Not much time left .

[Ross]

Normally I would not post yet another article foretelling imminent
financial disaster for the US but this one is different because of the
deep understanding on display .

You may not find it easy to read so here is your worlds future
in 4 easy lines .....

Big banks in the US ( think JPM ) are imploding largely because
of interest rate swap derivatives and in doing so they will drag
down everything else . That process is now in progress and will
become increasingly obvious over the next few months .

What follows is the final paragraph .......

The timing will be simultaneous with the rejection of the USDollar in trade settlement,
and the end of the famed Petro-Dollar. The Gold cartel cannot stop the price rise,
because they will have no physical gold. They are being raided of their gold bullion
by the East, to the tune of 5000 (five thousand) metric tons since the end of February.
That figure was confirmed by my source, who also claims that the major banks are
short well over 20,000 metric tons after illegally grabbing the Allocated gold accounts
held in their custody. Law suits are occurring in Switzerland to this effect.

Another interesting insight from the article is that the assumed flight to
safety in US bonds is BS and a result of manipulation to achieve that
desired appearance .

Full article available here ...
http://www.marketoracle.co.uk/Article34819.html

[flourbug]

Who to blame, who to blame...

"Manuel Barroso said Europe had not come to the G20 summit in Mexico to receive lessons on how to handle the economy. Asked by a Canadian journalist: "Why should North Americans risk their assets to help Europe?" he replied: "Frankly, we are not here to receive lessons in terms of democracy or in terms of how to handle the economy.

"This crisis was not originated in Europe … seeing as you mention North America, this crisis originated in North America and much of our financial sector was contaminated by, how can I put it, unorthodox practices, from some sectors of the financial market.' "

http://www.guardian.co.uk/world/2012...urozone-crisis

[Coyote]

And just what does this mean for all the folks who have never participated in an interest rate swap derivative and have never done business with the "big banks"?

[NowVoyager]

Originally Posted by Coyote

And just what does this mean for all the folks who have never participated in an interest rate swap derivative and have never done business with the "big banks"?

Guess it means we're screwed, regardless.

Those making the rules of the game, don't care if breaking them, means destruction for others.

JMO, FWIW.

[Coyote]

Guess it means we're screwed...

What makes you say that?

Maybe it means nothing.

[sandyd]

Coyote, it could mean bad things for the DOLLAR you use to buy things.

If you do not buy anything, good for you.

I'm not thrilled with the idea that a loaf of bread now is a dollar and could be 10 if we lose reserve currency.

Ross...

Basket currency? Take some dollars and put 'em in swiss francs? aussie dollars? canadian dollars? What will lose or gain the most?

Any guesses???

and I know they are guesses

[Kassy]

Originally Posted by Ross

Normally I would not post yet another article foretelling imminent
financial disaster for the US but this one is different because of the
deep understanding on display .

You may not find it easy to read so here is your worlds future
in 4 easy lines .....

Big banks in the US ( think JPM ) are imploding largely because
of interest rate swap derivatives and in doing so they will drag
down everything else . That process is now in progress and will
become increasingly obvious over the next few months .

Thanks,

very interesting read. Doesn't look good for JPM or the US dollar. Don't like the notion of needing to create a diversion/mega-crisis in Europe either.

Off course the bubble must burst at some time & why not now. If we look at total debt per country & trends over time there is no way it's going to hold.

[Samen]

Originally Posted by sandyd

I'm not thrilled with the idea that a loaf of bread now is a dollar and could be 10 if we lose reserve currency.

Yo can get a loaf of bread for a dollar? Wow its 2.50 € here (3,15 USD)

(For the same amount you can get 12 Kg or 26 Lbs of whole grain from a farmer if he was allowed to sell it to you.)

[flourbug]

A while ago I suggested everyone load up on a few years worth of clothes as prices were expected to rise. I purchase a certain brand underwear for Mike and Jason. Last year the price was $9.98 for 5 pair, $1.50-2.00 less when on sale. Then the price went up a few dollars - 11.98-12.98 was the normal price, depending on the store. I was lucky to pick up a few packs on sale for under $10. Yesterday I noticed the price has gone up to $18.99 for THREE pair. OUCH.

[Samen]

Originally Posted by flourbug

A while ago I suggested everyone load up on a few years worth of clothes as prices were expected to rise. I purchase a certain brand underwear for Mike and Jason. Last year the price was $9.98 for 5 pair, $1.50-2.00 less when on sale. Then the price went up a few dollars - 11.98-12.98 was the normal price, depending on the store. I was lucky to pick up a few packs on sale for under $10. Yesterday I noticed the price has gone up to $18.99 for THREE pair. OUCH.

Well now is the last moment to listen to that advice if you ask me.

[occupant]

Originally Posted by flourbug

A while ago I suggested everyone load up on a few years worth of clothes as prices were expected to rise. I purchase a certain brand underwear for Mike and Jason. Last year the price was $9.98 for 5 pair, $1.50-2.00 less when on sale. Then the price went up a few dollars - 11.98-12.98 was the normal price, depending on the store. I was lucky to pick up a few packs on sale for under $10. Yesterday I noticed the price has gone up to $18.99 for THREE pair. OUCH.

A couple years worth maybe Bug, but after awhile the elastic loses its elasticity and crew necks on t shirts turn yellow, all by them selves ! I did this several years ago and poof, my investment is worthless.

