China Signals That It May Allow Currency to Rise Against Dollar – http://www.cnbc.com/id/33850971
Boomers in Denial About Retirement Savings – http://www.cnbc.com/id/33700371
UK: We’ve no choice but to keep inflating – http://www.independent.co.uk/opinion/commentators/hamish-mcrae/hamish-mcrae-weve-no-choice-but-to-keep-inflating-1818168.html
REPORT: Oil reserves data being fudged by U.S. – http://www.zeenews.com/news577659.html
Ahmadinejad: ‘Obama must choose – Israel or Iran’ – http://www.jpost.com/servlet/Satellite?cid=1257770037656&pagename=JPost%2FJPArticle%2FShowFull
Vatican looks to heavens for signs of alien life – http://www.google.com/hostednews/ap/article/ALeqM5hf92aHEwYT87J1XPP4JrIusKBT-AD9BSTO1G1
China October auto sales up 72 percent on stimulus – http://finance.yahoo.com/news/China-October-auto-sales-up-apf-514815824.html;_ylt=Ao4jjrjmCwawnEDXlrGvlDq7YWsA;_ylu=X3oDMTE2cmE1azBiBHBvcwMxMQRzZWMDdG9wU3RvcmllcwRzbGsDY2hpbmFvY3RvYmVy?x=0&sec=topStories&pos=9&asset=&ccode=
Gold price hits record high as dollar wanes – http://www.breitbart.com/article.php?id=CNG.38d1a363d5a9d9eb7392a4a7058ff210.1d1&show_article=1
Gold Bars Selling Like Hotcakes at Harrods – http://finance.yahoo.com/techticker/article/368169/Gold-Bars-Selling-Like-Hotcakes-at-Harrods;_ylt=AiyVjAYWGG73KlVfVf0XGLDuba9_;_ylu=X3oDMTFnbms3cTd1BHBvcwMyBHNlYwNjb250ZXh0dWFsLXRlY2h0aWNrZXIEc2xrA2dvbGRiYXJzc2VsbA–
Avoid foreclosure: Rent your own home – http://money.cnn.com/2009/11/05/real_estate/deed_to_lease/
More walk away from homes, mortgages – http://www.usatoday.com/money/economy/housing/2009-11-02-voluntary-foreclosure_N.htm
Public Pensions Face Ugly Choices – http://www.forbes.com/2009/11/06/pension-fund-bankruptcy-bailout-personal-finance-uglychoices.html
Chavez Says Venezuela to Prepare for War with U.S. as Deterrent – http://www.bloomberg.com/apps/news?pid=20601087&sid=aZuAU4StKAQY
Israel planning cell phone rocket alerts – http://www.breitbart.com/article.php?id=CNG.b24cd01475bfb980ed72d30ed4a4cd69.101&show_article=1
Unemployment rate hits 10.2% – http://www.marketwatch.com/story/unemployment-rate-hits-102-in-october-2009-11-06
The Dollar in Danger – http://www.time.com/time/magazine/article/0,9171,1934991-1,00.html
Gold Prices Hit $1,100 – http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aCxnxTfqhvG8
Gold bullion surging in all currencies – http://www.ritholtz.com/blog/2009/11/gold-bullion-surging-in-all-currencies/
119 Bank Failures So Far in 2009 – http://finance.yahoo.com/news/Small-banks-in-Ga-Mich-Minn-apf-3282864371.html?x=0&.v=9
The 25 Billion Dollar Secret: The NY Fed, Goldman & The AIG Cover-Up – http://www.businessinsider.com/the-25-billion-dollar-secret-the-ny-fed-goldman-and-the-aig-cover-up-2009-11
Report: 237 millionaires in Congress (That’s 44% of Congress) - http://www.politico.com/news/stories/1109/29235.html
(With bank failures on the rise, and a bankrupt FDIC, it is probably time to be sharpening our pencils on this topic. There are currently at least 416 banks on the FDIC’s problem watchlist. You can check on your own bank’s health online at http://www.bankrate.com or http://www.veribanc.com The following article explains what you should do if your bank suddenly fails. – JR)
By EILEEN AJ CONNELLY
NEW YORK (AP) – Dozens of banks have failed this year. What do you need to know if yours is next?
The number of bank failures has reached 115 since January – more than four times the total for 2008 and the most since the savings and loan crisis in 1992. And most experts expect problems caused by unpaid loans to force many more closures in the coming years, mostly among small, community-based banks.
Banks are typically shut down late Friday afternoon. That gives the Federal Deposit Insurance Corp. time over the weekend to handle the shutdown, which most often involves transferring deposits to another bank that is taking over the failed institution. The first sign of failure consumers see may be a closure notice on the bank’s door.
The impact of the bank failures on consumers has been minimal, but rumors about what can happen are rampant. The FDIC has also warned of dozens of scams that try to take advantage of consumers who don’t understand the process.
So what do bank customers need to know, in case their bank goes under?
Here are some questions and answers.
—
Q: Why would a bank be closed by regulators?
A: State or federal regulators can decide to close a bank if it is in danger of being unable to meet its obligations to depositors and others – basically, if it looks like it’s going to run out of money.
Most of the banks closed in the past year have suffered because the housing crisis and the recession have led consumers and businesses to stop paying off mortgages, credit cards and other loans. Banks must set aside money to cover such losses, and they become unstable if these reserves fall.
