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Title: Greeks Rush the Banks; Lines Form at ATMs; Nearly $1 Billion Withdrawn in Past Week
Source: [None]
URL Source: http://www.shtfplan.com/headline-ne ... ithdrawn-in-past-week_05152012
Published: May 16, 2012
Author: Mac Slavo
Post Date: 2012-05-16 18:19:39 by Capitalist Eric
Keywords: None
Views: 707
Comments: 16

Without a government for the last eleven days, and amid mainstream discussion of a Euro Zone exit, the Greek people are realizing that the economic and political system as they know it is rapidly descending into chaos.

With massive jobless rates that have forced many into bartering to survive, and facing credit destruction across the entirety of the country that has led to shortages of critical supplies like life saving medicines, those with any money left at national banks are taking the desperate step of withdrawing as much of their savings as they can from a banking system on its last leg.

This is what it looks like when a populace plagued with uncertainty finally loses trust in the credibility of their country’s leadership and financial system.

Anxious Greeks have withdrawn as much as 700 million euros ($893 million) from the nation’s banks since the inconclusive May 6 election, President Karolos Papoulias told party leaders yesterday, according to a transcript of the meeting posted on the presidency’s website today. Papoulias said he got the information from the head of the Bank of Greece, the central bank, George Provopoulos, according to the transcript.

Via Zero Hedge

Greeks line up at ATM’s across the country to withdraw cash:

As has been said before, Greece is the canary in the coal mine.

The debt has piled up across Europe and the United States. Like the Greeks, Americans will soon hit a breaking point from which there will be no return. When it does finally happen you can be assured that your local ATM’s and banks will be inundated with panicked depositors attempting to take possession of as much of their money as possible.

But once the lines start forming it will be too late. Banks will have no choice but to limit withdrawals and close their doors (even to safe deposit box owners), because they will not have enough cash on hand to meet demand.

The choice is simple: Either prepare now and have physical assets in your possession, or join the crowds and hope the government will come up with a solution to the massive outflows that will ensue when the bank run begins.

Considering the madness we’ve seen when people can’t get their hands on a Black Friday discounted Xbox or flat screen TV, our guess is that any solution the government puts forth to deal with the anger and frustration of people who can’t access their money will involve something like this:

(3 images)

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#1. To: Capitalist Eric (#0)

And so it begins.

You can't say folks weren't warned.

some text

We The People  posted on  2012-05-16   18:27:08 ET  Reply   Trace   Private Reply  


#2. To: Capitalist Eric (#0)

So when are we going to see this coming here. You seem to know its coming . If so why can't you tell us when?

NewsJunky  posted on  2012-05-16   18:32:41 ET  Reply   Trace   Private Reply  


#3. To: NewsJunky (#2)

Sure I know it's coming. A LOT of us know...

As to when, I was actually expecting it back in 2008, but I clearly underestimated the depravity that the Keynesians would stoop to, to cover up their crimes...

No way to know exactly when, bubba... I've seen estimates of 3-6 months, with other sources (that I know are credible) saying 12/31/12, when the U.S.A. encounters what they're calling the "Financial Cliff." Google it, you should find a lot of interesting data.

There are far too many variables to make such prognostications meaningful. My wife was commenting on this just two nights ago, saying "I wish we could know what will happen in the next year..." Of course, if I knew that, I'd have already bought a winning lottery ticket.

The US Government knows it's coming soon, due to their enactment of the draconian executive orders, the NDAA, and other disturbing things like buying 450 million rounds of hollow-point .40-cal ammo. [I told a friend of mine- a retired general- about this, and you should have seen the look on his face... he was completely unaware of these latest developments.]

"When" is the #1 question, these days... ((( sigh )))

LoonyMing: I brandish my ignorance like a crucifix at vampires.
Translation: IGNORANCE IS STRENGTH

'It's now very common to hear people say, "I'm rather offended by that", as if that gives them certain rights. It's no more than a whine. It has no meaning, it has no purpose, it has no reason to be respected as a phrase. "I'm offended by that." Well, so fucking what?' —Stephen Fry

Capitalist Eric  posted on  2012-05-16   19:19:24 ET  Reply   Trace   Private Reply  


#4. To: Capitalist Eric (#3)

There are far too many variables to make such prognostications meaningful.

Exactly.. That's why I don't take your predictions about imminent doom seriously.

NewsJunky  posted on  2012-05-16   19:36:09 ET  Reply   Trace   Private Reply  


#5. To: NewsJunky (#4)

Exactly.. That's why I don't take your predictions about imminent doom seriously.

