haha nice, I was just saying in general, not just you. I know people are planning for the food, but some may be stocking up on stuff that requires lots of electricity or gas, which they aren't taking into consideration as much. all those bills will raise too. Sooo, any good recipes for cold food??? Cold black beans and??? I would miss fruit if it becomes to expensive damn it all.
Consider this: In 2000, when Bush took office, gold was $273 per ounce, oil was $22 per barrel and the euro was worth $.87 per dollar. Currently, gold is over $700 per ounce, oil is $83 per barrel, and the euro is over $1.40 per dollar. but that's okay cause: "Inflation is down, markets are steady, unemployment is relatively low, exports are up and corporate profits seem to be healthy, Bush told reporters." http://www.msnbc.msn.com/id/17152244/
Last night on CNN, I saw a blip before commercial about a bank in London that showed a long line of customers waiting to get their money out as the bank was failing. I'm sick, so I went to bed. I can't find anything on google about it. Anyone have more information? Could this be an isolated incident, or is it all connected?
it was the northern rock bank, there are branches all over the uk and there was a bank run in the uk for the first time in over a century. the reason for this is due to the collapse of the mortgage market in the US, as the number of people are defaulting on there mortgages the banks around the world aren't speaking to one another, banks sell off loans and mortgages between each other on a daily basis but since the shit hit the fan in the US which sold most of these high risk accounts all over the place no one really knows who is going to be getting screwed in the very near future so banks arent traiding with each other. so in order to cover the costs of the defaulting mortgages northern rock (the bank you saw with everyone trying to get there money out) applied to the bank of england for an emergency loan. this made people panic that all there savings were going to be lost and the last i heard its somewhere in the range of 9 billion removed from the bank in the uk in the last week. so yeah all connected
Northern Rock was deeply into the subprime mortgage market, buying up those securities which made up a large part of its portfolio. I'm sure they're not the ONLY UK bank with this problem. The UK is also going to have a similar problem soon. There's just as much of a bubble in the UK, and interest rates are rising there, putting more pressure on homeowners. UK defaults are rising too. So you can't just blame the US for the UK bank situation... What gets me about the UK situation is the Bank of England BAILED OUT Northern Rock, against its own established policies! That is already costing the Brits because their currency isn't going up like the Euro. They're going to get fucked too!
Yes, Quality of Life is a very subjective thing. And when you remove the gadgets and conveniences (material things) from the equation you will find that people in places like rural Poland actually have a much higher quality of life (as opposed to the economically measured "standard of living"). They eat Organic food every meal, they live in a sustainable, more environmentally sound way as they have for millennia, they have a less polluted environment (except for cities as always), the cost of living is still CHEAP (but rising). Most ppl own their homes outright, NO DEBT, except in unusual circumstances. In other words the way ppl lived a couple of hundred years ago is far more conducive to a HEALTHY LIFE, than people do today. Our society NEVER takes this into account when considering the CUMULATIVE effects of Capitalism upon humanity and each individual. Capitalism, while providing us with tons of material goods, never really makes life BETTER. We are made to feel that our lives are incomplete and bad until we satisfy our desires for that NEXT gadget. We feel that acquiring things makes our lives BETTER somehow. But this is the GREAT LIE! In fact, going further into debt to get that next THING, only makes our lives WORSE, putting more stress on us and sacrificing our future security so that we can satisfy some temporal material desire.
The dollar is collapsing because they orchestrated it. It's obvious, the Fed cut interest by 1/2% on purpose, not so they could help people, but so the market would flood, inflation is going to be uncontrollable, and your going to see world markets dump the dollar as a reserve currency and switch to the euro..........eventually this will be used as an excuse to usher in the SPP, and you will se the North American Union and the Amero become a reality.........Alan Greenspan and Hank Paulson are both out there talking about the dollars imminent collapse, and financial turmoil...........people in their positions know that whatever they say affects the world markets.........what your seeing is the systematic destruction of the economy and sovereignty of the United States of America. I just wrote this: http://www.hipforums.com/forums/showthread.php?t=261860
the uk mortgage market is not great, far from it and yes in the comming months to years this is going to have a huge effect on the banks but for the moment it was the troubles in the us that put the pinch on northern rock. dont get me wrong im not tryin to pass the buck it just happend that way
Here's a story from the guardian about the upcoming UK Foreclosures. It's gonna come - FAST! The UK housing boom is gonna go BUST in the next few months! http://money.guardian.co.uk/houseprices/story/0,,2173874,00.html
i heard on npr that the u k's credit woes make the united states look mild in comparison..not just mortgages,but overall. something like there 161% an we are 116% over extended.. that actually surprised me,i mean just judging from what i see on the net,i never would have thought they were the type of culture to let debt overwhelm them..
Yeah, HBB, they really went nuts the last six years or so with their home equity boom. Everyone's home went up in value there amazingly, so ppl borrowed a LOT based upon the value of their homes. They never did that before so there was no precedent & ppl didn't know what to expect. They're gonna learn the hard way now! When the price of homes come down, then that credit that you borrowed gets deducted from the equity of your home, leaving you with even less. In many cases ppl are upside down on their mortgages, meaning they owe more than the house is worth! That means they're in BIG SHIT! Esp. when they can't sell the house to get out of debt! All ppl can do is sit tight, try to make their overblown payments, and hope the market recovers again - IN THEIR LIFETIME! Good luck!