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IMF warns of financial meltdown – Eurozone Strengthens, U.S. Dollar Weakens

The IMF warns that the global financial system is on the brink of a massive meltdown, while France and Germany push ahead with a pan-European crisis response to try to prevent the worst global downturn in decades.

What can one do in such perilous times other than buy gold and invest your savings in Euros before the dollar becomes obsolete.

 

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At a joint news conference, French President Nicolas Sarkozy and German Chancellor Angela Merkel said they had “prepared a certain number of decisions” to present at a Sunday meeting of European leaders as they work feverishly to restore blocked credit markets to working order.

International Monetary Fund stressed that time was running short after leading industrialized nations failed to agree on concrete measures to end the crisis at a meeting on Friday.

“Intensifying solvency concerns about a number of the largest U.S.-based and European financial institutions have pushed the global financial system to the brink of systemic meltdown,” IMF chief Dominique Strauss-Kahn said.

Low levels of confidence in America’s financial system has caused widespread panic to swiftly sweep through global markets, driving stocks to a five-year low on Friday and prompting banks to protectively hoard cash. That has devastatingly choked off lending to businesses and households, threatening to turn a global economic recession into a dangerously deep depression for perhaps years. Many across America are losing their homes, as is now the case in Australia.

An emergency meeting of euro zone leaders on Sunday will discuss a bank rescue package, taking a British initiative to guarantee lending between banks as a reference point, a source close to the French presidency said.

France’s Sarkozy said euro zone countries were working on a joint solution, but declined to provide specifics. He planned to meet with British Prime Minister Gordon Brown shortly before Sunday’s euro zone gathering.

 

Britain’s rescue plan, launched last week, makes available 50 billion pounds ($86 billion) of taxpayers’ money for injection into its banks and, crucially, calls for underwriting interbank lending, which has all but frozen around the globe.

The world’s richest nations vowed on Friday to take all necessary steps to unfreeze credit markets and ensure banks can raise money but they offered no real specifics on a collective course of action to avert the recession threat. Hence can anyone be sure when so much is promised, but so little usually done in America?

In a surprisingly brief statement after a 3-1/2 hour meeting, the G7 — the United States, Britain, Canada, France, Germany, Italy and Japan — stopped short of backing the British interbank lending guarantee, something many on Wall Street saw as vital to end growing market panic.

Kenneth Rogoff, a Harvard University professor and former IMF chief economist, said the G7 would have been better served adopting some version of the British plan so that banks would feel confident enough to loosen their grip on lending.

“Saying that they’ll take all steps necessary leaves hanging the question of whether they know what is best and necessary,” he told Reuters. “It was a signature moment for the G7. I think markets are going to be very disappointed.”

European Central Bank President Jean-Claude Trichet said markets needed time to digest a series of dramatic steps taken by world central banks in recent days, including pouring billions of dollars into financial markets and lowering interest rates in the broadest coordinated cut on record.

There are signs the U.S. economy is credit-starved and deteriorating fast. American auto makers have been hammered by the credit crunch. GM and Chrysler, two struggling auto makers, are considering a merger to secure cash and cut expenses.

Financial weekly Barron’s reported that GM was preparing to approach the U.S. Federal Reserve about borrowing money directly from the central bank. Many wonder just how many companies and banks the central bank in the United States can bail out before going bankrupt itself?

Some speculate the FDIC insuring American banks deposits will declare bankruptcy next.

What can one do in such perilous times other than buy gold and invest your savings in Euros before the dollar becomes obsolete.

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Buy Gold or Euros – Dying American Dollar, Rising Euro and Gold, Crisis in U.S. Capitalism

[big]Buy gold and Euros as the American dollar dies amid a crisis in U.S. capitalism.[/big]

 

Warnings from Federal Reserve Chairman Ben Bernanke and Central Banks across the world. Turmoil and serious consequences for global financial markets. Buy gold or Euros to protect your savings.

 

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Bernanke’s fiscal policy speech to the Bank of International Settlements (BIS) on July 8, 2008 calling the U.S. economy in “turmoil” was quite revealing. Meanwhile Bernanke and Paulson reported to the media and American people the economy was fundamentally strong.

 

Bernanke told the BIS in July, 2008 it is “Unrealistic to think financial crisis can be eliminated”.

 

The euro was used in around 37% of all foreign exchange transactions in April, 2007. If you care about protecting your dollar invest in gold or Euros before inflation devours your dollar overnight.

