[Scotsman]

The odds of something very near to this happening before November are greater than zero. You will have to pick your own odds ... :)

[appalachian_dweller]

over here...

[Kartographer]

Preppers’ PING!

Interesting Vanity post by a fellow FReeper.

[HangnJudge]

The evidence is freely avilable...

And a personal effort... Incremental Change in GDP VS Domestic Debt
<1 indicates a Negative ROI on Injected Capital
Utterly unsustainable

[null and void]

Next stop: Spaghettification.

[Quix]

END TIMES PING LIST PING

FINANCIAL BLACK HOLE . . .

[familyop]

"Other countries are already having their sovergnity challenged and infringed upon by others - Greece is just the most glaring example for now."

Do we normally respect and uphold "sovereignty" for thieves? No. We don't respect empire, either.

Our US debt regime is not dependent on little, kleptocratic debt regimes of southern Europe. Those places will return to getting what they produce.

Our US debt regime is caused by the social (fascist) politics of an influx of antithetical Europeans over more than 100 years--those who've countered the purpose of early America's first groups of settlers (Puritans, Huguenots, early Presbyterians, Sephardim, all). Our US debt regime is its own and will see its own consequences.

Oil will continue up in the long run, BTW, and the dollar, down. A currency will follow its volume of production of real and useful goods.

[Marcella]

“Every paragraph above could be expanded into pages of detail and analysis, and it will all enevitably lead to massive debt repudiation and the destruction (bankruptcy strictly enforced) of ALL the major money-center banks - the one’s with the greatest exposure to uncollectable debt of any sort. Here in the United States that means that the five largest financial institutions, Goldman Sachs, J P Morgan Chase, Bank of America and a couple of others will not survive, in any form we recognize today. This will happen throughout the World Financial System, and the only hope is that governments will be able to maintain societal stability and not decend into some form or variation of anarchy.”

I haven’t been one to think martial law would surely happen, but if the banks above had to close, the rest would, too. That could easily bring about martial law in order to try to control the chaos brought about by people not being able to get money. If it happened before the Nov. election, there might not be an election and I haven’t been one to think the election wouldn’t happen.

Not much is said on prep threads about having cash in the house. I have taken care of that and everyone should. After Ike came thourgh my area, there was no cash to be had since power was down. So, the possibility of hurricanes and power loss caused me to always have cash stored somewhere on my property so I could get to it.

Preppers should think about banks being closed for whatever reason and prepare for that event. Have smaller bills and change, not larger bills, and put it where no one knows where it is except you and spouse.

[familyop]

"Governments throughout the world are feverishly working on 'continuity of government' plans - how do we keep society polite and maintain effective control of a functioning government WHEN the capital markets lock up completely and bank runs go out of control."

Layoffs of enormous numbers of useless government employees, and a good way to start would be with stopping all federal funding to locales ("pork"). That will happen either sooner with government willingness or later with unwillingness.

First, bond investors will take "haircuts." Then, all other recipient of government incomes will take haircuts. Otherwise, only a little later, a complete shutdown of some duration, while favored constituent groups (all equally guilty) fight each other for larger portions. Then, a start-up of very small and old fashioned government (not enough production of useful items to do any more, regardless of inflation or deflation).

Have fun. Enjoy the slide. We're not far from the part where the political/regulator class loses its time and money for controlling politicians, bureaucrats and their supporting/controlling NIMBYs.

[Jim Robinson]

Howdy, Scotty!!

One thing I know is true. Government is not the solution. At least not in its present form. Government is the problem. Obama is a Marxist. Romney is a Keynesian crony capitalist who approves of bailouts and stimulus spending and claims more will be necessary. Both think it’s the purpose of government to control the economy.

Pray for a return to constitutionally limited government.

The founders had it right in that regard.

[houeto]

I am gobsmacked by this entire thread for several reasons! Thanks for the post and your obvious acute insight Scotsman.

[Hugin]

There is a way out for the US: we can produce enough real wealth to offest the debt. How? We have more than enough rught under Federally owned land, in the form of oil and coal. Not only should we not spend a penny on overseas sources of energy, we should be the world’s largest exporter. The US Geological Survey just put out a report detailing the vast amounts of oil shale in the US. In one area known as the Green River formation, there are 3 trillion barrels of oil. About a third is concentrated in relatively small areas of federal land. It’s estimated with oil at $100 a barrel Between 30-60% of that could be recoverd. Assuming the midpoint is correct, that’s $45 trillion in oil. The only thing we need is the political will to push aside the global warming scammers and do it.

[Lazamataz]

Nice job!