Shenandoah: Let The World Wide Bank Runs Begin - First Up, South Korea
Go and read.
More local Asian coverage here and here.
And you do remember that as of their latest Quarterly Banking Profile for the period ending September 20, 2010, the FDIC's deposit insurance fund had an unaudited $8.0 billion negative balance:
The Deposit Insurance Fund (DIF) balance increased by $7.2 billion during the third quarter to -$8.0 billion (unaudited), the third consecutive quarterly increase following seven quarters of decline. Assessment income of $3.6 billion and a $3.8 billion negative provision for insurance losses were the primary contributors to the improvement in the DIF balance. Interest earnings, combined with unrealized gains on available-for-sale securities and other net revenue, boosted the balance by another $0.3 billion. Operating expenses reduced the balance by $0.4 billion.
Note especially JohnGaltFLA's checklist.
You ready?
posted by Concerned American | 6:55 PM
3 Comments:
Ready as I'll ever be, if our time has truly run out.
Let us not forget that the FDIC also became insolvent September 30, 2009...bankrupt.
http://www.istockanalyst.com/article/viewarticle/articleid/3669279
In 2010 an average of 2 banks per week closed.
In 2009 a total of 140 closed.
In 2008 a total of 25 closed.
"Your laws don’t protect you against them, but protect them against you — when you see corruption being rewarded and honesty becoming a self-sacrifice — you may know that your society is doomed." ~Ayn Rand~
As Taylor said, ready as I'll ever be. But I'm not stopping. More foodstuffs & other durable goods.
To paraquote the Fabulous Furry Freak Brothers:
"Xxxx" will get you through times of no money better then money will get you through times of no "xxxx."
B Woodman
III-per
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