How The Economic Collapse Of 2008 Will Play Out
It'll happen when the world refuses to carry america's debt anymore.
"That first day, the Dow Jones Industrial Average and related indices on a percentage basis would lose about 20% of their value by the close of business that day. The real impact would come overnight when the American people found out what this was all about and when it was explained to them.
At 7:30 a.m. EDT, the Tokyo markets would open, and no price would be affixed for probably three or four hours into the session due to the avalanche of selling. Once prices were established, the government of Japan would close all of its financial markets. Europe would not even open. All European governments would close all capital exchanges the next day.
The United States would, in order to accommodate global electronic trading, attempt to open the market on the second day, which they would do, regardless of price, just to maintain some liquidity. At the end of Day Two, the Dow Jones and related indices, would have lost two thirds of their value, and prices would be set accordingly.
On Day Three, the New York Stock Exchange, the SEC and other related agencies would recommend to the United States Treasury and the Federal Reserve that all markets be closed. That would be on the morning of Day Three. Eleven a.m., the Federal Reserve would then order all domestic banks closed. All of the twelve Federal Reserve district banks would (30 minutes later) have special U.S. forces parachuted in and around them to secure whatever gold bullion reserves they had left.
Day Three, 9:00 p.m., the President of the United States would declare a state of martial law. All financial transactions would come to an end. The Treasury would act to formally de-monetize the U.S. dollar and declare it worthless.
This would be totally unprecedented. In the past, collapses have been temporary and have been brought back up. But what we're talking about now is the end."
"That first day, the Dow Jones Industrial Average and related indices on a percentage basis would lose about 20% of their value by the close of business that day. The real impact would come overnight when the American people found out what this was all about and when it was explained to them.
At 7:30 a.m. EDT, the Tokyo markets would open, and no price would be affixed for probably three or four hours into the session due to the avalanche of selling. Once prices were established, the government of Japan would close all of its financial markets. Europe would not even open. All European governments would close all capital exchanges the next day.
The United States would, in order to accommodate global electronic trading, attempt to open the market on the second day, which they would do, regardless of price, just to maintain some liquidity. At the end of Day Two, the Dow Jones and related indices, would have lost two thirds of their value, and prices would be set accordingly.
On Day Three, the New York Stock Exchange, the SEC and other related agencies would recommend to the United States Treasury and the Federal Reserve that all markets be closed. That would be on the morning of Day Three. Eleven a.m., the Federal Reserve would then order all domestic banks closed. All of the twelve Federal Reserve district banks would (30 minutes later) have special U.S. forces parachuted in and around them to secure whatever gold bullion reserves they had left.
Day Three, 9:00 p.m., the President of the United States would declare a state of martial law. All financial transactions would come to an end. The Treasury would act to formally de-monetize the U.S. dollar and declare it worthless.
This would be totally unprecedented. In the past, collapses have been temporary and have been brought back up. But what we're talking about now is the end."
posted by nolocontendere at 6:09 PM
9 Comments:
You are scaring me. What should the average jane doe do, to prepare, besides store up more cat food, which does stay crunchy in milk at least and hopefully now is free of chinese melamine.
Well, there's not much anyone can do at this late date, IMO, to prepare for dollar bills being less valuable than toilet paper.
I guess according to the linked essay we'll have a few hours notice of the collapse to at least get what we'll need for a week or so. I think the best thing is to wrap our heads around the fact we've been lied to so much and just get ready for the massive changes to come.
You, um, haven't personally tested the crunch viability, have you :)
Yes, thanks for asking, nolocontendre, I have tested the milk crunchiness of cat food and the pate type excellence of the canned variety. Wet cat food never really fries up to any solid form. I wonder how they do that. So I was drunk. I can often be talked into trying anything once. Twice, it takes money.
Egads. I tried a milk bone one time but fried pate, um...
It wasn't pleasant, nolo. But then, I do graze occasionally at Petco, in the bulk dog treat area. I find most dog treats taste about the same as store bought cookies and crackers. Dogs should hold out for homemade, was my conclusion. However, I continue to graze when at Petco. I just can't help myself. My standards might be low.
Do not think its extreme stuff. What happened to Northern Rock, one of the largest bank in UK? The current situation in US is several hundred times the order of magnitude.
And people have been by and large dumbed down by channels like Foxnews
Strayer,
Put together a storm kit - foodstuff, water, ammo & firearm. Convert your dollars to silver & gold.
old vet saw the hand writing on the wall long ago.just returned from a cross country trip. things are much
worse then the politicos tell you.
your next few months living in the usa will be the very worst of times.truth will be few and scattered.
trust your gut get out of large urban
areas.the ride of a lifetime for the
next months will save you or you
will not.let your gut instinct be
your guide.keep the kiddies close
to you and your weapon closer,
I hear you anon.
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