I'm glad you cleared that up.

I know that myself and many others on this forum are deeply concerned with what you take seriously and what you don't.

some text

We The People  posted on  2012-05-16   19:45:18 ET  Reply   Trace   Private Reply  


#6. To: NewsJunky (#4)

Exactly.. That's why I don't take your predictions about imminent doom seriously.

Translation: BAAAAAH. BAAAAAH. Munch, munch, munch....

LoonyMing: I brandish my ignorance like a crucifix at vampires.
Translation: IGNORANCE IS STRENGTH

'It's now very common to hear people say, "I'm rather offended by that", as if that gives them certain rights. It's no more than a whine. It has no meaning, it has no purpose, it has no reason to be respected as a phrase. "I'm offended by that." Well, so fucking what?' —Stephen Fry

Capitalist Eric  posted on  2012-05-16   19:51:40 ET  (1 image) Reply   Trace   Private Reply  


#7. To: We The People (#5)

NewsJunky: Exactly.. That's why I don't take your predictions about imminent doom seriously.

WTP: I know that myself and many others on this forum are deeply concerned with what you take seriously and what you don't.

Bada-bing!

Do I detect a small note of sarcasm in that comment?

LOL.

LoonyMing: I brandish my ignorance like a crucifix at vampires.
Translation: IGNORANCE IS STRENGTH

'It's now very common to hear people say, "I'm rather offended by that", as if that gives them certain rights. It's no more than a whine. It has no meaning, it has no purpose, it has no reason to be respected as a phrase. "I'm offended by that." Well, so fucking what?' —Stephen Fry

Capitalist Eric  posted on  2012-05-16   19:58:16 ET  Reply   Trace   Private Reply  


#8. To: We The People (#5)

There are far too many variables to make such prognostications meaningful.

Facts are facts.. I didn't make them up.

NewsJunky  posted on  2012-05-16   20:07:10 ET  Reply   Trace   Private Reply  


#9. To: NewsJunky (#8)

Facts are facts.. I didn't make them up.

Indeed. I post the facts, and when you ask when the crash will occur, and I say I don't know exactly, you say that's a good enough reason to ignore the impending crash.

A micro version would be in a jet, when the pilot announces the engines are on fire, and we're going to crash, so get ready...

And you ask, WHEN will we crash?

The pilot- if he bothers to respond to such an idiotic comment- might say "I don't know exactly when, but it's gonna' be DAMNED SOON."

And you say, "Oh, since you can't tell me EXACTLY when, I'll just ignore you."

That's insane.

LoonyMing: I brandish my ignorance like a crucifix at vampires.
Translation: IGNORANCE IS STRENGTH

'It's now very common to hear people say, "I'm rather offended by that", as if that gives them certain rights. It's no more than a whine. It has no meaning, it has no purpose, it has no reason to be respected as a phrase. "I'm offended by that." Well, so fucking what?' —Stephen Fry

Capitalist Eric  posted on  2012-05-16   20:22:57 ET  Reply   Trace   Private Reply  


#10. To: Capitalist Eric (#3)

[I told a friend of mine- a retired general- about this

What service? I might know of him.

I didn't realize that you were so well connected.

Fred Mertz  posted on  2012-05-16   20:43:27 ET  Reply   Trace   Private Reply  


#11. To: NewsJunky (#8)

Facts are facts.. I didn't make them up.

What facts? What the hell are you even talking about?

The only 'fact' that you've posted here is the 'fact' that you don't take the coming financial meltdown seriously, and in case you haven't noticed, you did make that fact up. No one else could make it up for you.

What other fact(s) are you addressing?

some text

We The People  posted on  2012-05-16   20:43:58 ET  Reply   Trace   Private Reply  


#12. To: Capitalist Eric (#9) (Edited)

Yeah but a global economic system is quite a bit more complex than a plane. Lot fewer variables to diagnose with a plane. Your opinion is not shared by most economists either.

NewsJunky  posted on  2012-05-16   20:45:01 ET  Reply   Trace   Private Reply  


#13. To: We The People (#11) (Edited)

There are far too many variables to make There are far too many variables to make such prognostications meaningful.uch prognostications meaningful.

The fact there are too many variables to make a meaningful prediction about an economic collapse.

NewsJunky  posted on  2012-05-16   20:48:14 ET  Reply   Trace   Private Reply  


#14. To: NewsJunky (#12)

Yeah but a global economic system is quite a bit more complex than a plane. Lot fewer variables to diagnose with a plane. Your opinion is not shared by most economists either.

