Comments on: Bank Run – Running Scared?

By: Amber

Amber — Fri, 25 Apr 2008 03:46:34 +0000

After the Bearn Stearns collaspe with the fed bail out, I’ve decided to “ditch” the bank. I don’t earn any interest anyway. My bank caught on to the fact that I’ve started removing my money out over time and has since limited my daily withdrawals. So what does that tell you! I’ve paid off all my debt, have a stash of cash, gold and silver. Never thought the day would come when you couldn’t trust the banks. The banks are losing money and their “woes” are not over yet. I trust my intution.

By: Sapphire

Sapphire — Mon, 17 Sep 2007 00:39:10 +0000

mmm…I think got my last credit card offer in August some time. I never really noticed this until reading that post on the forum too.

By: Marcus

Marcus — Sun, 16 Sep 2007 19:56:46 +0000

I think you always know something is up when those in charge say; “Nothing to see here, move along.”

A lot of people over here in the UK seem to be against the idea of withdrawing money from a failing bank; claiming that it will cause the bank to fail even faster. The media has done a very good job of brain-washing. Last I checked I kept money in the bank to keep it safe – not for the benefit of the bank itself (and may I add, not even for the benefit of other people).

In all honesty, the best situation to be in right now would be to have no debt, a bit of cash on hand – and a stash of gold and / or silver. That may sound a bit “survivalist”, but then if the economy is going to tank, it’s best to hedge your bets and keep things as safe as possible.

As for the credit situation in the US; it is pretty much the same deal over here. But a lot of people are burying their heads in the sand, hoping this isn’t an indication of things to come. Truth is, it has been a long time coming – I am only surprised it hasn’t happened sooner.

It’s very interesting to hear how this is being viewed over there in Canada!

Thanks for the link to that forum. A worthwhile read. One of the posts there is very telling; “Where have all my Credit Card offers gone…”

That got me thinking – I haven’t had such an offer through the post for weeks. It’s always the little things that tell the truth, and all too often these little details get over looked.

By: Sapphire

Sapphire — Sun, 16 Sep 2007 17:29:49 +0000

It is has been pretty quiet on the economic front here in Canada. If you listen to Canadian news, you wouldn’t hear too much about the debt problems of the U.S. or Britain. You wouldn’t think there was anything wrong. Our politicians say that Canada’s economy is sound and not to worry. Yes our economy might be ok but that is not going to help us much if our economy is tied to the Titanic south of the border. The U.S. economy will drag ours down with it and there isn’t much we can do about it. Already GM workers in Canada are going to be laid off in the thousands because the cars that they make are not selling in the U.S. because people don’t have the money to buy them. Some Americans were taking equity out of their homes to buy cars, which is not a very good sign.

The average American wage hasn’t kept pace with the cost of inflation so Americans are going into debt to keep up their standard of living. This of course can only go on for so long before the debt becomes unmanageable than people start defaulting on their mortgages and credit card payments. This is what we get when we have an increasing wealth gap between the ordinary worker and the wealthy few. Eventually the gap becomes so wide that it makes the economic system unstable. This is what too much greed by the wealthy few has got us into. The U.S. economy and Canada’s to some extent is kept alive by the ordinary person going into debt to buy things they can no longer afford on their pathetic wages. This is why no money down mortgages have become so popular.

There are some signs that people are getting uneasy in Canada over what is going on in the U.S. economy. Here is an interesting post that somebody made to Life After the Oil Crash Forum about a strange survey they got over the phone about finances.

I got a VERY interesting phone call tonight…and I’m freaked out.
http://www.peakoilstore.com/forum/index.php/topic,7056.0.html