Only a few miles to FUBAR.
And the pedal is floored…
Fasten your seatbelts, it’s going to be a bumpy night.
Yes, only a few miles to FUBAR. But, can anyone in the know about these issues give us plain folks a timeline? It would help with my planning over the next two years. Thanks.
I would like to point out that Zerohedge seems to miss one option in the discussion of runs on the bank.
Bernanke has said he has the power to deposit money directly in your bank accounts – that is, the Fed can transfer money not only to banks but to every bank account in the US.
I don’t think this changes the big picture, but it might make a run on the banks to get cash out less likely. That money would be worthless. It would be the equivalent of painting extra zeros on every dollar in your wallet – legally. If everyone that had a dollar now had a million dollars, the buying power would be the same.
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