Posted by: jamaljaafar | July 1, 2008

Market Story

Fortis Bank Predicts U.S. Financial Market Meltdown Within Weeks

De Telegraaf | June 30, 2008

BRUSSELS/AMSTERDAM – Fortis expects a complete collapse of the US financial markets within a few days to weeks. That explains, according to Fortis, the series of interventions of last Thursday to retrieve € 8 billion. “We have been saved just in time. The situation in the US is much worse than we thought”, says Fortis chairman Maurice Lippens. Fortis expects bankruptcies amongst 6000 American banks which have a small coverage currently. But also Citigroup, General Motors, there is starting a complete meltdown in the US”

This fits in the picture, with the other press releases last week, like the short advise of Goldman Sachs and some other of the same messages last week.

Although gold has rallied a lot lost week: first thing monday morning: short Dow, long Gold?

Or will there be a rate cut, which undermines (delays) everything?

Original press release:

VOTRON BLIJFT AAN NA GOLF VAN KRITIEK
Amerikaanse ’meltdown’ reden geldinjectie Fortis
28 Jun 08, 09:10

door onze correspondent

BRUSSEL/AMSTERDAM (DFT) – Fortis rekent binnen enkele dagen tot weken op het volledig instorten van de Amerikaanse financiële markten. Dat verklaart volgens de bankverzekeraar de serie ingrepen van donderdag om zich met €8 miljard te versterken. „We zijn op het nippertje gereed. Het gaat in de Verenigde Staten veel slechter dan gedacht”, zegt Fortis-chairman Maurice Lippens, die volhoudt dat topman Votron aanblijft. Fortis verwacht faillissementen onder 6000 Amerikaanse banken die nu weinig dekking hebben. „Maar ook Citigroup, General Motors, er begint een complete meltdown in de VS.”

I don’t think this story is to be taken lightly. NOW is the time to move out of paper. That includes cash, stocks, mutual funds, IRAs and any other assets denomiated in dollars with no real value behind them. There are plenty of websites online to get gold and silver bullion that can be shipped directly to your door. Don’t be intimidated because our society isn’t used to holding gold — just understand that gold has been used as a store of value (and a hedge against a crumblin economy) for thousands of years. It’s portable, compact and liquid making it the best way to store your wealth in a situation of hyperinflation.


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