Economic Collapse Has Begun!

[xHarinder_singh]

Lehman Brothers going bankrupt = THE SKY IS FALLING! THE SKY IS FALLING!!! ?!?!?!

Truly laughable post!

:lol:

http://www.telegraph.co.uk/money/main.jhtm...stviewedconsole

Banking crisis: Is Britain heading for the worst recession since the 1930s?

By Gordon Rayner, Chief Reporter

Last Updated: 11:17pm BST 15/09/2008

Have your say Read comments

Just two weeks ago, the Chancellor, Alistair Darling, was being roundly condemned for exaggerating the size of Britain's economic crisis by saying it was the worst for 60 years.

But with the collapse of Lehman Brothers, his doom-laden predictions are beginning to look optimistic, with many respected City figures openly comparing events with the Wall Street Crash of 1929.

Although no-one is predicting another Great Depression, the crisis is widely seen as the worst in living memory and Alan Greenspan, the former chairman of the US Federal Reserve, described the Lehman failure as "a once in a half-century, probably once in a century type of event" which was the worst "by far" he had seen in a career spanning five decades.

Jonathan Loynes, chief European economist for Capital Economics, predicts a million job losses in the next two to three years and a further slump in house prices before recovery begins. "The collapse of Lehman Brothers will only prolong the uncertainty in the financial markets, meaning banks will remain reluctant to lend to each other and the credit crunch will continue for a long time to come," he said.

<li>More on economicsadvertisement<SCRIPT language="JavaScript1.1" SRC="http://ad.uk.doubleclick.net/adj/N1707.Telegraph/B3095328;abr=!ie;sz=300x250;click=http://ads.telegraph.co.uk/event.ng/Type=click&FlightID=31086&AdID=39190&TargetID=3822&Values=1479&ASeg=&AMod=&Redirect=;ord=bmvgKIW,bemWwzteeAuK?"></SCRIPT>"If people can't get loans the housing market will continue to fall and I think house prices have got a lot further to go before they hit bottom. They will probably keep coming down for another year or two.

"We also think the economy will contract next year and around a million people will lose their jobs.

"The only light at the end of the tunnel is that it looks as though inflation will fall back because oil prices have come down, but we know from previous recessions that it can take a long time to turn the economy around even if inflation goes down."

John Moulton, founder of the private equity firm Alchemy, said Lehman's demise "makes the probability of a deep recession more likely, rather than less likely", while Terry Smith, chief executive of the inter-broker dealer Tullet Prebon, described the Lehman collapse as a "seismic event".

The worldwide recession which followed the Wall Street Crash of 1929 lasted throughout the 1930s, with unemployment in the UK rocketing from one million to 2.5 million in the space of a year.

The effect on share prices, meanwhile, was so profound that the Dow Jones did not recover to its pre-1930 levels until 1954.

Like the credit crisis, the Wall Street Crash was caused by irresponsible lending, as hundreds of thousands of Americans, reassured that they could only make money by investing in shares, borrowed heavily to invest in the stock market.

As a result, the total value of loans exceeded the amount of cash in the US banking system and the economic bubble burst with catastrophic effect, helping to cause a recession which lasted until the Second World War in the UK.

But whilst the current crisis may be the worst since the Wall Street Crash, it is not as bad as the Wall Street Crash, when stock markets went into freefall for an entire month.

By comparison, the FTSE 100 index dropped by a relatively modest 3.92 per cent yesterday, and even rallied during the afternoon, remaining above this year's low point which came in July.

Angela Knight, chief executive of the British Bankers' Association, said comparisons with 1929 were wide of the mark.

"No UK bank is in a similar situation (to Lehman Brothers)," she said. "As far as UK High Street banks are concerned, they have been recapitalising themselves in the last few months.

"Whilst it is not going to be a particularly comfortable day, the issue is one of a major US investment bank which has got into difficulty. Lehman brothers is a relatively small player in the UK."

Lehman Brothers going bankrupt = THE SKY IS FALLING! THE SKY IS FALLING!!! ?!?!?!

Truly laughable post!

:lol:

Wall Street's Tower of Babel

The financial elite of the United States have

sacrificed the system’s survival

by Parker Eales| September 15, 2008

Print Once men break with tradition, venturing upon colossal financial experiments, they lose the ability to navigate. They lose their sense of proportion, their sense of the fundamental rules that govern finance. They abandon the sense that the system may be at risk. It is always dangerous to mistake where you are, to lack the means for recognizing error, to believe that immediate success – or successes earned to date – indicate some newfound path to financial success.

