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Bank-crisis

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Peter:

--- Quote from: Numsgil ---Keep going!  Stocks are so low I can build the most awesome 401(k) (tax free retirement account in the US) for pennies on the dollar, so to speak   Even assuming a Great Depression like, well, depression, those stocks are going to be golden in 30 to 40 years when I start retirement.

Ironically I set up a Washington Mutual checking and savings account because they don't have my old bank, Chase, in California.
--- End quote ---
Heh, the crisis has given you some though about retirement already. How'd you come by the 401(k) number anyway, did you calculate how much you're going to win.


--- Quote from: Commander Keen ---Over here the media are busy saying this is the next big depression, and are trying to make people panic. The elections are nearing so the politicians are all busy lying as usual...

In New Zealand all of our banks are owned by offshore investors, with the exception of one, which is a state-owned enterprise, so overseas problems could be a worry. The Government has predicted a $6 billion dollar loss over the next year. It might not sound like much, but there's only 4 million people in New Zealand, so thats $1,500 per person!
--- End quote ---
Well, it is a pretty much a big depression. I mean how often does it happen a goverment takes over multiple savings-banks in panic. And states the next day, we can't pay we're out of cash.
You're not that bad Iceland had a extremely high deficed.

And in the netherlands there was a profit of 2 billion euro expected for this year. Well that was until the goverment took over the dutch part of the belgium bank fortis. That costed 16 billion, so now we're losing 14 billion.

Now the belgians are whing we took over their bank.
Funny to look at belgium websites how we stole their bank.

Numsgil:
American tax code is amazingly complicated.  The section on tax free retirement savings is in the 401st chapter, section k.

Testlund:
The reason behind the bank crisis:

http://video.google.com/videoplay?docid=7065205277695921912

..and the solution:

http://www.thevenusproject.com/vgallery.html

Click the trailers.

Time to change or perish.

Numsgil:
I don't have two hours, I'm double parked with my idling hummer outside.  Can you summarize quickly?

Testlund:
Well, they talk about how the monetary system works, where it comes from and what the whole purpose with it is, and that it's the root of pretty much all problems in the world. At the end they also present solutions of a resource based system instead where money isn't used at all. Also they talk about how people can stop supporting the monetary system, to make it obsolete. Very controversial and I highly doubt they will manage to get it to work, but maybe if the economic crisis would cause USA to fall into a deep enough depression, where the majority will have serious problems buying and selling anything, then a lot of people might be willing to change.
It's better if you try to watch the whole documentary though when you have the spare time to make up your own mind.  

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