Canadian banking haven myth exposed

Canadian banking haven myth exposed

"One of the reasons that Canadians (and international commentators, other finance ministers and global financial institutions) buy this Canadian banking fairy tale is the way the government accounts for the money borrowed to support the banks." The sorry spectacle of Conservat

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Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your loans, guys and gals, because we are going into a high interest rate period. Very high. It will be the equivalent of going into the double digit interest rates we had in the 80s where many people threw their house keys at the bank and we had record numbers of ba

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E-cigarettes save lives, money

E-cigarettes save lives, money

"We know that cigarettes have thousands of chemicals in them and we know that they are killing us. They have been for over a hundred years. So now, the e-cig industry comes along with only one or two chemicals in their mixture and people are freaking out over these as well. Whe

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US inches closer to big bank charges

US inches closer to big bank charges

Federal prosecutors are nearing criminal charges against some of the world’s biggest banks, according to lawyers briefed on the matter, a development that could produce the first guilty plea from a major bank in more than two decades. In doing so, prosecutors are confronting

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Canada’s home sales top predictions; why a real estate crash is inevitable

Canada’s home sales top predictions; why a real estate crash is inevitable

“The assurance of relatively low borrowing costs has likely given home buyers confidence while rising home values have kept new listings at a healthy level. Stable employment has provided some assurance to owners and buyers alike.” Our website is back after many months of

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Comparing today’s recession/depression to the 1980 recession

Comparing today's recession/depression to the 1980 recession

"Much like today, Americans were concerned not only with high unemployment but increasing budget deficits in the early 1980s. A September 1983 Gallup poll found that three-fourths of the public agreed that the federal government's budget deficit was a great threat (42%) or some

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Why savers are getting screwed

Why savers are getting screwed

"Without the intervention of economic policymakers, interest rates would be naturally higher. That would increase the cost of borrowing for businesses and consumers, but there would be some offsetting economic benefits. Savers are getting screwed by the current monetary policy

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Geithner admits USA bankrupt to US Senate

Geithner admits USA bankrupt to US Senate

"Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant and long-lasting tax on all Americans and all American businesses

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World economies on verge of currency revaluations to deal with debt

World economies on verge of currency revaluations to deal with debt

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford Basically what the world central banks are doing is increasing their money by devaluin

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Is Obama the next Mugabe of Zimbabwe?

Is Obama the next Mugabe of Zimbabwe?

"America, Britain, Japan, Germany, France, Sweden, Holland, Norway, Canada and Australia make up the Fishmongers Group and their meeting on Tuesday will deliberate on the state of the inclusive government, debt relief, public finance administration and the controversial economi

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US raiding foreign countries with dollars, not soldiers

US raiding foreign countries with dollars, not soldiers

""The United States is going to China and saying: we want you to commit economic suicide, just like Japan did. We want you to follow the same thing: we want you to revalue your currency, we want you to squeeze your companies, we want you to go bankrupt,” says Michael Hudson,

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FDIC wants your retirement cash to save banks: Bloomberg

FDIC wants your retirement cash to save banks: Bloomberg

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credit card cut

“It is kind of an extraordinary action, but these are extraordinary times,” said Ben Woolsey, director of marketing and consumer research for CreditCards.com. — Balimore Sun

The media and business community has been feverishly hyping and trumpeting the economic crisis that started in September as if they were blindsided by it like a drunk crashing into a crowd full of people on a friday night drive. While the common person may be fooled by the economists and mainstream media gurus, the knowledgeable person knows that this economic crisis has been a long time in the making.

The reliance on credit, loans, mortgages, and imaginary money was not always so prevalent as it is in today’s society. Back in the day, people actually used to save, nations used to produce and consume at a somewhat level rate, and countries were composed of somewhat homogeneous populations accounting for a relatively stable society and economic system.

Here is an expert about what to expect at the retail level.

“Retail Businesses: Since they will be unable to process even simple transactions, all retail establishments, both large and small, will immediately lock their doors to prevent anyone else from entering. If possible, they will complete any transactions for customers already inside their building if those customers have enough cash to pay for their purchases. Any customers wishing to pay by check or credit card or debit card will be told that the verification system is down and their transaction can’t be completed. All customers will then be immediately escorted to the doors and the doors will be briefly opened and then immediately locked after they exit. In addition, in a manner similar to what happened during the World Trade Center meltdown, each store’s management may demand that their employees remain at their stations until further notice or they will lose their jobs for leaving without management’s permission. But most of the more intelligent employees will leave at the same time as the store’s last few remaining customers. The store’s special security guards may or may not remain behind in order to protect the store with their lives. Since most of these special security guards are not paid exceptionally well, a large number of them may decide that they should return home and protect their own families instead.” (Source: The One-Hour Meltdown Copyright © July 22, 2009 by Robert Wayne Atkins, P.E.)

Citi starts closing Mastercards without warning
People across country reporting their cards linked to gas companies denied
By the Associated Press

NEW YORK – Shannon Burdette tried to pay with her Shell Mastercard after filling up her gas tank this weekend but found the card rejected.

Confused, she called the customer service line on the back of the card, issued by Citibank, and was told the account was closed because of something that appeared on her credit report. But when the Sykesville, Md., resident got a copy of her credit report online, the only negative thing she saw was “closed at credit grantor’s request” on the Shell MasterCard account.

“They said there was a routine review,” said Burdette, who maintained that she and her husband, Brian, used the card regularly and always paid the bill on time.

excerpt

Citi would not say why the cards in question were shut down, issuing a statement that said only it continuously evaluates its products.

“It is kind of an extraordinary action, but these are extraordinary times,” said Ben Woolsey, director of marketing and consumer research for CreditCards.com.


Before it became the worst credit crisis since the Great Depression, the credit crisis used to be an arcane topic discussed only in financial publications. Now, it’s on every computer, television screen, and front page of every newspaper in the world.

It may have you worried about what you can do to get through it with your personal finances still intact. What can you do about it?

Download Your Free Credit Crisis Survival Kit

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This entry was posted on Tuesday, October 20th, 2009 at 1:27 pm and is filed under North America. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Comments

  1. November 13, 2009 @ 11:55 am


    Stumbled on your website from Google Search as i was looking to know something about credit cards in details. Read the whole article on your site and i must say that me and my husband loved reading your post. So i thought of sharing a tip to all your users: For the lowest discount rates for transactions at a point of sale location, try to avoid typing in the credit cards numbers manually, but rather swipe the credit card with your terminal. A swiped credit card is typically given a lower discount rate per transaction. We bookmarked your website. Thanks alot – Steffi

    Posted by Almond

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