 

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A massive 777 point drop in Wall Street stocks on September 29, 2008 is sufficient evidence of things to come.

 

If you still are not convinced and like many across America remain nieve trusting “big brother” to take care of you, think again!

 

“Despite the efforts of the Federal Reserve, the Treasury, and other agencies, global financial markets remain under extraordinary stress. Action by the Congress is urgently required to stabilize the situation and avert what otherwise could be very serious consequences for our financial markets and for our economy.”

 

Ben S Bernanke: Economic outlook when giving before the Joint Economic Committee, US Congress, Washington DC, 24 September 2008.

 

 

 

“As one banker famously said last year “As long as the music is playing, you’ve got to get up and dance”. Well, if it is the role of the central banker to take away the punch bowl just as the party gets going, perhaps the role of the supervisor is to silence the band so the bankers stop dancing.

 

Investors did not perform their own due diligence. Instead, they relied on the due diligence of originators and packagers, who lacked interest in exercising this due diligence. They also placed undue reliance on the judgments of the credit rating agencies, and the capacity of modern technology and diversification to manage financial risks.

 

What can we draw from this? The combination of excess lending with an obvious failure to adhere to fundamental and sound risk management standards not only produced significant losses in mortgage portfolios; it also tainted an asset type that was key in the broader securitisation and credit distribution process.”

 

Nout Wellink: Responding to uncertainty

Remarks by Dr Nout Wellink, President of the Netherlands Bank and Chairman of the Basel Committee on Banking Supervision, at the International Conference of Banking Supervisors 2008, Brussels, 24 September 2008.

 

 

 

The United States is currently in the midst of a financial crisis, the backwash of which is sweeping through the global financial system. …The most recent wave of financial turbulence is the worst so far since the original US mortgage crisis broke out.

 

Inflation means that everyone gets less for their money. Oil, electricity and food prices have risen substantially. These goods are an important part of household consumption. …these goods have become more expensive in the world market.”

 

Stefan Ingves: Financial turbulence, monetary policy and inflation

Speech by Mr Stefan Ingves, Governor of the Sveriges Riksbank, to SACO, the Swedish Confederation of Professional Associations, Stockholm, 24 September 2008.

 

 

 

 

“What I was afraid of has occurred.

 

In the USA, the shortcomings of governance in the financial system have been revealed for all to see in the crisis….  To begin with, the Fed was not so well equipped with instruments for the liquidity policy action necessitated by the subprime crisis.”

 

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As I can report from my own experience, but [b]without giving too many secrets away[/b], [i]the Eurosystem has earned a great deal of respect in the international institutions and bodies which are dealing in depth with the financial crisis[/i] and the lessons and implications to be drawn from it.”

 

Hermann Remsperger: Fundamental issues of stabilising the financial system

Keynote speech by Professor Dr Hermann Remsperger, Member of the Executive Board of the Deutsche Bundesbank, at the conference on “Determinants and implications of the financial crisis” of the Frankfurt School of Finance & Management – Bankakademie, HfB, Frankfurt am Main, 17 September 2008.

 

 

 

First, we should further step up our efforts to build a truly integrated, safe and highly competitive European financial market. The tenth anniversary of the ECB one month ago gave us the occasion to take stock of the achievements in European financial integration over the past decade. We were proud to find that significant progress has been achieved and that the introduction of the single currency has acted as a major driving force in this regard. However, as I would like to underline today, [b]further efforts are necessary to make the single financial market a reality.[/b]

 

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While financial integration is first and foremost a market-driven process, authorities can play an important supportive role in a number of ways, for instance by acting as catalysts for private sector initiatives and by reducing policy-related obstacles to cross-border finance. The Eurosystem can also provide central banking services that support the financial integration process.

 

[b]Europe is one of the major building blocks of the global economy and, as such, needs to play a very active role in fostering sound financial globalisation.[/b]

 

Responding to the global financial market correction

 

[b]Financial integration is proceeding not only within Europe, but also at the global level.[/b] Financial globalisation enables the international community to share significant benefits in terms of enhanced financial efficiency and economic growth, but it also makes the safeguarding of financial stability a more interdependent endeavour. Effectively coordinated international action aimed at addressing financial system vulnerabilities has therefore become very important, as highlighted during the ongoing financial market correction.

 

The report of the Financial Stability Forum (FSF) on Enhancing Market and Institutional Resilience has been fully endorsed by the international community and provides the main reference point for the necessary improvements.

