I am in no way trying to be a wet blanket nor am I trying to scare anyone into selling off. But the sad reality is that we could be falling right back into that gigantic crater that was created 2 years ago. It has been reported that the FDIC has recently shut down another 6 banks in the United States. As we draw to the end of 2010 a total of 157 small banks have been shut down (329 small banks since 2008 - source FDIC website) indicating the clean up methods, ie bailout, that were to be implemented either have not worked or have been circumvented. Instead of sounding the alarm, this news is being met with a yawn by the mainstream media. This is a record for the new millennium and proof positive things are NOT getting better. On the big bank front, many say they are hiding the fact they are insolvent! The Market-ticker.org headline says it all “System Was Insolvent In 2008 (And Still Is)”. It appears that we are clearly facing a systemic solvency problem, but few people realize just how bad the economy really is.
From Jim Sinclair:
Economist John Williams has been warning of an economic collapse for a few years. In his latest Shadowstats.com report, he says, “. . . the U.S. remains the proverbial elephant in the bathtub in terms of pending effective sovereign bankruptcies.” Williams thinks it will all hit the fan within 6 months and is predicting a dollar catastrophe. Europe is a sideshow to the coming main event. Williams says, “The various European crises remain an intermittent foil for the U.S. dollar, pulling market attention away from the unfolding solvency crisis in the United States and a likely move to massive selling against the U.S. currency. Accordingly, high risk of the early stages of a hyperinflation beginning to unfold by mid-2011 continues.”