One of world's largest predicts US collapse in days, weeks

[Rondaben]

Here (http://translate.google.com/translate?u=http%3A%2F%2Fwww.telegraaf.nl%2Fdft%2F nieuws_dft%2F1359966%2F__Amerikaanse__meltdown__re den_geldinjectie_Fortis__.html&hl=en&ie=UTF8&sl=nl&tl=en) is the article.

The translation is a bit rough, but the meaning is pretty clear. Fortis is the 20th largest corporation in the world and is focused on banking, insurance and investment management.

[I'm all 67X]

Ok...

Fortis expects within the next few days to weeks to complete the collapse of the U.S. financial markets.

That translates in and transcends ANY language. Truth be told, I fear it within days myself...and I know next to nothing about high finance (which is probably a good thing).

[cbressler1976]

I don't think it will be that fast....I think it will take a little longer.....I read a lot about this last night....

[RememberTheName]

...does this mean I need to get everything out of my bank accounts like, now?

[4kiddosmama]

...does this mean I need to get everything out of my bank accounts like, now?


Good Question.....:idunno I'd like some input to that also......Not only for us, but I take care of great-aunt's finances too.

[SumSam]

I read a South Korean article along similar pessimistic lines...it seems the rest of the world is a lot gloomier on American economic prospects than folks in the US themselves...maybe folks outside of the US are seeing a different view? :idunno

In short (http://english.hani.co.kr/arti/english_edition/e_opinion/296357.html), the U.S. economy is facing bad news right now on a number of different fronts. There is little doubt that it will be facing a recession, and quite possibly a very severe recession. Insofar as other countries tie their economies and their finances to the U.S. economy, they will likely also experience severe economic problems. Those countries that were smart enough to look to other markets for their exports and other outlets for their capital will manage to avoid seeing their economy sink along with the U.S. economy.

If the US economy sinks, China, India, partly Japan and some South East Asian countries will be hard hit. Europe, South America, not so much.

[I'm all 67X]

...does this mean I need to get everything out of my bank accounts like, now?

Collapse is collapse I would think. If and when it happens, it won't matter where your money is as it will be gone- or at least worthless- within days or hours. I thought of emptying mine, but then I'd just have green paper taking up space.

OR-

Maybe cash will still have some redemptive value, but you won't be able to extract it as the banks have declared a holiday indefinitely. THEN it seems it would be nice to have around until hyperinflation turns it into green paper in days or hours.

:thinking

Aren't you glad I don't manage your money? :pound

[I'm all 67X]

I read a South Korean article along similar pessimistic lines...it seems the rest of the world is a lot gloomier on American economic prospects than folks in the US themselves...maybe folks outside of the US are seeing a different view? :idunno



If the US economy sinks, China, India, partly Japan and some South East Asian countries will be hard hit. Europe, South America, not so much.

I really feel we have a tendency to be "polly-annish" due to our prosperity and relative high standard of living. We always think things will work out for the better. Guilty as charged until recently.:ohno

[ruskipaul]

change it into gold:) gold never loses its value

[lovinlife4]

I hadn't heard of this. I know they were talking yesterday about times ahead getting worse before they get better. I better let my hubby know. He does all the banking and we don't have credit cards!