 

Lastly, closer ongoing cooperation should be pursued not only between supervisors, but also between supervisors and central banks. Such joint work, to be pursued at all levels (nationally, regionally and globally), would in particular aim to enhance the integration of supervisors’ micro-prudential functions and central banks’ macro-prudential functions in the assessment of possible financial risks and vulnerabilities. This would make a significant contribution to raising awareness of emerging financial system imbalances at an earlier stage and devising effectively coordinated public sector action to address them. …increasingly important to ensure a comprehensive and consistent treatment of the respective financial risks.

 

Jean-Claude Trichet: Fostering sound financial globalisation – the role of Europe

Speech by Mr Jean-Claude Trichet, President of the European Central Bank, at the Paris Europlace Financial Forum “The Paris Marketplace Contribution to the Global Economy”, Paris, 2-3 July 2008.

 

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U.S. Mint Suspends Gold Coin Sales as the Dollar Dies – Protect Your Savings as U.S. Economy Tanks

Put your money in Euros or gold!

The death of the U.S. dollar is imminent. Before the greenback has its final heart attack, get ahead of the next catastrophe on Wall Street.  Protect your savings on Main Street.

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Don’t be deceived by the lying media owned by multi-national corporations. Wall Street insiders will paint a rosy picture while they tycoons walk away with the loot. Awake and take immediate action before your savings disappears overnight.

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The Gold Anti-Trust Action Committee (GATA) reported that the United States Mint has suspended sales of American Eagle gold coins to their network of Authorized Purchasers.

The U.S. Mint has halted sales of its American Eagle and American Buffalo 24-carat gold one-ounce bullion coins because “inventories have been depleted,” the Mint said.

The coins which sold for $800 can’t keep up with demand from panicky investors looking for something — anything — that seems safe during the current crisis.

The price of gold has risen in recent weeks, topping $920 per ounce as concerns rise over the passage of the $700 billion Wall Street bailout and subsequent fears about a further stock market drop.

The Mint has sold 164,000 24-carat gold coins this year, which is nearly 30,000 more than during all of 2007.

Invest in Euros or gold before your U.S. dollar savings disappear!
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Paul F Davis – worldwide speaker, author, and prophet

http://www.PaulFDavis.com

RevivingNations@yahoo.com

Paul F. Davis is a world-changer who has touched over 50 countries, more than 50 islands, and 6 continents empowering people throughout the earth to live their dreams!

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Paul is the author of 14 books and premier life coach building dreams, breaking limitations, and transforming individuals and organizations. Paul is a change master that knows how to play with pain, while elegantly and humorously navigating through transition to ride the waves of change.

– Paul worked at Ground Zero in New York City the first week of 9/11, two stops from Brooklyn Heights where Paul used to live. Paul drove a rental car up to NYC from Orlando, FL as all airports were shut down for national security reasons.

– Paul helped a Muslim young man rebuild his home at the tsunami epicenter in Indonesia and spoke to tribal groups in Wamena who are “naked and not ashamed.”

– Paul comforted victims of genocide in Rwanda and Burundi where 1.2 million people were slaughtered.

– Paul spoke to leaders in East Timor during the war for independence before the UN recognized the new nation.

– Paul addressed University students and monks in Myanmar working together to achieve democracy.

– Paul spoke throughout war-torn East Africa journeying deep into the “bush” where villagers have never seen a white man.

– Paul lived in and lectured throughout India and China the two largest populaces on earth.

– Paul journeyed to Pakistan twice since 9/11 to speak to large audiences about peace, non-violence, and reconciliation.

http://www.PaulFDavis.com

Put your money in Euros or gold!

The death of the U.S. dollar is imminent. Before the greenback has its final heart attack, get ahead of the next catastrophe on Wall Street.

http://ads.easy-forex.com/Gateway.aspx?gid=104994

Don’t be deceived by the lying media owned by multi-national corporations. Wall Street insiders will paint a rosy picture while they tycoons walk away with the loot. Awake and take immediate action before your savings disappears overnight.
http://ads.easy-forex.com/Gateway.aspx?gid=104994

# # #

Put your money in Euros or gold!

The death of the U.S. dollar is imminent. Before the greenback has its final heart attack, get ahead of the next catastrophe on Wall Street.

http://ads.easy-forex.com/Gateway.aspx?gid=104994

Don’t be deceived by the lying media owned by multi-national corporations. Wall Street insiders will paint a rosy picture while they tycoons walk away with the loot. Awake and take immediate action before your savings disappears overnight.
http://ads.easy-forex.com/Gateway.aspx?gid=104994

Paul F. Davis is a world-changer who has touched over 50 countries, more than 50 islands, and 6 continents empowering people throughout the earth to live their dreams!

