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Politics : Stockman Scott's Political Debate Porch
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To: mt_mike who wrote (4325)8/11/2002 6:20:11 PM
From: Jim Willie CB  Read Replies (2) of 89467
 
not only delay the inevitable, but deepen and worsen its pain
a Fed cut is almost certain now
it might result in longend maturities coming down slightly more
we might have another round of refi's, dunno
I can see consolidation of credit card debt into refi's

the big bigass question I have now pertains to US Banks
the Executive Intell Report claims Citibank is now bankrupt
they have $13B in credit risk to Brazi alone (never see it)
they have more risk elsewhere in deadinwater SudAmerica

Richard Russell believes a Fed cut is pushing gold up
more and more monetary expansion at this point will continue to push gold up
he claims the $8 rise in gold midweek was from rate cut expectations
he expects a very strong rise in gold for next several months

if that happens, then Citi and JPMorgo are dead meat
their SAmerican exposure and gold exposure is utterly huge
their underwriting to the skein of bankrupt big firms is unending

so my question becomes:
WHAT HAPPENS WHEN A COUPLE LARGEST US BANKS DIE ???

I see a bank panic coming, a run on deposits
and after a few derivative devotee regional banks succumb, some hard questions posed, like...
WHERE IS MY MONEY SAFE ?

these could all come before March
I expect gold will be central to many answers
and goldbanks will be flourishing
/ jim
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