US / World Economy in Trouble

Global manufactured recession BEGINS!! (The I.M.F have started the cash war!)


I see that due to the american housing market collapsing the 5th bigest wall street bank(BEARS) has went into kinda a'administration' and the fed are having to bail them out?


This also just happened in the UK to the NORTHENR ROCK bank and our govt has also bailed them out...but its like plugging a leaky pipe with your finger..a temporary solution to a neverending problem!!


This is the beginning iof a worlwide recessio n and the only ones who gonna be smiling is the chinese at the end of it all,be warned...the shit has now hit the fan economically wise,read up on this,its scary...scary cos it wont be the fiorst nor last bank thats gona ge under and take a lot of pensions and savings with it!!..Its time to hark back to the old days of hiding yer cash under your bed,lol,cos it safer than leaving it in a bank IMO...


IM INVESTING IN GOLD FROM NOW ON COS GOLD NEVER GOES OUTTA CIRCULATION EVEN IN THE DARK AGES:icon_wink: The IMF are slowly rubbing theior hands with glee at the impending doom that surrounds all our nations banks.. but our govt's stood by and watched this happen!Cheers:jj:

 

Your onto summit i think there daze!!Check out the 'doomsday seed vault' below!!


Actually daze...very interesting that you should mention that about the seeds cos i seen on the news recently about the worlds most secure bank EVER!!!!!


IT IS A SEEDBANK IN SCANDANAVIA!!! Yup it is built in the permafrost in the middle of no where and is guarded by a team of security cops and cctv,etc.... it is a storage of all the worlds grains and seeds should they ever get wiped out.This aint nothing new,in fact the world has several of these doomsday seedbanks around the world but a few got wiped out in recent years in certain areas due to natural disasters and freak weather,etc so they have built this one iin a glacier that runs on special generators that will keep the whole bank refrigerated for so many years even if the world electricity grid gets turned of and even when the generators do run out they reckon the surrounding cold permafrost area will still keep the seeds refrigarated for another few hundred years!!


So i think you are definetly onto something regarding the seeds idea daze! As for my posting about the bank...did it not get broadcasted on news channels over there?It was big news over here especially seeing as one of our largest banks has just collapsed in nearly exactly the same way...the govt are now starting to own the banks...hmm wonder how thye did that?LOL..wouldnt be to hard considering the govt control the interest rates and inflation that has helped create the housing market slump over there aswell as in the UK and thus the banks now are in trouble cos some of them put all their money and loans into the housing market and it has backfired.Peace


PS: Heres a full detailed explanation of what im referring to in case none of y'all have heard about this 'doomsday vault'otleaf:

doomsday vault


http://www.bgci.org/worldwide/news/0245/

​

The cornerstone has been laid for a "doomsday vault" in the Arctic which is designed to secure crops like potatoes, wheat and apples, protecting them from extinction.


Threats include plant epidemics, nuclear war, natural disasters or climate change; the bank will offer the world a chance to restart growth of food crops that could be wiped out.


Dug into a frozen mountainside on the island of Svalbard, fenced in and guarded, with steel airlock doors, motion detectors and polar bears roaming outside, the 30-million kroner ($4.8-million) concrete facility will, its backers say, be the most secure building of its type in the world.


More than 100 countries have backed the vault, which will store seeds, packaged in foil, at sub-zero temperatures in Norway's remote Svalbard Islands, roughly 1,000 km (620 miles) from the North Pole. Norwegian Prime Minister Jens Stoltenberg marked the start of construction by filling a special cornerstone with seeds.


Stoltenberg said: "The vault is of international importance. It will be the only one of its kind; all the other gene banks are of a commercial nature."


At temperatures of minus 18C (minus 0.4F), the seeds could last hundreds, even thousands, of years. Even if all cooling systems fail, the temperature in the frozen mountain will never rise above freezing due to the permafrost on the mountainside. Planners considered what would happen if global warming continues unabated. Computer models suggest that no matter what, Svalbard will always remain one of the coldest places on Earth.


And if, as some models predict, global warming shuts down the Gulf Stream and turns the Greenland Sea into a place even more frozen than it is now? It will still be easy enough to keep the door clear of snow, according to the analysis.


The Global Crop Diversity Trust, founded in 2004, will help run the vault, which is planned to open and start accepting seeds from around the world in September 2007. The bank is eventually expected to house as many as 3 million different types of seed from all over the world.


"This facility will provide a practical means to re-establish crops obliterated by major disasters," said Cary Fowler, executive secretary of the Global Crop Diversity Trust, a United Nations-linked organization that led the campaign to establish the seed bank.


Fowler, who was the lead writer of a study that led to the creation of the vault, said crop diversity was also threatened by "accidents, mismanagement, and short-sighted budget cuts".


