Tuesday, September 30, 2008
Bailout?
...... Without a bailout paid for by the taxpayers, what will save the financial system? Inflation, of course. The Federal Reserve pumped an additional $630 billion into the global financial system last night, via currency swaps with foreign central banks. It has also tripled the size of its emergency lending to banks and brokers, which will now grow from $100 billion to $450 billion. Said one senior executive at the Bank of Tokyo-Mitsubishi, "The Fed's balance sheet is about to explode."
What should you do? What we've been telling you for months and months and months. Buy gold and silver bullion. Buy high-quality equities. Buy bonds with good assets, trading at a wide discount. And now, one more thing: Take at least two months worth of cash out of your bank, right away. There's at least a chance now of a real run on the banks. If that happens, the Feds will lock up the cash overnight. I've been in Argentina during a banking crisis. It's horrible. Make sure you've got the cash you need for basic necessities.
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"Throughout history, it has been the inaction of those who could have acted, the indifference of those who should have known better, the silence of the voice of justice when it mattered most; that has made it possible for evil to triumph." Haile Selassie
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Peter J. Shepherd
www.MySpace.com/petershepherd
Volunteer Coordinator, State of Texas
What should you do? What we've been telling you for months and months and months. Buy gold and silver bullion. Buy high-quality equities. Buy bonds with good assets, trading at a wide discount. And now, one more thing: Take at least two months worth of cash out of your bank, right away. There's at least a chance now of a real run on the banks. If that happens, the Feds will lock up the cash overnight. I've been in Argentina during a banking crisis. It's horrible. Make sure you've got the cash you need for basic necessities.
--
"Throughout history, it has been the inaction of those who could have acted, the indifference of those who should have known better, the silence of the voice of justice when it mattered most; that has made it possible for evil to triumph." Haile Selassie
--
Peter J. Shepherd
www.MySpace.com/petershepherd
Volunteer Coordinator, State of Texas
Labels: bailout