[Mousehound]

Send a message to the company thanking them for their product that you have enjoyed buying for your whole family over the years, and that you will now never buy again because of their insane price increase, and then look for a different product that you can afford. I personally would rather cut holes in an old pillow case, and sew a drawstring around the top as underpants before I can't afford other necessities. These companies have to get the message that they are losing buyers because they are shrinking packages while raising prices, or putting less in the same package, and still pawning it off for the high price. Seriously, the buck stops with the consumers. Tell each company why you are no longer buying their products. Look around, shop around, make use of sales and coupons when you can. Evaluate what is a real necessity. I loved liquid hand soap, but it got too expensive, and my family uses too much. I now buy the cheap bars of soap. Hair products are way over the line. Get a cut you can afford to keep up without piles of chemical products on it every day so it sits and looks lovely. We don't need about half the stuff we tend to buy.

[Mousehound]

Writing that post I was reminded of the song Alice's Restaurant from Arlo Guthrie, sending a message to the powers that be.

And friends, somewhere in Washington enshrined in some littlefolder, is a
study in black and white of my fingerprints. And the only reasonI'm
singing you this song now is cause you may know somebody in asimilar
situation, or you may be in a similar situation, and if your ina
situation like that there's only one thing you can do and that'swalk into
the shrink wherever you are ,just walk in say "Shrink, You canget
anything you want, at Alice's restaurant.". And walk out. Youknow, if
one person, just one person does it they may think he's reallysick and
they won't take him. And if two people, two people do it, inharmony,
they may think they're both faggots and they won't take either ofthem.
And three people do it, three, can you imagine, three peoplewalking in
singin a bar of Alice's Restaurant and walking out. They maythink it's an
organization. And can you, can you imagine fifty people a day,Isaid
fifty people a day walking in singin a bar of Alice's Restaurantand
walking out. And friends they may thinks it's a movement.

http://www.lyricstime.com/arlo-guthr...nt-lyrics.html

You Tube

[flourbug]

Occupant, I know about the elastic - and the fabric is just as bad. Not only is the price going up, the quality is going down. The dang things are disintegrating. After a dozen or so wearings the elastic gets wavy and loses its elasticity, the fabric gets stiff and baggy, and holes appear in wear spots. Last year Jason gifted me with a serger and sewing machine. I am not a sewer... barely have basic skills, but I am sure I'll have to learn and start making more of the things we wear.

---------- Post added at 05:41 PM ---------- Previous post was at 05:37 PM ----------

MH, I think they are just passing along the increases they are seeing in raw materials.

We noticed another thing while shopping - 24 can cases of soda are being replaced with 20 can cases, and the prices are sharply up. Another situation of less for more.

Speaking of soda, 2 years ago I could get five twelve can cases for $10. Now it is 3 for $12, on sale. Normal price is $4.98 for a 12 pack case.

[Samen]

from 2010 http://thisbluemarble.com/showthread.php?t=32412&

[Mousehound]

My grandma used to rip up clothes that didn't fit, or were damaged in some way, and used the material to sew new clothes for kids, make braided carpets, stuffed animals. Second hand shops are not only full of clothes, they are full of material. When times change, so must we. The old ways are full of hard lessons that many of us may have to relearn.

FB, soda is not a necessity, but I'm sure you know that. Maybe we need to limit our soda treats (or something similar) to save for a good pair of undies, for example. I still think that many companies are using the economic air of panic to make a higher profit off of us. Of course raw materials are more expensive, but I don't think their cost is increasing as much as our end product's price is increasing.

[sandyd]

It IS the cheapest loaf of bread at the store but yeah, it's still that cheap. Good stuff is much more.

I don't eat bread much so don't buy it but I looked.

I've wondered where to buy socks and underware that do not all apart. If anyone finds any.....

[Mousehound]

I buy my undies at Aldi, not sexy, but I have to take them off for sex anyway.

[Coyote]

Originally Posted by Sandyd

Coyote, it could mean bad things for the DOLLAR you use to buy things.

It could. But it could also not. What make you think the price of bread will go up 10x if we lose reserve currency status?

JPM is definitely in a bind and rightfully so but this has all the signs of another chicken little scenario.

The sooner we get off the "money for nothing" economic merry-go-round the better off we will be.

Once again, the "financial products" prove themselves to be smoke and mirrors. I'm willing to bet that for those who stay clear of such foolishness, this will mean very little.

[Malcolm]

I think I might go back to the "couch" and turn on the laptop and watch the "Wall Street" movie........... again.
Anyway how do you think I feel....... Iv never even had a credit card

[Coyote]

Anyway how do you think I feel....... Iv never even had a credit card

I would hope you feel rather smart. Are you in fear that you will lose much if JPM breaks up?

[sandyd]

What make you think the price of bread will go up 10x if we lose reserve currency status?

History

We are not the first reserve currency...nor will we be the first ever to lose it so what has happened in the past?

[Coyote]

That's a very good question. Who had the last reserve currency and why do they not now?

[sandyd]

http://www.zerohedge.com/article/his...t-greece-today

http://en.wikipedia.org/wiki/Reserve_currency

[Coyote]

Soooo.... history shows that as a country loses superpower status they also lose reserve currency status, not the other way around. And they did not suffer mightily because of the loss of reserve currency status.

As far as I can see, the average guy on the street would never even know the difference.

What was the fallout for the average British citizen after WWII due to the loss of reserve currency status?

And keep in mind, there's nothing to say that the breakup of JPM is going to cause the US to lose reserve status.