Central bank body warns of Great Depression

[BankruptPinoy]

June 9, 2008

The Bank for International Settlements (BIS), the organisation that fosters cooperation between central banks, has warned that the credit crisis could lead world economies into a crash on a scale not seen since the 1930s.

In its latest quarterly report, the body points out that the Great Depression of the 1930s was not foreseen and that commentators on the financial turmoil, instigated by the US sub-prime mortgage crisis, may not have grasped the level of exposure that lies at its heart.

According to the BIS, complex credit instruments, a strong appetite for risk, rising levels of household debt and long-term imbalances in the world currency system, all form part of the loose monetarist policy that could result in another Great Depression.

The report points out that between March and May of this year, interbank lending continued to show signs of extreme stress and that this could be set to continue well into the future.

It also raises concerns about the Chinese economy and questions whether China may be repeating mistakes made by Japan, with its so called bubble economy of the late 1980s.

by Gill Montia of The Banking Times

http://www.bankingtimes.co.uk/09062008-central-bank-body-warns-of-great-depression/

[JRScott]

And my friends used to laugh at me 5 months ago when I said we were on the brink of a Depression....

[AngelinaCatHub]

I've said it before and I get to say it again, stockpile storable food as you can. If you are inclined to, stockpile ammunition and an old style Boy Scout Handbook (eBay) as it can tell you how to live on nothing. (off the land).

Worse case you eat. Best case, nothing happens, you eat at a cheaper price purchasing at today's cost. DON'T STORE GASOLINE, IT GOES BAD and could be inconvenient after the explosion. If you have a diesel car, I do, you can store diesel safely, and the diesel will burn vegetable oil. I told you, you lit my fuse again. I can't say this enough. 'Hub

[jerzey]

Doom and Gloom

BLAH Blah BLAH

[AngelinaCatHub]

Jerzy, the ant and the grasshopper.

Do you own life insurance? How about auto insurance? Do you wish to use it? Well if you don't why own it?

How many people own food insurance? Learn from the honey bee. Stockpile, it won't hurt you and you cannot eat a ten dollar bill. 'Hub

[jerzey]

no life insurance

Auto because its law
health cause my boss give it to me for free

I wont live in fear My God is bigger then that (this is a personal choice and in my means meant to mock anyone)

[AngelinaCatHub]

Hey Jerzey, not taken that way. I just enjoy being self sufficient. This Bk has been a real downer for me in that we had money once. I have a battle going with a guy who can outspend my legal fees and he is attempting to "intercourse" my bankruptcy, even. I am a believer in being prepared. 'Forwarned is forarmed'.

There will be those who have, and those who have not. I wish to be the one to protect what I have, then steal what the neighbor has stored up. If you go back into history, and not too far back either, most wars were fought about such things. I do believe we are going to have some hard times ahead and it is not so much to store two extra cans of beans or bags of rice every week. Rotate that stuff and you will have a savings plan that is practicle. Only my opinion. 'Hub

[AngelinaCatHub]

P.S. OUR God is both of ours.

I wish to teach how to fish, not give a fish, for the Lord stated you will feed a man for a day, but you will feed him for life if he goes out on his own. It is my way of life to be self sufficient. It is killing me to have to bail on those who trusted me to pay them back. I have no choice now, so I am letting OUR Lord handle my problems. I sure haven't done it well lately. 'Hub

[Cali]

The only thing you have control over is the now. Yesterday is gone and tomorrow isn't a guarantee.

[jerzey]

I really have seen in my life what we say is what we get
God can only work in our lives if we let him

If a person goes around being scard of any matter then says God will handle it, Is that Faith is that the Beiliving in God that is spoke of in his word

My way to prep for the future is to have faith
My BK was due to me and my wife moving forward with no OK from God, I knew buying the second home we did was NOT his will, But I made it God's will
If we would of kept our smaller home, we could of easily paid the mortgage, not have to find renters, and my wife car wreck was 1 mile from our new home, all that wouldn't have happened If I would of just waited and listened ..I am going off on a faith rant and would rather not on a message board

[Help!]

I believe in God, too, but I also believe that our economy is in real trouble. I don't care what the analysts on CNBC say, I'm seeing first-hand how things are changing for every family I know. Most are not in the debt that we are and are hanging on, but many will be in our position in a few months if things don't get better soon. You can only put so much gas on your credit card before it catches up with you.

[BankruptPinoy]

Hey AngelinaCatHub did you see:

http://www.bkforum.com/showthread.php?t=3090&page=53

Riots and food shortages all around the world.

I recommend "Timely and Profitable Help for Troubled Americans" by Hans J. Schneider. He suffered under the Communists after WW2 in East Germany.

Being prepared is not the same as being scared and letting fear control one's self.

I also read "Post-Soviet Lessons for a Post-American Century, Part I"

by Dmitry Orlov

[sisterfunkhaus]

My husband and I are as anti-doom and gloom, stockpile as you can get, and WE are both worried. We have been reading books and watching documentaries about the oil crisis and Hubbart oil peak. I think that in this situation, that the "doom and gloomers" are spot on.

[SJM]

.

[marant]

The world is hit by recession and it affects the people in some way or the other. I am personally trying to spend less by canceling my summer holidays and cutting of certain bills. The best thing you can do is to hold on to your investments and not make any new investments as you can't be sure what your investments would be worth once this period is off.