Nowhere to hide.
There is no end in sight.
All banks will go bankrupt.
All governments supporting the banks and insuring savings from savers will go bankrupt.
Governments will raise their taxes or they will print more money to cover the losses...
It's a bottomless pit.
We're all screwed!
Thank you ignorant American homebuyer, thank you worldwide moron banker, thank you idiot mortgage broker, thank you realtor for your good advice...
People have lost a gazillion amount of money worldwide due to these monkeys. All that money is gone, evaporized. It will never come back, see Japan 1990 (Nikkei 40 000) and 2008 (Nikkei 11 000).
The world has changed, time to face the music.
The economic system as we know it will cease to exist.
Our family has cut back on our spending tremendously and I assume that every family worldwide will do the same thing.
Textbooks advice you to invest in yourself, cut back on spending, and save as much as you can during an economic depression.
We have food in our house for at least 2 months.
We have money closeby that will last us 2 months.
AND we are handling every paycheck as if it would be our last.
Rate cut tomorrow, to make it even worse???
Need something to keep you up at night?
According to the Bank for International Settlements, the total outstanding notional amount is $596 trillion (as of December 2007)[1]. Of this total notional amount, 66% are interest rate contracts, 10% are credit default swaps (CDS), 9% are foreign exchange contracts, 2% are commodity contracts, 1% are equity contracts, and 12% are other. OTC derivatives are largely subject to counterparty risk, as the validity of a contract depends on the counterparty's solvency and ability to honor its obligations.
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