“Nines” sent us this: Another Friday, Another Bank Collapse.
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You probably saw this announcement last month: Bush Calls Economic Summit for November 15. This could portend a new financial order announcement by the G20, either at this meeting or at their next one, early in 2009. I suspect that the US Dollar will lose its primacy as a reserve currency. As the Chartist Gnome told me “this will likely go far beyond ‘a new Bretton Woods.'” A country with these numbers, and these numbers, and these numbers, and these numbers cannot negotiate from a position of strength. The handwriting is on the wall for the US Dollar. Get out of your US Dollar-denominated investments, ASAP! Invest instead in tangibles.
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Tom, who operates CampingSurvival.com mentioned his new educational site: Urban Survival Stories. It looks interesting.
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Bob sent us this article: Dems Target Private Retirement Accounts: Democratic leaders in the U.S. House discuss confiscating 401(k)s, IRAs
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More news and commentary from our Economatrix: Running On Fumes: GM Could Run Out Of Cash — Jobless Rate Bolts to 14-Year High — Main Street Sucked into GMAC Junk Bonds — Financial Meltdown Worse to Come — Across Economy, the News Just Gets Worse — How to Survive the Coming US Dollar Collapse — First Full-Year Slump Since 1940s, Says IMF — Ford Posts $129 Million Loss; Will Cut More Jobs — Cash or Gold? — Just Three ‘Superbanks’ Now Dominate Industry