The worst of the global financial crisis is yet to come and a large U.S. bank will fail in the next few months as the world’s biggest economy hits further troubles, former IMF chief economist Kenneth Rogoff said on Tuesday.
“The U.S. is not out of the woods. I think the financial crisis is at the halfway point, perhaps. I would even go further to say ‘the worst is to come’,” he told a financial conference.
“We’re not just going to see mid-sized banks go under in the next few months, we’re going to see a whopper, we’re going to see a big one, one of the big investment banks or big banks,” said Rogoff, who is an economics professor at Harvard University and was the International Monetary Fund’s chief economist from 2001 to 2004.
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“We have to see more consolidation in the financial sector before this is over,” he said, when asked for early signs of an end to the crisis.
“Probably Fannie Mae and Freddie Mac — despite what U.S. Treasury Secretary Hank Paulson said — these giant mortgage guarantee agencies are not going to exist in their present form in a few years.”
August 19th, 2008 at 5:31 am
Jim, you are a moron, been that way long? Get a good education or see a head doctor, you are a follower…the same people who have brought this National problem to us. You just a damned fool.
August 19th, 2008 at 6:52 am
Jim, baa baa baa… you are a tool.
Jim, the babble is literal, right? If that is the case, Jesus was a pedophile… for he ‘loved the little children’
Get a life.
August 19th, 2008 at 9:16 am
Stop your fucking illegal wars of aggression and stop your expending Empire and you will see the US economy spring back! It’s Rome all over again.
August 19th, 2008 at 12:07 pm
Alex Jones works for the JEWS!!!!!!!!!!The International JEW!!!!
Alex, you are a CRYPTOJEW!!!!
August 19th, 2008 at 3:35 pm
Just keep watching Fox and CNN and keep that war funding comin’! Everything will be alright! Pelosi and Darth Cheney will see us through.
August 19th, 2008 at 4:56 pm
The bank collapse on the commercial side will be Washington Mutual and Wachovia.
On the commercial side, it appears to be Lehman.
August 19th, 2008 at 4:56 pm
*CORRECTED
The bank collapse on the commercial side will be Washington Mutual and Wachovia.
On the investment bank side, it appears to be Lehman.
August 19th, 2008 at 5:01 pm
BUY GOLD AND GUNS.YOU WILL NEED EM
August 19th, 2008 at 7:21 pm
Gold + machine shop with which to make guns
Gold + chemistry shop with which to make low flash or high powered gun powder
August 19th, 2008 at 7:34 pm
they will take your gold away soon like they took my grandfathers in 1933
August 19th, 2008 at 7:56 pm
Yep…my Great-Grandfather told me stories about the Depression when I was a kid.I’m grateful Poppa lived long enough and I was old enough to know him….
August 19th, 2008 at 10:08 pm
crisis, what crisis..
Are we too stupid to know bullshit anymore?
the sky is falling, send us a few billion and we will fix it…
Stop being stupid-
http://www.youtube.com/watch?v=1V5iCUBEUx4
God bless America(even the stupid ones)
GS
August 19th, 2008 at 10:28 pm
The dollars plunge and the failure of banks is not a demise it is an attempt to shake loose some Goyim assets. Once we have grabbed a bunch of Goyim blue chip assets like say GM, Chrysler and maybe IBM the dollar will return but the goyim won’t.
Are we Clever or what ?
shalom
dr.k.
August 20th, 2008 at 12:26 am
Again, the point is missed.
Please don’t see the world in numbers. That is simply not the way the physical laws of the universe work.
Who cares about WHICH bank will collapse next? It is completely irrelevant.
Mr. Rogoff says that we will see more “consolidation” in the next few months before this is over.
I wonder what he was saying a year ago, 5 years ago, 30 years ago?
All he is doing is simply reporting upon what the current numbers are telling him. Just like all the other ACCOUNTANTS who call themselves “economists”. Just a bunch of clueless number crunchers.
There is 100’s of TRILLIONS of dollars of “consolidation” yet to come. People can’t seem to grasp that the whole system was built upon a LIE. They are using charts and graphs to show the teacup patterns and all that other bullshit. They miss the very idea that if there is NO BUBBLE there is NO RECOVERY. Our ENTIRE world economy was built upon BUBBLES for the last 30 years!
The only reason the bubbles existed in the first place was because of the DEBT system of economics. You borrow, and then invest and then borrow to pay off your bills and then invest and then borrow to pay off bigger bills and then invest yet again. You do this until it blows up.
Things “consolidate” when another bubble is created in the nick of time to generate more bottomless credit.
The fulcrum for the fake economy was the CREDIT RATING AGENCIES. They were paid to give AAA ratings. The higher the rating the more they were paid. In other words as long as “some expert” simply declares it “safe” to borrow, people KEEP BORROWING. As we are finding out the ratings agencies were a joke. NOW THAT WE KNOW THIS, nobody is lending any money to each other!!!
