World markets to be closed?

The always blabby Italian Primer Minister suggests the world markets may be closed to "rewrite the rules of international Finance" Yikes

Remember my last suggestion to stock up on supplies and cash, don't wait!

Friday's Frenzied wrap up

I’ll be glad when the election is over and I can go back to saving my financial ass before it’s too late.

Just today Canadian Finance minister Jim (I Can’t Count) Flaherty who has a long history of being able to make any surplus into a deficit, announced the purchase of $25 Billion in mortgage paper from the same Canadian banks he claimed just hours before were perfectly sound.

The Conservative party of Canada has been shown to be full of gun loving, god spewing, homophobic racists which is bad enough but they have been lying to Canadians for months saying that we are isolated and free from the contagion created by the U.S. credit flu. Get this people, everybody except a few Amazon natives who don’t use money are in danger.

This latest move to bolster Canadian banks is sold as a liquidity measure but we all know this is a solvency measure brought on by the vaults of bad paper eating into the bottom line of all financial institutions.

AIG having burned through a good portion of its U.S. Gov lifeline money ($70.3 Billion out of $85 Billion) has convinced the U.S. gov to up its credit line up to $122.8 billion, good money after bad in a seemingly endless nationalization of risk.

Iceland is virtually bankrupt with its banking industry carrying 7x the countries GDP in debt. Several of the Banks have been nationalized and foreign depositors who flocked to Iceland's high interest rates are going to get nothing


The U.K. is approach to government bailouts is buying an equity stake in all their banks, an approach the U.S. is also looking at taking.

I wanted to do an entire post just on last week's Cambridge House resource show in Toronto but since I'd not recommend any stock purchases until this all blows over much of what I saw was irrelevant. There was certainly a smell of fear in the air at this show and a number of U.S. speakers actually broached the ideas of prolonged depression, U.S. collapse, the death of Fiat money and impending U.S. marshal law to thwart the coming election. Unlike previous shows I've been to, people were buying these stories this year.

Everything is unwinding so fast neither Governments, Banks, Markets, Investors nor the poor unworthy blogger can possibly keep up.

The Big U.S. bailout money has not yet been spread around to the banks and I don't think they've even decided who gets how much, this leaves them still very vulnerable. That said I fully expect the FDIC ninjas to be out in full force this weekend with multiple bank failures caught up in their own problems and backlash from the Icelandic meltdown.

This could be the big ones folks and there is only so much you can do to prepare this late. As a commenter mentioned and I’ve believed for a while we could be facing a prolonged bank holiday where little to no commerce can take place. Stock your pantry, have an emergency water supply, have cash or extra barter goods at home, if you can still find any buy silver or gold, and if you are even more paranoid, leave major cites and buy an extra box of shells for your weapon of choice.

There are certainly a great number of issues I want to touch on but do not have the enough time, Instead I would ask you to watch this very interesting and scary clip that every one of my American readers should at see. Internalize it or ignore it as you see fit but please watch.