The modern alchemy experiment ,among many things, was to turn clever packages of loans blessed by the priests of ratings into gold. The truth might be that an experiment, successful for some, is nonetheless an ultimate disaster for all. Perhaps there is something inherently unstable in the assumptions, in the people, in the situation of unprecedented success and credit. Perhaps the victor is spoiled by his victories; perhaps planet Wall Street that innovates cannot grasp the consequences of so many innovations piled one upon the other without regard for the system that mother’s it.

The financial elite of the United States were willing to do a “winner take all” and the hell with the unwashed. They were making so much money selling packages of make believe to market valuations, that they really did not care if the fiasco of jungle high finance destroyed the entire system as long as they made “theirs”. The feral, ruthless and sophisticated salesmen created and sold weapons of mass financial destruction so complicated that the only money in the confusion was their fees. The blood lust of knowing buyers would have their faces ripped off was elation.

We are falling into a kind of chaos. This chaos appears in our economic behavior – in our indebtedness and failure to observe the traditional rules of economy. We have also ignored the warnings of our forefather’s money and credit. And we have lost our common sense in matters of money and finance. We fought a war on drugs but did not realize that the devil’s most powerful drug is credit. Is there any doubt that human beings cannot resist its addiction? We are now beyond the point of no return.

Even the most expert economists very poorly understand the causes and the effects of the tumultuous recent financial market events in the world. Financial engineering and new financial products have become so astronomically complex that the very complexity itself is the death of the stability of the entire world financial community. The instruments themselves are the tower of Babel. It has become clear that the entire world’s financial system is in financial breakdown to due enormous, complex, and poorly understood linkages that can collapse an entire chained structure creating shocks that cause enormous contagion from one economy to another and creating accelerations of fear and panic that further complicate and bring about enormous destructive forces. Financial liberalization has led to an enormous creation of credit that has literally been pushed to the collapse of the system. Nations, corporations, and individuals are so debt ridden that it represents a profound fragileness in and of itself.

The problem is that what is occurring in terms of birth pangs are not fully appreciated. At some point Americans will realize what has happened to them and their financial system.

So here is the executive summary:

1. The perversity of money and the financial system to do the very opposite of what all reason indicates should not deceive us from understanding reality. The fact that so many people do not see the tremendous peril we are in does not change reality. Over time people have lost touch with the great truths of economic life. The consequences of this insensitivity to these truths are to be unperturbed, irrational, and indifferent to signs of imminent disaster.
   
2. We are blind to enemy identification. We cannot see clear and present danger.
   
3. The new financial alchemy has created a complexity , a deception, and a structure which exceeds what is humanly manageable.
   
4. A single event could cripple our economic life and collapse our financial system. It is only a matter of time.
   
5. The Ten Sigma Event is like the ten plagues of Egypt. The plagues are happening again in a different form but the message is the same. The truth will be set free. I think we are at the stage of “tomorrow about this time I will cause it to rain a very heavy and dreadful fall of hail.” Those who got their servants and livestock into houses and shelters were not destroyed. Some ignored the message and did not believe it and they lost everything. It is hard to hear a message of counterculture financial warning.
   
6. Money has become so complex that it has been confusing. So many new forms and extensions of money have flooded our lives. Debt has been confused as wealth and has been an addiction unto itself.
   
7. There is a reason that gold is called “precious” metal.
   
8. The financial elite of the United States have sacrificed the system’s survival for the greatest financial gains of all history. The system itself is dead and it is all theater from here on.
   

As the financial plagues unfold may I suggest you “urgently ask for gold and silver”.

[xHarinder_singh]

Bro, stop with this... Really work on my nerves...

I know its truth.... But dont keep saying it in allmost each and every post of urs... It is very annoying

Please my dear veerji

Yes, I suffer from krodh, I suffer from the all the 5 demons. I have not opened up a deraa or a gurdwara and calling myself saintly and eating sangat' money. People like u can just bark behing their computers. Majority of u people have used the khalistan movement or gurughar to reach the west and now *edited* behind ur computer and act as tigers.

Mod note: Please watch your language.

[guptveer1469]

Harinder. I was born here... SO i can't do anything... I'm still doing my paaths etc

once i'm done

then maybe i'll think of coming

but if ur such a tiger, ur sitting in india... why dont u do something??

KP GILL, BHANIARAWALA, GURMIT RAM RAHEEM and thousands others... all r in india, right??

i do as much as i can here... and later will go to india to help the poor sikhs in south india etc

[xHarinder_singh]

Bro, stop with this... Really work on my nerves...

I know its truth.... But dont keep saying it in allmost each and every post of urs... It is very annoying

Please my dear veerji

Yes, I suffer from krodh, I suffer from the all the 5 demons. I have not opened up a deraa or a gurdwara and calling myself saintly and eating sangat' money. People like u can just bark behing their computers. Majority of u people have used the khalistan movement or gurughar to reach the west and now *edited* behind ur computer and act as tigers.