This is what they (accountants who call themselves economists) call a “credit crunch”. Each popped bubble of the last 40 years has “landed” or “consolidated” on top of a NEW and BIGGER BUBBLE. But again, this system of new bubbles worked because of the CREDIT RATING AGENCIES. The fulcrum is GONE. Hello?
This is NOT a “depression” or a “recession” or a “consolidation” or a “liquidity crises” or a “set back” or a “down cycle” or a “weak economy” or whatever other term the accountants give it, this is a systemic collapse of the very CONCEPT of what “economy” has been for the last 30 years! The LIE ITSELF has collapsed.
You can’t “pay it off”. You can’t “wait for the bottom”.
THERE IS NO BOTTOM!!!
We either change the way we UNDERSTAND economics OR money becomes worthless as a CONCEPT. In other words, you go to the store to buy eggs, but the store wants 1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,
000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,
000,000,000,000,000,000,000,000,000,000,000,000,005 dollars.
You say, “no problem” and give them the money but as you hand the money to the clerk the clerk says, “sorry, in the last few seconds the price of eggs has gone up by a FACTOR of 1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,
000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,
000,000,000,000,000,000,000,000,000,000,000,000,005.”
“And besides we haven’t received a shipment of eggs in weeks. Actually we don’t have ANYTHING in our store, and I was fired weeks ago!”
Its called HYPERINFLATION. This is what happens when you print money to pay off “pretend” money. Germany went through it after WWI.
Also remember, Gold is only “worth” anything if other people WANT it. Most importantly if FARMERS want it. If they DON’T want it, its worth NOTHING, because you can’t eat it. Of course there is a period of time when the hyperinflation explodes where Gold and Silver might be worth quite a bit more. But this window is small, and what will you give it away for? Dollars??? Better sprint to the store and spend those dollars quick.
How about this idea? Change the economic system to a PROVEN system that has worked before?
1) Have the Government issue credit to the Banks to keep them afloat. Let Wall Street’s financial paper crap be sold at whatever value the market deems it is worth (0.00000000001 cents) instead of the taxpayer buying it at trillions of dollars.
2) Put people to work building desperately needed infrastructure that hasn’t been built in 40-50 years. Put Detroit back to work building Magnetic Levitation Rail like China is doing for example. Build nuclear power plants which can desalinate water and create hydrogen like China and India and others are doing.
3) Create an agreement between the most powerful nation states in the world, most importantly the US, China, Russia, India. Go back to a Bretton Woods like system where fixed exchange rates based upon gold and human reason are set up for trade, rather than the floating exchange rate which creates fictional futures markets which in turn create bubbles.
You see, the problem is BUBBLES. They are DEADLY. They sound like they are soft and harmless. I mean its just paper right? Yes, its paper, but when the paper becomes worthless, and all the same laws are enforced (not to mention the recently passed homeland “security” laws) then you have a bunch of desperate people and then you have martial law or worse.
Instead of hiding in a shelter and bracing for bad things, how about trying to STOP it from happening in the first place?
http://www.larouchepac.com/hbpa
August 20th, 2008 at 1:19 am
DEPRESSION IS INEVITABLE NOW August 19, 2008
Richard Viguerie: Bush White House Hides True Scope of Federal Deficit Market Watch | “As shocking as the $482 billion deficit figure is, that’s still not the true scope of our budget woes because it excludes $80 billion in war costs and $227 billion borrowed from the Social Security Trust Fund.” Record U.S. Deficit: $490 Billion
JPMorgan loses $1.5 billion since July
Wachovia boosts loss to $9.11 bln, cuts more jobs
Evidence of the US Banking System Teetering on the Brink of Collapse
Home prices drop by record 15.8% in May…
http://www.albertpeia.com/wall.....y10108.htm
http://www.albertpeia.com/alresume65393.htm
http://www.albertpeia.com
http://www.albertpeia.com/currentopics10108.htm
August 20th, 2008 at 3:20 am
hey folks, the economic portion of “order out of chaos” is but a mere shadow of the big picture. The Global elite have a lovely plan for us and it is in full swing. Google this for some enlightment….strange days strange skies weatherwars cern haarp north american union amero trans texas corridor december 21 2012 the end dot com whatdoesitmean.com.
God Bless, Ann part of the remnant………………..
August 20th, 2008 at 4:35 am
Bob Chapman says Wachovia will fail in next couple weeks[#2 would be Wa Mu]
August 20th, 2008 at 6:44 am
‘Paulson is an idiot”….your comments are spot on….Very well put and bang on the money. Nice work mate!
August 20th, 2008 at 7:06 am
Well Yes Ann Swift,
I think the atmospheric weapons systems (chemtrails + HAARP) are becoming obvious, as well as the fact that chemtrails contain nanotechnology.
August 20th, 2008 at 9:58 pm
when the banks fail, take up arms and take back what they have stolen from you