The Collapse of the USA Possible?

[GumbyLearner]

500 More Banks to Fail By End of 2010: Wilbur Ross

By: JeeYeon Park
News Associate

http://www.cnbc.com/id/32657466

The list of failed bank continues to grow as the FDIC’s troubled bank list currently stands at 416 troubled banks. Wilbur Ross, chairman and CEO of WL Ross & Co. explained that he expects to see further trouble ahead for banks.

“I’m not surprised that the [FDIC’s] list is continuing to grow,” Ross told CNBC. “I think there’s going to be at least 500 more banks fail between now and end of next year.”

Ross said commercial real estate is the currently the biggest problem for banks as opposed to residential.

 

[It's Snake Pliskin]

Unless there is a run on a bank that no other bank is willing to support, then I see no reason for a bank to fold. Banks are profitable businesses regardless of liabilities.

 

[GumbyLearner]

Unless there is a run on a bank that no other bank is willing to support, then I see no reason for a bank to fold. Banks are profitable businesses regardless of liabilities.

Runs have already begun in the US Snake!

It looks like competition to a great degree has been reduced in the US.

Look for more stimulus packages, then we will see less US banks and less competition within the US Banking sector.

 

[GumbyLearner]

I wonder if the guy who wrote this has a tin foil hat. :dunno:

How on earth did he get a job at a major newspaper?

UN wants new global currency to replace dollar
http://www.telegraph.co.uk/finance/...ts-new-global-currency-to-replace-dollar.html

By Edmund Conway, Economics Editor
Published: 6:45PM BST 07 Sep 2009

The dollar should be replaced with a global currency, the United Nations has said, proposing the biggest overhaul of the world's monetary system since the Second World War.

In a radical report, the UN Conference on Trade and Development (UNCTAD) has said the system of currencies and capital rules which binds the world economy is not working properly, and was largely responsible for the financial and economic crises.

It added that the present system, under which the dollar acts as the world's reserve currency , should be subject to a wholesale reconsideration.

 

[Nyden]

I wonder if the guy who wrote this has a tin foil hat. :dunno:

How on earth did he get a job at a major newspaper?

UN wants new global currency to replace dollar
http://www.telegraph.co.uk/finance/...ts-new-global-currency-to-replace-dollar.html

By Edmund Conway, Economics Editor
Published: 6:45PM BST 07 Sep 2009

The dollar should be replaced with a global currency, the United Nations has said, proposing the biggest overhaul of the world's monetary system since the Second World War.

In a radical report, the UN Conference on Trade and Development (UNCTAD) has said the system of currencies and capital rules which binds the world economy is not working properly, and was largely responsible for the financial and economic crises.

It added that the present system, under which the dollar acts as the world's reserve currency , should be subject to a wholesale reconsideration.

I'd be happier with a few continental currencies instead. The Euro, the Amero, the Australasio p?

 

[satanoperca]

I wonder if the guy who wrote this has a tin foil hat. :dunno:

He must have as that doesn't make sense. A world economy shackled to a single country that elected George Bush for two terms and within that country a single company that can cause a global meltdown.

A world without America thinking it is superior to everything that inhabitants this incredible planet, the only conclusion is war is imminent.

Tin hat all the way.

 

[Ato]

Largely agree with TA & Wayne in post #12.

China has 7% of World GDP and Euro/US has 70%!

Collapse? NO

Faith in currency? MAYBE

I'm not sure if China is as low as that. Also while the US does have currently a large %, it is mainly all borrowed money (from China), if I'm not mistaken. That is very, very different from if it was US own savings.

 

[Macquack]

Unless there is a run on a bank that no other bank is willing to support, then I see no reason for a bank to fold. Banks are profitable businesses regardless of liabilities.

How then do you explain the 104 US banks that have failed in the last 12 months?

It seems that banks failures related to subprime mortgages are cooling down and banks are failing for the age-old reason in the banking industry … loans that go bad, especially construction loans.

Bank Failures 0f 2009
http://wallstnation.com/banks-bankrupt-sept-09072009

Bank Failures in Brief
http://www.fdic.gov/BANK/HISTORICAL/BANK/index.html

 

[It's Snake Pliskin]

How then do you explain the 104 US banks that have failed in the last 12 months?

Bank Failures 0f 2009
http://wallstnation.com/banks-bankrupt-sept-09072009

Bank Failures in Brief
http://www.fdic.gov/BANK/HISTORICAL/BANK/index.html

The word was "unless".

 

[Macquack]

The word was "unless".

Unless the bank that folds is a 'ponzi' scheme that the other 'ponzi' schemers dont want to support.

'Ponzi' schemes are also very profitable businesses regardless of liabilities (until they are exposed).

 

[Garpal Gumnut]

The collapse of the USA is more than possible.

Many are drug or alcohol addicted.
Many are very obese.
Many are godbotherers.
Many are poor.
Many are indecently and undeservedly rich.
Much of their industry is around syphilitic entertainers, celebrities, comedians and commentators.

The true workers of the USA are marginalised

And their air hostesses are rude and not as attractive as ours.

In fact their air hostesses are downright rude and **** (rhymes with snugly)

However the rest, the forgotten, "silent majority" are good hardworking people

So although it is possible, I think it is not probable and they will pull through.

I like Americans.

gg

 

[jono1887]

Unless the bank that folds is a 'ponzi' scheme that the other 'ponzi' schemers dont want to support.

'Ponzi' schemes are also very profitable businesses regardless of liabilities (until they are exposed).

arent banks essentially legal ponzi schemes :
take your money, lend out 95% of it.. gets redeposited to them... lend out 95% of that 95% and round and round the credit goes..

 

[alwaysLearning]

That has basically been my view... economic hegemony handed to China on a silver platter.

There are a few dynamics at play in the US however that make a collapse *possible* (though I still think... hope, improbable).

I'm always one to account for possibilities... prepare for the worst but hope for the best. But don't ever underestimate the Yanks - If they face reality (and I believe they will sometime soon), they will pull a rabbit out of a hat.

A lot of people mention China as the next super power. What about India? Do you guys think they could be a bit of a dark horse through all of this?

 

[Uncle Festivus]

The Senate must move legislation to raise the federal debt limit beyond $12.1 trillion by mid-October, a move viewed as necessary despite protests about the record levels of red ink.

The move will highlight the nation’s record debt, which has been central to Republican attacks against Democratic congressional leaders and President Barack Obama. The year’s deficit is expected to hit a record $1.6 trillion.
..................

Congress has little choice. Failing to raise the cap could lead the nation to default in mid-October, when the debt is expected to exceed its limit, Treasury Secretary Timothy Geithner has said. In August, Geithner asked Senate Majority Leader Harry Reid (D-Nev.) to increase the debt limit as soon as possible.

http://thehill.com/homenews/senate/57493-senate-must-raise-debt-ceiling-above-12t