 2008, 09:16 PM Post #20 |
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I think it could happen just the way you describe...7Seven but your smilies are just so hilarious... that I can't stop laughing. |
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7:25 PM Dec 4
