Last ditch effort, before TSHTF.

[Cecropia]

We The People of the United States of America, in order to preserve, protect, and defend our "more perfect union," must act now! The chart below represents one day's worth of trading on the Dow Jones Industrial Index, despite promises from Treasury Secretary Paulson, Fed Chairman, Ben Bernanke and President George W. Bush that "confidence" is being put back into the market. This is also despite the US Taxpayers giving up $700 Billion towards this "plan" to instill confidence. Does this LOOK like confidence to you?

The fact is, NONE of this so-called "plan" will work! The ONLY thing that WILL work is to restore TRUST to the system and the only way that can be done is by forcing each and every one of these companies to pull their "assets" out of hiding. No more phantom accounting. No more legalized fraud! It must be done now, within 24-hours or the United States will follow Iceland and worse. Worse because we are the world's reserve currency and we will literally pull down each and every country on the planet. Worse yet, is for those of us who are Americans, WE WILL LOSE OUR COUNTRY ENTIRELY!!!!

Each and every one of you reading this must right now, and continuing until this is done, call your Congressman, call the White House, call every single media outlet, every newspaper, every person you can possibly tell and DEMAND RIGHT NOW THAT OFF-BALANCE SHEET FRAUD BE STOPPED EFFECTIVE IMMEDIATELY!

THIS IS OUR ONLY HOPE.

AMERICA'S FUTURE NOW LIES IN THE HANDS OF HER PEOPLE

Her government has not only led us to this place, but has completely failed to protect her.

WILL YOU ALLOW THIS TO HAPPEN?

www.FedUpUSA.org

Tags: alert, america, bailout, bernanke, collapse, congress, credit, debt, dow jones, economics, economy, fail, federal reserve, fraud, global, government, help, investing, investment, money, paulson, stocks, treasury, white house

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[sunny_mom]

Oct. 10, 2008 at 7:07 AM

I think small business is our savior.  Shop locally and buy american.

[Waxing_Lyrical]

Oct. 10, 2008 at 7:41 AM

So true Cecropia I don't understand why this wasn't part of the 'deal',  "We'll show you ours ($$$) if you show us yours (accounts)"

[Cecropia]

Oct. 10, 2008 at 1:26 PM

Grain shipments stalled in credit drought
John Greenwood, Financial Post Published: Tuesday, October 07, 2008
The credit crisis is spilling over into the grain industry as international buyers find themselves unable to come up with payment, forcing sellers to shoulder often substantial losses.

Before cargoes can be loaded at port, buyers typically must produce proof they are good for the money. But more deals are falling through as sellers decide they don't trust the financial institution named in the buyer's letter of credit, analysts said.

"There's all kinds of stuff stacked up on docks right now that can't be shipped because people can't get letters of credit," said Bill Gary, president of Commodity Information Systems in Oklahoma City. "The problem is not demand, and it's not supply because we have plenty of supply. It's finding anyone who can come up with the credit to buy."

So far the problem is mostly being felt in U.S. and South American ports, but observers say it is only a matter of time before it hits Canada.

"We've got a nightmare in front of us and a lot of people are concerned it's going to get a lot worse," said Anthony Temple, a grain marketing expert based in Vancouver.

The port troubles occur as financial institutions worldwide experience an unprecedented level of failures; even the strongest global banks are taking shelter in government bailouts. Tuesday, the U.K was expected to invest as much as $45-billion ($87.01-billion) in three of the country's biggest banks, while the U.S. government rushed to put in place its US$700-billion rescue package for beleaguered financial market players. Ottawa has so far resisted pleas for direct financial aid for exporters.

Access to credit is key to the survival of maritime trade and insiders now say the supply is being severely restricted. More than 90% of the world's trade by volume goes by ship.

The Baltic Dry Goods Index, the main measure of shipping rates, is down 74% from its high back in May when trade with China was still strong.

"The credit crisis has made banks nervous and the last thing on their minds is making fresh loans," Omar Nokta, an analyst at investment bank Dahlman Rose, said in an interview with Reuters.

While shipping has always been a cyclical industry whose fortunes rise and fall with the global economy, analysts said the current crisis over the drying up of credit is something they have never seen before.

Jason Myers, head of the Canadian Manufacturers and Exporters, said exporters across Canada are getting caught up in the turmoil as customers delay payments, forcing them to shoulder the cost.

"What some companies are saying is we can't pay you until our customer pays us, so it becomes a question of who bears the financial risk and the cost," Mr. Myers said. "We're hearing about it more and more."

What that means is that manufacturers are getting hit as revenue slows and long-time customers disappear from the order book altogether. As profits decline, investment in product development starts to fall, too, he said.

The Canadian Wheat Board, one of the world's biggest grain marketers, has yet to refuse a customer because of poor credit, according to a spokesperson. "As of this moment we haven't run into that problem," said Maureen Fitzhenry.

Officials at Viterra, Canada's leading grain handler, were not immediately available for comment.

The meltdown in financial markets has resulted in a dramatic slowdown in maritime trade, with major ports in Canada and the United States preparing for sharply reduced activity after several of the busiest years on record.

Statistics from the Port of Vancouver have yet to officially register a drop but at Long Beach and Los Angeles, among the biggest U.S ports, imports have already declined 9% this year.
http://www.financialpost.com/story.html?id=866310

Note that the personal level of credit of the buyer is not what's driving the problem... it's whether the bank of that buyer can issue reliable credit. Nobody knows!

If the mistrust amongst banks is stopping international grain shipments, how much further does it have to progress to affect the trucks that deliver groceries to your local store, or the ones that supply gasoline to your local station?

(Original Poster)