Hi Ho "SILVER"

[newbietrader]

My oh my..US job expectation fails...what to expect? Maybe MSM can give a positive spin that all things are good that it is at the bottom now and future is bright...guess people's perception is questionable.

http://www.cnbc.com/id/46976910

but stats dont tell a LIE...only TRUTH.

[skid]

Not a bad time to concentrate on getting rid of debt-get money in a safe place-US,Aussie,Kiwi bonds[when i realized how much equity money has in the mainstream bank,i decided to sacrifice some interest,for better or worse,and go Gov.bonds]not so many middle men in between me and my hard earned cash.also Gold ,Silver,not for speculating but for insurance purposes, and think about developing anything you can that helps you to get off the grid--Solar-water tank-garden-establish a closer relationship with neighbors and friends[in case you need to barter--Its not a time for big gambles and alot of these suggestions are a good thing even if things dont go pear shaped.IMHO

[Skol]

Skid,

What is a 'mainstream bank'? Or for that matter a 'non-mainstream bank'?

[skid]

By Mainstream banks i mean your run of the mill banks like ANZ Wespac etc. All of those banks that lend out the money you invest,many,many times over.Your actual equity on your invested money is a minuscule amount of the original amount invested.This[what some call the ultimate ponzi scheme] rolls along ok as long as the illusion holds up.But if enough factors come into play and things finally reach that point--thats when the game of musical chairs stops.
What i meant by non mainstream bank is in my case kiwi bonds.At least in this case its goverment backed.Maybe the Govt. will default but its alot less likely--Its a matter of where to put savings.
In the end,if things hold up Ill still end up with the money,but with considerably less interest,but im willing to put up with that at this point in our economic history.

[Skol]

OK, I get it , you've gone for safety, fair enough, but unlikely the banks will fail, if that happens you'll need, land, food and a shotgun.

[upside_umop]

Yeah, that's when we would be back at the stage of 'cowboys and indians'! That is when I would recommend to hold some gold....no other time though. So unless you think we're going back to those times, it's business as usual.

If you think the banks are going to fail, then I'm afraid the govt will fail too.

[JBmurc]

yeah banks never fail

http://www.fdic.gov/bank/individual/.../banklist.html

On Friday, March 9, 2012, New City Bank, Chicago, IL was closed by the Illinois Department of Financial and Professional Regulation – Division of Banking, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution. The FDIC has compiled the following information, which should answer many of your questions.

[upside_umop]

I didn't say that banks don't ever fail...I think we know they do.

But what you guys talk of is wide spread failure. That's not going to happen, and if it does....you have more to worry about than you think.

You don't have a mortgage do you jb?

[JBmurc]

I didn't say that banks don't ever fail...I think we know they do.

But what you guys talk of is wide spread failure. That's not going to happen, and if it does....you have more to worry about than you think.

You don't have a mortgage do you jb?

right I thought you said "If you think the banks are going to fail, then I'm afraid the govt will fail too." well when you look at the list in the USA ...so many have failed but the US govt keeps growing I'm sure I read recent some massive amount of new jobs aka 40% were new govt jobs...

yeah sadly as we spent alot more than planned we do have a morg

[Skol]

In the USA they have hundreds of banks, lots of them have failed and have been taken over by other banks. Banks insured by the FDIC cover deposits up to $250,000.

In NZ around 60 finance companies have failed, same thing, lousy investments, poor management.