``Despite changes being wrought by global warming, experts believe the deep permafrost will be reliably cool for at least the next 100 years. Even with a complete loss of refrigeration, vault temperatures would never rise above minus 3.5 Celsius or about 27 degrees Fahrenheit.''





Download Presentation on Preservation


of Seeds in Banks (PPT 13MB, presented


at 2nd World Botanic Gardens Congress,


Barcelona 2004


The trust has established an endowment that so far has $50 million of the $260 million that will be needed to sustain operations without depleting its principal. Contributions have come from about a dozen countries as well as foundations, seed companies and others.


The vault is one of many strategies being implemented in sync with the International Treaty on Plant Genetic Resources for Food and Agriculture, which came into force in 2004 and has been ratified by more than 100 nations, the most recent being Iran. The United States has signed the treaty, but the Senate has not ratified it.


Already, some 1,400 seed banks around the world, most of them national, hold samples of a country's crops. But these banks "can be affected by shutdowns, natural disasters, war or simply a lack of money," said Mr Riis-Johansen.


The samples will be held in ``black boxes'' that will only be released in the event that all other seed sources have been destroyed or exhausted, according to the trust.


While Norway will own the vault itself, countries sending seeds will own the material they deposit - much as with a bank safe-deposit box. The Global Crop Diversity Trust will help developing countries pay the cost of preparing and sending seeds.


The vault isn't the first attempt by scientists and government to preserve the planet's diversity. The Svalbard bank adds to crop collections in about 1,400 gene banks around the world that are supported by the trust. In July 2004, London's Natural History Museum announced a ``Frozen Ark'' project to preserve the DNA of animals that face extinction.


``If seeds stored in a commercial gene bank are destroyed, and this has apparently happened about 40 times to date, the contents of this gene bank will make it possible to replace the seeds which have been lost,'' Stoltenberg said. ``It is our final safety net.''


Watch the BBC Video about the Vault


The Value of Seed


Scientists estimate there are 2 million varieties of plants used for food and forage today. That includes an astonishing 100,000 varieties of rice, the major staple of the human diet, and more than 1,000 varieties of banana, a nutritious fruit of global importance.


Seeds from these crops, which can be smaller than poppy seeds and as large as coconuts, are invaluable repositories of plant DNA. They are the raw material that farmers and researchers rely on to develop more productive and nutritious plants that can cope with climate change, new diseases or pests.


About 1,400 seed banks already exist, including large national collections in the United States and China; international ones maintained by the Consultative Group on International Agricultural Research (CGIAR), funded by the World Bank, the Food and Agriculture Organization and the United Nations; and small ones at universities and research labs. Seeds are typically stored at minus 4 degrees Fahrenheit, and are periodically removed and germinated to grow plants, whose fresh seeds are redeposited.


But only a few dozen of these banks meet international standards, and even fewer have funding commitments that ensure their long-term maintenance. Indeed, recent surveys have revealed a slow-motion seed bank disaster in the making, with many collections seeing germination rates well below the internationally agreed upon minimum of 85 percent.


Worse, some seed banks have recently been destroyed, the victims of war and unrest in Afghanistan, Iraq and Rwanda and a reminder of the fragility of these resources. A backup bank could resupply regional banks like those.





Entrance to a new seed vault where containers will be kept under optimum conditions in Longyarbyen, Norway, 24 February 2008. Hundreds of seed banks and national coordinators around the world have been invited to 'make deposits'.


BGCI Journal Articles on Seed Banking:


Seed Conservation Research: IPGRI's Strategies and Activities


Arboretum Seed Control Experimental Station of St Petersburg, Russia


Saving Seeds for the Future


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...AND heres a little info regarding my post about the USA bank and the UK's northern rock banks collapsing ,etc.I saw it on the BBC so i used their site for the info.


http://news.bbc.co.uk/1/hi/business/7296678.stm


Last Updated: Friday, 14 March 2008, 20:59 GMT


Bear Stearns gets emergency funds


Bear Stearns is one of the best-known US Wall Street firms


US bank Bear Stearns has got emergency funding, in a move that raises fears that one of Wall Street's biggest names is on the verge of collapsing.


JP Morgan Chase will provide the money to Bear Stearns for 28 days with the Federal Reserve of New York's backing.


JP Morgan is also trying to get long-term financing for Bear Stearns.


Bear Stearns' problems stem from the global credit crunch and the worry is that other lenders may also have major funding problems, analysts said.


Withdrawn funds


Bear Stearns is Wall Street's fifth largest investment bank, and has been at the centre of the US mortgage debt crisis. Recently, speculation had intensified that it was struggling to fund its daily business.


Our liquidity position in the last 24 hours had significantly deteriorated


Bear Stearns





Q&A: Bear Stearns crisis


BBC business editor Robert Peston said Bear Stearns had been taken to the brink of insolvency over the past 24 hours by a sudden collapse in confidence on the part of its hedge fund clients.


