Defaulting banks - where will it stop?

[Jan Klimkowski]

The full-length version of Rasipedia (available at the url below at prudent bear) looks like a great example of the internet at its best and most essential. Directly below I've excerpted what the author regards as the shorthand, numpty, guide written in colourful and engaging language:

http://boards.prudentbear.com/bbs_read.a...=A#M744199

Rasipedia Updates:

1. It appears that The U.K., Germany AND France are all set to announce the nationalization of their respective banking systems. Furthermore, there is a "trial balloon" being floated that perhaps the U.K. will close their banking and financial system for a period of time to avoid the continuation of the mass panic and stock market selloff.

Heh. Nothing like locking the exits in a crowded, burning casino to instill a sense of "calm" in the gamblers, I say. In any event, this simulataneous nationalization should convince even the blindest, dumbest, "buy the dips" bulls that there is a problem in the global economy. Duh.

2.I fully expect a similar announcement of nationalization of the U.S. banking system as early as Monday as well. Luckily for us, Monday is ALREADY an official bank holiday (Columbus Day), so TPTB won't have to declare the banks closing under emergency order. However, on Tuesday all bets are off.

3.Finally, as yet another reward for your kind tolerance of my posting these massive, unwieldy, rambling rants, I have this morning included a special section entitled "Cliff Notes Version" of the Rasipedia. This is a simple, boiled-down-to-its essence, six-point synopsis of the situation. I provide this abbreviated version for two purposes:

1. For those readers who are tired of having to navigate the increasingly-Byzantine labrynthe that the regular Rasipedia has become

...and:

2. For perhaps sharing with the ADD/ADHD, clueless and willfully ignorant masses who STILL are not getting the message that the world's financial system has collapsed.

So, without further ado, here is the "Cliff Notes Version" of the Rasipedia:

"Cliff Notes Version" of Rasipedia.


1. The "Ponzi Pyramid of Debt Death/Bretton Woods II" that was the world's financial system collapsed five weeks ago today. Tens of trillions of electronic fiatscos were evaporated from the servers and spreadsheets housing them.

2. Literally every single large financial instution failed, simultaneously. Worldwide.

3. The world's governments and central banks have been performing ever-greater and more desperate maneuvers to revive the now-decaying corpse, pumping in seven trillion fiatscos.

4. So far, their efforts have shown little success as the spillover effects on the credit and equity markets can no longer be hidden.

A full blown, up-in-your-face credit collapse and stock market colllapse has ensued. Again, worldwide.

5. Coming next: "Great Depression II Meets Mad Max".

6. Therefore, we're scroomed.

(Ras): So, there you have it. The "short-and-sweet version" of Rasipedia.