I see an economic diasater coming...

[triffid]

Spain is now in the news."Confidence in Spain's  banks and its teetering economy was shaken Thursday after a newspaper reported  that depositors were rushing to withdraw their money from Bankia, a troubled  bank that was effectively nationalized just one week ago.


"Adding to the anxiety,  rating agency Moody's downgraded its credit ratings on Spanish banks. The  banking sector has been hit hard by a collapse in the Spain's property market  and is facing tough funding rules that many analysts fear it can't afford."


"Bankia SA, the  country's fourth-largest lender, saw its shares fall as much as 27% during  trading in Madrid after the El Mundo newspaper reported the bank was hit with  more than â,¬1 billion ($1.27 billion) of withdrawals since the government  announced the takeover.


"The amount taken out by  bank customers is equivalent to all withdrawals made from Bankia in the first  three months of the year."

[triffid]

All the central banks can think to do is print more paper money.That means that gold and silver will keep going up.14 silver dimes to an ounce of silver.You can buy that from most coin shops as junk silver.I would buy a little.You can't eat it Unopened bars of soap and packs of cigarettes would be ok for barter. Ammo is good for barter,be careful who you trade it to.Pretty soon the wild ,wild west will be back upon us.
I have been hearing lately that I can wear a gun on my belt here in st.Louis,mo. out in the open.And I'm within the law.I don't know if its true.
triffid

[the_big_m_in_ok]

All the central banks can think to do is print more paper money.That means that gold and silver will keep going up.14 silver dimes to an ounce of silver.You can buy that from most coin shops as junk silver.I would buy a little.You can't eat it Unopened bars of soap and packs of cigarettes would be ok for barter. Ammo is good for barter,be careful who you trade it to.Pretty soon the wild ,wild west will be back upon us.
I have been hearing lately that I can wear a gun on my belt here in st.Louis,mo. out in the open.And I'm within the law.I don't know if its true.
triffid

triffid, concerning post #2674,
People in Arizona can carry guns; I knew a man who did.
The banks in Europe have a potential problem:

NEW YORK (CNNMoney) -- Efforts to keep Greece out of default and in the eurozone grow more uncertain by the day.
The next few months will determine how successful those efforts will be. And the ramifications could prove crucial for other troubled European countries, as well as the broader global economy.
Investors fear that if Greece's situation worsens, it could lead to a "Lehman" moment that causes a meltdown in global financial markets.

Yep, the crap can easily hit the air conditioner.   California is in a similar situation.

Here's what's coming up.
In coming days: Lifeline for banks The European Central Bank stopped providing loans to some Greek banks last week, saying the banks needed to recapitalize before loans would resume. The recapitalization is expected to be completed within days.

We'll see about that.  Greek bank runs are a sure thing if confidence in the financial system erodes further.  As it is, recapitalization is no guarantee that runs will stop.

June 17: Parliamentary elections The first round of voting on May 6 denied the previous ruling coalition the seats it needed to form a new government. But none of the other parties were able to form a coalition, requiring new elections.
Syriza, a coalition of leftist parties, has gained support in polls and is poised to finish first in the next round of voting, though its ability to form a government is still in doubt.
Syriza has vowed to fight the wildly unpopular austerity measures that were a condition for Greece to get the â,¬130 billion bailout agreed to in March. Syriza leader Alexis Tsipras vows that if European leaders continue to insist on austerity for Greece, the country will default on its debt and plunge Europe into its own economic crisis.

The people act like some American politicians:   Me, now. Don't give a damn about others.   That attitude will cause drastic changes in Europe if they decide to go ahead.



End of June, the troika weighs in By the end of June, officials from the troika are due back in Athens to certify that the Greek government is moving ahead with the agreed upon austerity measures, in order to approve the next bailout payment -- likely about â,¬5 billion.
Greece has already received â,¬107.9 billion.Greece: The anatomy of a default
Early July: Bills start to come due The Greek government could start to run out of the money it needs to run its basic operations -- to pay government employees and keep the lights on -- if it doesn't get its next round of funding, according to Mohit Kumar, fixed income analyst for Deutsche Bank.
After default: Bank run, euro exit, contagion possible If the money runs out, there is widespread belief that Greece will be forced out of the eurozone. What's far less clear is how this would happen, since the treaty creating the common currency now used by 17 nations never envisioned a country dropping out.But as the possibility of an exit becomes more real, either due to election results, a denial of additional help by the troika or the Greek government running out of money, the so-called bank jog could quickly develop into a full-fledged bank run, as Greek bank customers try to protect their savings in euros.
First Published: May 21, 2012: 5:01 AM ET
(Off the Internet, today, 21 May., from CNNMoney.   A direct, albeit paraphrased, quote.   Their original article; all credits to them.)

I could take this article apart and "line-item" respond to specific points, but there's not enough time on this computer.

--Lee

[triffid]

The end of june,2012 will be interesting indeed.I called the coin shop today.They are selling silver dimes at 21 times face value.So a dollars worth is 21 dollars.To buy,not to sell.Better buy food now.




http://finance.yahoo.com/news/greek-meltdown-wont-end-world-124914580.html   A nice refreshing view.triffid

[triffid]

http://finance.yahoo.com/news/poverty-increasing-among-retirees-164453772.html
Not good news at all!