I think you should up your contribution to your 401k.

What are you at now, like 3%? 6%?

You should go to 10% or even higher.

You can contribute up to what...$17k this year?

some text

We The People  posted on  2012-05-16   21:41:12 ET  Reply   Trace   Private Reply  


#15. To: NewsJunky (#12)

Yeah but a global economic system is quite a bit more complex than a plane. Lot fewer variables to diagnose with a plane.

I disagree, but there's no way to prove the point from either side...

Your opinion is not shared by most economists either.

Hmmm, which economists are you referring to, when you use a sweeping statement like that?

Would that include, say, "Helicopter Ben" Bernanke? Let's go through a quick history of his statements. From HERE:

Did you see Federal Reserve Chairman Ben Bernanke on 60 Minutes the other night? Bernanke portrayed the Federal Reserve as the great protector of the U.S. economy, he claimed that unemployment would be 15 percent higher if the Federal Reserve had sat back and done nothing during the financial crisis and he even started laying the groundwork for a third round of quantitative easing. Unfortunately, 60 Minutes did not ask Bernanke any hard questions and did not challenge him on his past record. It was almost as if they considered Bernanke to be above criticism. But someone in the mainstream media should be taking a closer look at this guy and his record. The truth is that the incompetence that Bernanke has displayed over the past few years makes the Cincinnati Bengals look like a model of excellence. Bernanke kept insisting that the housing market was stable even while it was falling apart, he had absolutely no idea the financial crisis was coming, he declared that Fannie Mae and Freddie Mac were in no danger of failing just before they failed, his policies have created asset bubble after asset bubble and the world financial system is now inherently unstable. But even with such horrific job performance, Barack Obama and leaders of both political parties continue to publicly praise Bernanke at every opportunity. What in the world is going on here?

Not that Bernanke is solely responsible. His predecessor, Alan Greenspan, was responsible for many of the policies that have brought us to this point. In addition, most of the other presidents of the individual Federal Reserve banks across the United States seem just as clueless as Bernanke.

But you would think at some point someone in authority would be calling for Bernanke to resign. Accountability has to begin somewhere.

The Bernanke quotes that you will read below reveal a pattern of incompetence and mismanagement that is absolutely mind blowing. Looking back now, we can see that Bernanke was wrong about almost everything.

But the mainstream media and our top politicians keep insisting that Bernanke is the man to lead our economy into a bright future.

It is almost as if we have been transported into some bizarre episode of "The Twilight Zone" where the more incompetence someone exhibits the more they are to be praised.

The following are 30 Ben Bernanke quotes that are so stupid that you won't know whether to laugh or cry....

#1 (October 20, 2005) "House prices have risen by nearly 25 percent over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals."

#2 (On 60 Minutes in response to a question about what would have happened if the Federal Reserve had not "bailed out" the U.S. economy) "Unemployment would be much, much higher. It might be something like it was in the Depression. Twenty-five percent."

#3 (February 15, 2006) "Housing markets are cooling a bit. Our expectation is that the decline in activity or the slowing in activity will be moderate, that house prices will probably continue to rise."

#4 (January 10, 2008) "The Federal Reserve is not currently forecasting a recession."

#5 (When asked directly during a congressional hearing if the Federal Reserve would monetize U.S. government debt) "The Federal Reserve will not monetize the debt."

#6 "One myth that’s out there is that what we’re doing is printing money. We’re not printing money."

#7 "The money supply is not changing in any significant way. What we’re doing is lowering interest rates by buying Treasury securities."

#8 (November 21, 2002) "The U.S. government has a technology, called a printing press (or today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at no cost."

#9 (March 28, 2007) "At this juncture, however, the impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained. In particular, mortgages to prime borrowers and fixed- rate mortgages to all classes of borrowers continue to perform well, with low rates of delinquency."

#10 (July, 2005) "We’ve never had a decline in house prices on a nationwide basis. So, what I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s gonna drive the economy too far from its full employment path, though."

#11 "Although low inflation is generally good, inflation that is too low can pose risks to the economy - especially when the economy is struggling."

#12 (February 15, 2007) "Despite the ongoing adjustments in the housing sector, overall economic prospects for households remain good. Household finances appear generally solid, and delinquency rates on most types of consumer loans and residential mortgages remain low."