As a result, these funds rushed to withdraw their assets.


"The rescue of Bear Stearns demonstrates that the worst of the global credit crunch is not yet behind us," he said.


He says that if Bear Stearns had been allowed to collapse, it could have put the whole financial system at risk.


Bear Stearns shares dropped as much as 53% on the news before finishing Friday trading down 46%.


'Other banks'


The credit crunch was caused because banks became less willing to lend to each other after they suffered large losses on investments linked to the US housing market, and the sub-prime sector in particular.


MAIN SUB-PRIME LOSSES SO FAR


Citigroup: $18bn


Merrill Lynch: $14.1bn


UBS: $13.5bn


Morgan Stanley $9.4bn


HSBC: $3.4bn


Bear Stearns: $3.2bn


Deutsche Bank: $3.2bn


Bank of America: $3bn


Barclays: $2.6bn


Royal Bank of Scotland: $2.6bn


Freddie Mac: $2bn


JP Morgan Chase: $3.2bn


Credit Suisse: $1bn


Wachovia: $1.1bn


IKB: $2.6bn


Paribas: $197m


Source: Company reports





Timeline: Sub-prime crisis


Sub-prime lenders focus on clients with poor or non-existent credit histories, and a record number of borrowers have defaulted on loans.


The subsequent freezing-up of the credit markets created problems for a number of companies which relied on borrowing money to fund their business.


In the UK, Northern Rock ran into trouble when its line of relatively cheap credit dried up.


At the end of last year, Bear Stearns reported that it had made its first ever quarterly loss after buying investments linked to the US mortgage market.


It was one of the first to admit it had problems linked to sub-prime mortgages, after two of its hedge funds had to be bailed out.


Analysts said that Bear Stearns may not be the only bank suffering in the US.


"The situation is very much that Bear Stearns was very close to the edge and it was much worse than we all thought," said Michael Klawitter of Dresdner Kleinwort.


"It raises severe concerns over other banks."


'Restore confidence'


Alan Schwartz, president and chief executive officer of Bear Stearns, said: "Bear Stearns has been the subject of a multitude of market rumours regarding our liquidity.


"We have tried to confront and dispel these rumours and parse fact from fiction.


This is America's Northern Rock


Robert Peston,


BBC business editor


"Amidst this market chatter, our liquidity position in the last 24 hours had significantly deteriorated," he added.


"We took this important step to restore confidence in us in the marketplace, strengthen our liquidity and allow us to continue normal operations."


BBC business editor Robert Peston said that the move by JP Morgan and the Fed of New York was essentially a central bank bailout.


"In just the last 24 hours Bear Stearns came close to running out of the cash or liquidity it needs to meet its daily requirements," he said.


"So enter the US Federal Reserve. It is promising to supply whatever liquidity is required by JP Morgan Chase, the leading bank, to help Morgan provide whatever funds are required by Bear Stearns. "Since JP Morgan is saying there is no risk to its shareholders, this represents a central bank bailout of Bear Stearns. "This is America's Northern Rock." (here is a link to a full explanation and timelione leading up to northern rocks complete collapse...they are now a state ran bank! http://news.bbc.co.uk/1/hi/business/7007076.stm )

 

Its beginning all right!

and from avergae Joe

Yuyp herb/Joe in the UK we seen it coming for a while when NORTHERN ROCK went down the same road as BEARS is at the moment,we got all the usual govt assurances that a quick bank of england and govt loan /bail out was gonna save the day but the writing was on the wall and they collapesed and the govt had to buy them and they are now the only state run bank but they will be sold to VIRGIN pretty soon,point is that London is thee biggest economy market in the world,its the epicentre of al things financial,ffs they have their own city within a city,the cit of london is all big business,etc...bigger than wall street believe it or not.


Anyway this BEARS bank is another example of things to come,banks collapsing and rumours of banks collapsing makeshte herd run to empty their accounts and the middleclass panic and sell their hard earned shares and this causes the domino effect and once that starts the shit will hit the fan for real,thats all it will take to bring this world to its knees,not a nuclear bomb or an atrocious terrorist attack but an economy crisis and we will have anarchy,think the great depression multiplied and your getting the picture,riots,suicides you name it all cos of economy,we soooo underestimate(not us our leaders) the fact that a messed up economy is more harmful than gl;obal warming,war,terrorism,etc all together if it went and imploded on itself.


Dont think this is cause of bad banking...its all part of a well structered 10 year plan,everything is,these things dont happen by accident.This is just the tip of the iceberg cos during this cashcrunch of credit from banks and the lenders there wil be many more tha fold,of course the IMF knew this was gonna happen...they create all this,i cant stress enough what a corrupt org the IMF is,read upon them and google vids them like 'the money masters' and see for yourself.Cheers