Paul is the author of 14 books and consultant building dreams, breaking limitations, transforming individuals and organizations. Paul is a change master that knows how to play with pain, while elegantly and humorously navigating through transition to ride the waves of change. http://www.PaulFDavis.com

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Worldwide Financial Meltdown – Dying Dollar, Rising Oil Prices, and the Euro …What Wall Street Doesn’t Want You to Know?

Oil prices per barrel rise between $15 to $20 in response to U.S. financial policy and maneuverings anticipating a devaluation of the dollar.  OPEC sees the dollar as near toilet paper in the upcoming future. Meanwhile the Euro gains 4% on the dollar in a single day on September 22, 2008 …the most since the inception of the Euro in 1999.

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My suggestion is invest in gold, Euros, or the Paulson Credit Opportunities Fund (Paulson & Co. Inc.) since he just made $3 to $5 billion on the sub-prime mortgage crisis. The other Paulson is making all the major decisions on the U.S. economy, while the Paulson Fund is bringing in investors from Europe, and has Greenspan working for it.
 
To do currency exchange or invest online go through my forex account (same price for you): http://ads.easy-forex.com/Gateway.aspx?gid=104994
 
Paulson has the likes of billionaire George Soros courting him and Peter Soros his brother also invest in his fund.   Greenspan is one of the most astute on global financial markets and he is advising Paullson.

Amazing 60% gains for Paulson’s fund in a single month (February 2007) also come with occasional monthly losses of 3 to 5% (miniscule in proportion) so be in it for the long term and have some intestinal fortitude so as to not unecessarily panic.  I’d rather put my money with the international bankers, merger titans, and guys pulling political strings on the economy than anybody else. 
 
To do currency exchange or invest online go through my forex account (same price for you, just commission goes to me): http://ads.easy-forex.com/Gateway.aspx?gid=104994

Paul F Davis – worldwide speaker, author, and prophet

www.PaulFDavis.com

RevivingNations@yahoo.com

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Asian Financial Markets Crumble with the U.S. Dollar

Asian markets crumble…..the Hong Kong stock market loses over 1,000 points in a single day and over 7%…..but the Euro rose.
 
Put your money in gold or Euros quick if you have a savings account.

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Paul F Davis – worldwide speaker, consultant, author, and prophet

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Death of the Dollar – Avalanche of Bankruptcies on Wall Street

My suggestion is invest in gold, Euros, or the Paulson Credit Opportunities Fund (Paulson & Co. Inc.) since he just made $3 to $5 billion on the sub-prime mortgage crisis and is making all the major decisions on the U.S. economy, bringing in investors into his fund from Europe, and has Greenspan working for him.
 
To do currency exchange or invest online go through my forex account (same price for you, just commission goes to me): http://ads.easy-forex.com/Gateway.aspx?gid=104994
 
Read about Paulson, who billionaire George Soros and his brother also invest in his fund.  They got front page coverage on the Wall Street Journal. http://online.wsj.com/public/article/SB120036645057290423.html
 
Greenspan is one of the most astute on global financial markets and he is advising Paullson.
http://www.reuters.com/article/pressRelease/idUS136083+15-Jan-2008+PRN20080115
 
Amazing 60% gains for Paulson’s fund in a single month (February 2007) also come with occasional monthly losses of 3 to 5% (miniscule in proportion) so be in it for the long term and have some intestinal fortitude so as to not unecessarily panic.  I’d rather put my money with the international bankers, merger titans, and guys pulling political strings on the economy than anybody else. http://www.nypost.com/seven/05042008/business/paulsons_funds_slide_109389.htm
 
To do currency exchange or invest online go through my forex account (same price for you, just commission goes to me): http://ads.easy-forex.com/Gateway.aspx?gid=104994

Paul F Davis – worldwide speaker, author, and prophet

www.PaulFDavis.com

RevivingNations@yahoo.com

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Before the Dollar Dies – Protect Your Savings, Deflation Nightmare

Put your money in Euros or gold.

The death of the dollar is imminent. Before the greenback has its final heart attack, get ahead of the next catastrophe on Wall Street.

http://ads.easy-forex.com/Gateway.aspx?gid=104994

Paul F Davis – worldwide speaker, author, and prophet

www.PaulFDavis.com

RevivingNations@yahoo.com

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