Do you believe the captain? Do you believe the crew? These are the people that ignored the warning signals and willfully charted the course toward destruction. Are they going to save you? Us?
Will Washington put your interests above their special interests? Who do you look up to with a greater mind than yours? Bush, Paulson, Bernanke, McCain, Obama, Dodd, Reid, Pelosi, Frank, Laurel, Hardy?
By their deeds you shall know them. They are committed to saving the “too-big-to-fails” while leaving the “too-small-to-save” to save themselves.
Know where the exits are. Make sure you can find your way to the lifeboats. Understand that at a certain point, the hatches will be closed, and under the “rules” of government, only first class passengers will have guaranteed seats.
The pillars of America’s financial system were destroyed when the Twin Towers were toppled on 9/11.
The foundation of America’s free market capitalism were destroyed when an Economic 9/11 took out Merrill Lynch, Lehman Brothers and A.I.G. … the world’s largest investment banks, brokerages and insurance companies. Yet, despite the deafening sound, when the biggest bank failure in US history happened several days later, it barely made the headlines that Washington Mutual, with 2,300 branches and $310 billion of assets, had gone under.
As we write this, Wachovia, the sixth largest bank in the US, is being gobbled up by the imperiled Citigroup.
Do you need more proof?
Today the Dow plunged 778 points.
We are facing a crisis of unparalleled proportions. You must also rely on your own wits and good judgment. No one will save you but yourself.
Trendpost: We do not provide financial advice. We are trend forecasters. We forecast many more bank failures occurring across the United States and around the world. We forecast a high probability for the government to call a bank “holiday,” at which time withdrawals will be drastically limited. Thus, while deposits will be FDIC insured, restrictions will be imposed on withdrawals.
We forecast gold will hit our predicted $2000 mark. Absent draconian government measures, similar to the 1933 Emergency Banking Relief Act which gave the Secretary of the Treasury the authority to “relieve” (confiscate) the gold of private citizens, prices will surpass $2000.