Who Goes Broke First?
March 6th, 2009 Posted in Economy
Frightening stuff… first the FDIC in the US tells us they may run out of money before the end of the year.
Now Senate Banking Committee Chairman Christopher Dodd is letting them temporarily borrow as much as $500 billion from the Treasury Department. The bill would allow it to borrow $100 billion absent that approval. Currently, its line of credit with the Treasury is $30 billion.
Watch for similiar actions in Europe.
I don’t know… maybe it’s time to put your money under your mattress?
If the Canadian dollar wasn’t dropping like a stone, I’d say the Americans should park their money in our banks.
Like I said a few days ago.. it’s shaping up for civil unrest.
