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Can you comment on some of the other banks like Bank of New York Mellon and Wachovia. What is their exposure?

It would be great to see a chart of the top 15 banks.



Great post ! The system is coming apart, and it's really only a matter of time before financial chaos ensues ( Roubini is now predicting it ). Another good summary re the housing meltdown is today's entry on Housing Depression : http://housingdepression.blogspot.com/2007/11/housing-getting-worse.html


Then you don't see the old hag.......You've met my wife then???????? LOL just joking!!! ;)



Keep an eye on the credit card defaults after this X'mas...it is going to be another body blow to the banking sector.

Blunt Force Trauma

Here's a forecast for ya; dark clouds all day, everyday....

Forecast: U.S. dollar could plunge 90 pct


Blunt Force Trauma

Hmm, sorry that one won't work...this one will.


Elaine Supkis

Twice in my life the dollar plunged 50% or more already. Most Americans were barely aware of this, only those of us who were in either Japan or Germany (me) knew this happened.

But this over-all reevaluation is hammering us because we now import far more than we did in 1974, for example. It is a very much bigger part of our economy.

We bought gas today. 20 gallons for $73----in 2000, we paid only $17.80 for the same gas! This is beyond simple inflation. we are being hammered by this. Most gas stations require pre-pay now because so many people are stealing gas.


This would probably be the last good X'mas for all of us for a very long, long time...make it count.

Time to stock up for winter is upon us all...doesn't it sound like one of dark Norse tales


Look at what China just did with ASEAN, Korea and Japan in today's news...it is building a economic zone without free loaders and getting itself ready for winter....out goes India, Australia and New Zealand...


OC, you read right except that you may have misunderstood about India, Australia and New Zealand. They are very much included in the discussions. Pls read:


The formation of United Asia is very much on the front burner. Much to the consternation of the US & EU.


Elaine, just look to this «wave» of Euribor rates raising:



It's very scary !!


Here's the article cited by Blunt Force Trauma:

Forecast: U.S. dollar could plunge 90 pct

RHINEBECK, N.Y., Nov. 19 (UPI) -- A financial crisis will likely send the U.S. dollar into a free fall of as much as 90 percent and gold soaring to $2,000 an ounce, a trends researcher said.

"We are going to see economic times the likes of which no living person has seen," Trends Research Institute Director Gerald Celente said, forecasting a "Panic of 2008." ...


More on Gerald Celente:


((----- Copy & Paste -----))




This looks like serious shit.


I forgot you had the link above, Elaine. I'm just a little shocked.

I am working on a hypothesis about global oil security. It will be a little controversial. I will at least put it up at My Left Wing.

What bastards and bastardesses they are. I'm almost ready to vote for Chairman Mao.

Elaine Supkis

China is playing some amazing games like telling the Kitty Hawk to go to hell then turning around and being nice. They are TESTING US.

They want Australia and DEFINITELY India as allies. Very much so! They do not want India as a back door into Tibet. They are not stupid.


For those currently in the Ron Paul bubble out there, here is a great blog entry on his "theory of racism".


For all of Paul's common-sense on economics, his right-libertarian philosophy puts this country down a road already traveled...

For those libertarians out there, please take a look at left-libertarianism....and positive freedom.


I get real nervous when I see all the white people (no offense meant)who support Paul. aura bogado wrote a good column in ZNET about him. I'm like one of those one-issue people now, I dislike most of his domestic policy but he's the only anti-war candidate out there, absolutley the only one to stand up to Israel. So he would be worse than any of the dems in many respects. But it's worth it to me to end the slaughter of innocent people overseas. Don't mean the troops, they can all go to hell as far as I'm concerned. but to see the destruction of Iraq and Afghanistan end, to me that's the major issue.



I suspect China + Japan + Korea decide to include ASEAN into their fledging trade bloc because of the following reasons:

1. They survive the Asian dollar Crisis and are probably better prepared mentally and institutionally to deal with the upcoming USD Crisis

2. They have built up their reserves and be less of a burden to the big 3

3. Their economies are mostly controlled by overseas Chinese

With regards to India and Australasia, it is going to be tough negotiations but essentially you are right - they will be in.


The super rich are in a dilema like BIG said. Money has to get into the hands of the little guy, so he can pay his debts and keep buying products from the assets of the super rich.

Yet they love their position in society by being the gatekeepers of the growth of the money supply. They get the new money by taking debt.. then the little guys have to trade something of real value to the super rich to get that money.