Mod note: Please watch your language.

oye MODERATERAAAAAAAAA(Thata how pepple used to speak in old punjabi films, hahaha).

sunnybondsingh abused me first in the post u deleted. I suffer from krodh many times and thats why I used bad language.

Harinder. I was born here... SO i can't do anything... I'm still doing my paaths etc

once i'm done

then maybe i'll think of coming

but if ur such a tiger, ur sitting in india... why dont u do something??

KP GILL, BHANIARAWALA, GURMIT RAM RAHEEM and thousands others... all r in india, right??

i do as much as i can here... and later will go to india to help the poor sikhs in south india etc

Yes, I am not able to do anything in India as I am a neech insaan but I dont abuse fellow sikhs or advice them what to post. I do my job, earn my money, live my life honstly, use very less of fossil fuels. I can easily afford a big expensive car but drive a small santro to burn less fuel. In short, I mind my own business and want others to do the same.u dont like my post, fine, ignore it, or tell the moderators to delete it, but u possess no right to tell me what to post. I love doomish theories and I am 100% sure that the future of the world is doomish. I just pass my time on forums writing such topics and I have full freedom to do so.

[humkire]

Sikhi is not about speculating about the present and future ,because then its a kinda dabbling into astrology /guessing games about the times /predictions .sikhi is about staying in chardikela,and doing what is right in all past ,present and future .Unless God wants us to be ,we are not privy to how God judges the world from day to day ,and the interplay of what happens in this world and His hukum /Will .God is a God of surprises and the route that events take and their influence is far from predictable .a bleak winter can be followed by an energetic colourful spring ,whereas a blazing summer can descend into a depressing autumn .

if by God's grace ,a sikh does get a glimpse of the future ,its best to stay private and humble about it ,unless God asks you to proclaim it over a loudspeaker . our focus has to be on naam jaapna ,kirt di kamai kerni and vand ke shakna .gurbani again and again encourages us to never live in worry but in all circumstances stay in chardi kela .if this financial crisis will ride over so be it .if this crisis results in the end of the world so be it ,we as sikhs live in ''' man preet charan kemlare ''.in all circumstances we just need to do our bit ,and our best to bring hope and cheer to this world .

our responsibility is to pray ''jagat jelenda rakh leh ,apni kirpa dhar '',and to focus on ''tere bhaneh ,sarbat da bhla'',always praying for God's mercy on all his creatures and this world .

Our aim ,as we behold this world to be ''bajho gur gubar heh '' and ''jelti sabh prithvi desh aai'' is to be like Guru Nanak Dev ,i.e '' chereah sodhan dharat lokai '' i.e preach naam to the world .

[Harjeet.Singh]

There shouldn't be money or a government, i would like to abolish these things.

Here are some facts and figures, that may shock you.

1.1 billion people live with less than $1 a day

2.7 billion live with an income of less than 2 dollars a day

If 1% of all the world funding on weapons was spent on schools, every child in the world could have an education.

20% of the population living in high economically developed countries use about 86% of the worlds resources.

12% of the world population use 85% of the water.

2.2 million children die a year because they cannot vaccinated.

Just under 1 billion people in the beggining of the 21st century could not read or write even their name.

It doesn't have to be like this, it is our duty as Sikhs to change things, not just sit with it and go with the flow. I think a Sikh should only get a job to do with Seva. We all have the power to help, not just Sikhs, but who is willing to go and help and do selfless service? I think there are not many people willing, but we as Sikhs are suppose to do these kinds of things. WE should take over the government, and make nobody a ruler i think.

[guptveer1469]

ok harinder bro

i wont disturb u anymore

thanks

keep scaring us... lol

actually the truth is that u always keep scaring me...

i dont like all this.. anyways

oil price is increasing? but i read a news article sumwhere that the price is at the lowest at this moment?? can u please explain?

By what time do u think will be the doom of the world?? 2012? like most others..

[Harjeet.Singh]

in 2012 something will happen, but not the end of the world, many will be scared, but not those who have practised penance, truthfulness and meditated on the one God.

[SATORi]

...started since 2006...

as for the whole 2012 thing, doom of the world, armageddon, etc -- all depends on the global consciousness or collective consciousness of the the people. the mind is very powerful and it can bring about tremendous changes. as people have noticed, there is already a consciousness shift taking place in people, which further empowers this collective consciousness with "positive" energy.

If the world wishes for the armageddon, so it shall happen -- it's just like a prayer.

[malkeet]

in 2012 something will happen, but not the end of the world, many will be scared, but not those who have practised penance, truthfulness and meditated on the one God.

people keep saying this, but where exactly did you hear this from? why do you think something is going to happen in 2012