#13 (October 31, 2007) "It is not the responsibility of the Federal Reserve – nor would it be appropriate – to protect lenders and investors from the consequences of their financial decisions."

#14 (On the possibility that the Fed might launch QE3) "Oh, it's certainly possible. And again, it depends on the efficacy of the program. It depends on inflation. And finally it depends on how the economy looks."

#15 (November 15, 2005) "With respect to their safety, derivatives, for the most part, are traded among very sophisticated financial institutions and individuals who have considerable incentive to understand them and to use them properly."

#16 (January 18, 2008) "[The U.S. economy] has a strong labor force, excellent productivity and technology, and a deep and liquid financial market that is in the process of repairing itself."

#17 "I wish I'd been omniscient and seen the crisis coming."

#18 (May 17, 2007) "All that said, given the fundamental factors in place that should support the demand for housing, we believe the effect of the troubles in the subprime sector on the broader housing market will likely be limited, and we do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system. The vast majority of mortgages, including even subprime mortgages, continue to perform well. Past gains in house prices have left most homeowners with significant amounts of home equity, and growth in jobs and incomes should help keep the financial obligations of most households manageable."

#19 "The GSEs are adequately capitalized. They are in no danger of failing."

#20 (Two months before Fannie Mae and Freddie Mac collapsed and were nationalized) "They will make it through the storm."

#21 (September 23rd, 2008) "My interest is solely for the strength and recovery of the U.S. economy."

#22 "Economics has many substantive areas of knowledge where there is agreement but also contains areas of controversy. That's inescapable."

#23 "I don't think that Chinese ownership of U.S. assets is so large as to put our country at risk economically."

#24 "We’ve been very, very clear that we will not allow inflation to rise above 2 percent."

#25 "...inflation is running at rates that are too low relative to the levels that the Committee judges to be most consistent with the Federal Reserve's dual mandate in the longer run."

#26 (June 10, 2008) "The risk that the economy has entered a substantial downturn appears to have diminished over the past month or so."

#27 "Not all information is beneficial."

#28 "The financial crisis appears to be mostly behind us, and the economy seems to have stabilized and is expanding again."

#29 "Similarly, the mandate-consistent inflation rate--the inflation rate that best promotes our dual objectives in the long run--is not necessarily zero; indeed, Committee participants have generally judged that a modestly positive inflation rate over the longer run is most consistent with the dual mandate."

#30 (October 4, 2006) "If current trends continue, the typical U.S. worker will be considerably more productive several decades from now. Thus, one might argue that letting future generations bear the burden of population aging is appropriate, as they will likely be richer than we are even taking that burden into account."

Clearly, Bernanke is utterly incompetent, an academic who does not live in the real world...

Hmmm... Maybe you don't like Bernanke. Well, how 'bout just ONE Keynesian boob, Paul Krugman, who (bizarrely) has a Nobel Prize in... Economics:

Now, since you say "most economists" disagree with me, let me contrast YOUR view in another pic:

Maybe you should at the "Big Kahuna" of economists, who carries more weight among REAL economists than the Bernank, Krugman and EVERY TALKING-HEAD ON TV, John Williams.

His website is www.shadowstats.com. Go there, and start reading. His shit is SOLID.

I suggest you educate yourself, before you make yourself look even more stupid...

LoonyMing: I brandish my ignorance like a crucifix at vampires.
Translation: IGNORANCE IS STRENGTH

'It's now very common to hear people say, "I'm rather offended by that", as if that gives them certain rights. It's no more than a whine. It has no meaning, it has no purpose, it has no reason to be respected as a phrase. "I'm offended by that." Well, so fucking what?' —Stephen Fry

Capitalist Eric  posted on  2012-05-16   23:40:30 ET  (2 images) Reply   Trace   Private Reply  


#16. To: Fred Mertz (#10)

Army.

I don't know that I'm "well connected." I've got a lot of friends who're involved in interesting stuff... He was the one who convinced me to go for my Doctorate, and sat on my board.

He comes across as an old-school Yinzer, but he's scary-smart.

LoonyMing: I brandish my ignorance like a crucifix at vampires.
Translation: IGNORANCE IS STRENGTH

'It's now very common to hear people say, "I'm rather offended by that", as if that gives them certain rights. It's no more than a whine. It has no meaning, it has no purpose, it has no reason to be respected as a phrase. "I'm offended by that." Well, so fucking what?' —Stephen Fry

Capitalist Eric  posted on  2012-05-17   12:24:17 ET  Reply   Trace   Private Reply  


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