Eg.. their labor or property. But for labor there is some other little guy more desperate and willing to take a much lower wage.

I've studied the Japan situation in 1990 and all the issues here are exactly the same. The difference imo is Japan had some options we didn't have. Massive savings and savings rate, and especially low government debt back then. The Japanese weren't willing to break the super rich's place as the gatekeepers. But Japan's super rich have been hammered over the last 17 years as the value of all their assets like real estate keeps plummetting.


Ron Paul is not a racist. No, I don't really have the energy to hash it all out here. Believe as you will, but it isn't true.

However, Al is certainly a piece of work.

-John the Cracka-ass Cracka


The Telegraph channels Elaine:

Credit 'heart attack' engulfs China and Korea

Mr Redcker said the flight from risk has led to a sudden unwinding of the $1,200bn yen "carry trade" as hedge funds and Japanese investors close risky positions. The yen has snapped back violently from yen118 to yen108 against the dollar since early October, with similar moves against other Anglo-Saxon currencies.

"We're seeing a liquidation of the carry trade. For years it created liquidity for global equities in an upward spiral, but this has now turned into a downward spiral..."

Elaine Supkis

I just published another eye opener about all this mess with the carry trade. Isn't it exciting, how things are going.

About Ron Paul: he is, like Ross Perot, a typical Texan. I once lived in Texas and I know how Texans think. I used to tease them by saying, 'In Arizona, we think you are EASTERNERS.' Them being hundreds of miles closer to NYC than those of us in Tucson.

Namely, they can be very unreasonable and too self-assured and are also very thin skinned.

Ron Paul is challenging authority and this, in my opinion, is a WONDERFUL thing and his revolutionary challenge to the Federal Reserve and other systems is very greatly needed. So I am happy as hell he is running.

About racism: it is deep, abiding and exists all over the place. Ask the Democrats to denounce Jewish beliefs in being 'god's chosen people'. Hell, ask Ron Paul. He believes this garbage! But he still wants to cut them off from US funds which is very funny, actually.



Interesting comment about Texans.

Regarding cutting off funds to Israel,

my thought is that he doesn't want to use Federal funds, but he would be perfectly fine with a state majority voting to send state tax dollars to support the chosen people.

Paul's policies repeat the "tyranny of majority" of stateism, and his religious beliefs will guide this. For this, no matter what common-sense he talks about the economic system, he is not the antidote for the poison we've been FED over the past 30 years.

Elaine Supkis

Correct, Big. So correct.

But again, the value of such candidates are gold for they force the conversation our way. There is no other way, this not being a multi-party country, alas. We are not as frozen in place as Japan where the politicians nearly totally ignore the populace but we are getting closer every year.


Probably I didn't explain myself correctly. I think Ron Paul is a straight arrow, and don't believe he is in any way a racist.

The point I was trying to make I guess in a clumsy way, is no matter what else Paul believes in - he is the best hope for ending the war and the policies which led up to it.
I'm not sure what piece of work means, probably negative but "piece of work" sure beats name-calling and I thank you for that.
I'm Indian and Thanksgiving always sets me off so that's just the way I am around this time of year. Sort of edgy, although I watched the part in Dances with Wolves where we win and that helped.
take care

Elaine Supkis

Al, the kindness shown to the invading Europeans can't be comprehended or compensated by us after all the terrible things that have happened. My own ancestors, when they came, ended up intermingling with the Mohawks and the Delaware Indians due to lack of spouses. To this day, we have an occasional family member who looks like those fine ancestors. One sister of mine played Indians on TV shows in the sixties, for example.

Yes, this is a hard time of year. I wish I could have had some way of extending thanks to you that was meaningful.


everything you do here is meaningful. Your photo with your family meal and good wishes were very welcoming, and I appreciate it as I know all your readers appreciate it. You truly understand the way those who are different from you feel. A rare quality.
Thanks for all you do.



I simply didn't care for the comment about "the troops can all go to hell." And I understand, with Original American ancestry (I am a 'native' American, as I was born here), you've got more good cause to dislike the American military than anyone. But humans are still humans, and your assertion that American soldiers dying is peachy, but that Arabs and Persians dying isn't, doesn't sit well with me.

I'd prefer the senseless killing to stop, all the way 'round.


You are completely correct, and I was out of line. Please accept my apology, as well if I have offended others. Being pissed about things was no excuse for the remark. Some family members just gave me hell as well, and I deserve it.
take care,

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