Q: How does a customer know if a bank is covered by FDIC insurance?
A: Banks usually have a sign on the door with the FDIC logo, and also frequently use the logo on account statements and other correspondence.
The FDIC has a tool called “Bank Find” on its Web site, , where a customer can enter a bank name and address to make sure it is insured. Internet-based banks are eligible for FDIC insurance, and are listed on the Web site as well.http://www.fdic.gov
Q: What exactly does the FDIC insure?
A: The FDIC covers money deposited in savings accounts, checking accounts and certificates of deposit up to $250,000. But that limit can apply to the same person in several different ownership categories, like single, joint, held-in-trust and retirement accounts.
So, for example, if a woman has two savings accounts totaling $200,000 in her own name, plus two joint accounts that each have $100,000, plus two accounts with $75,000 held in trust for her children, and a $90,000 IRA, all of these deposits would be covered because no one ownership category tops the limit.
Q: What doesn’t the FDIC insure?
A: Money in mutual funds, annuities, stocks, bonds or other investment products is not covered, even if those investments were bought through an insured bank.
The contents of a safe deposit box are also not FDIC insured, but may be covered through a homeowner’s or renter’s insurance policy.
When a bank fails, in most cases, the bank that takes over will keep branches operating and allow access to safe deposit boxes. If no other bank acquires the failed bank, the FDIC will send a letter to boxholders with instructions for removing their property.
Q: How long does it take for the FDIC to pay people back?
A: In most cases, another bank takes over the closed bank’s deposits, and ATM cards, debit cards and checks continue to work until the new bank transitions customers to its systems.
If the FDIC can’t find another bank to take over, the agency uses its insurance fund to make payouts to the failed bank’s customers. The law requires that deposits be paid out “as soon as possible” after an insured bank fails. That has typically been just a few days after the bank closes. In most of these cases, the FDIC will provide new accounts at another insured bank, but it will issue a check to each depositor if new accounts can’t be arranged.
Q: Will the FDIC contact customers of a failed bank?
A: The FDIC notifies each depositor in writing when a bank fails, using the depositor’s address on record with the bank. This notification is mailed immediately after the bank closes. The FDIC never sends e-mails directly to consumers, and has warned about numerous scams sending fraudulent e-mails that appear to be sent by the agency. The FDIC also sets up a toll-free number and a Web site for customers to access.
When the failed bank is acquired by another bank, depositors get a notice in the mail from the new bank as well, usually with the first bank statement after the takeover.
Q: What if someone “banks” at a credit union?
A: The National Credit Union Administration, a U.S. government agency, provides members of these nonprofit institutions insurance up to $250,000 through the National Credit Union Share Insurance Fund, much the way the FDIC covers bank deposits. So far this year, 19 credit unions have failed.
Like the FDIC, the NCUA will assume control over a federal credit union that is unable to continue operating on its own, if it cannot find another credit union to serve the failed institution’s members. There are a handful of state-chartered credit unions that are not covered by NCUSIF, but have their own insurance.
Original Link: http://apnews.myway.com/article/20091031/D9BLPNE01.html
Fed Pledges to Keep Rates Low for ‘Extended Period’ – http://www.bloomberg.com/apps/news?pid=20601068&sid=aiLPrCPDjWOQ
Central banks lead subtle shift away from dollar – http://www.reuters.com/article/ousivMolt/idUSTRE5A25KO20091103?rpc=401&=undefined&sp=true
Silver set to Soar as it did in the 1970’s – http://news.silverseek.com/SilverSeek/1257267140.php
CNBC Catches On… Begins Recommending Stable Foreign Currencies as an Inflation Hedge – http://www.cnbc.com/id/33289478
And in other news…
The Online Mission field: 1 in 1,000 Internet searchers is looking for information about God – http://www.christianpost.com/article/20091022/scholar-churches-can-use-internet-to-reach-non-seekers/index.html
CDC: Abortion Kills More Black Americans Than the Seven Leading Causes of Death Combined – http://cnsnews.com/news/article/55956
Sometimes, it can seem the world is spinning out of control. While our world is certainly on a collision course with our Biblical destiny, as Christian believers, we can always find comfort in the message found in God’s Word. When we “seek first the Kingdom of God and His righteousness, ” God promises to be our source and shelter. Today, more than ever, people are searching for answers to the problems facing our world. At JRMI, we are boldly confronting the lies of the age with the truths found in the Holy Bible. Our mission here at JRMI is to “educate, equip, and empower” Christian believers on Geopolitical, Economic, and Cultural trends, and how they will impact them and the global church. It’s a very big job, but thankfully we serve a very big God who is “able to supply all of our needs in Christ Jesus.”
One of our favorite ways to “educate, equip, and empower” believers is through monthly online presentations, known as webinars. The next JRMI webinar is scheduled for two Friday evenings in November, (11/13 & 11/20). These 90 minute webinars will be hosted online and will contain some very important information to help you become a better manager of the money that God has placed into your life. The topic of our November webinar is entitled: “Explosive Profits in Foreclosures.”
These webinars will be held on Friday evening at 7:00pm (Central Standard Time.) I urge you to register to attend these special webinars. You can register for free by clicking here.
See you Friday, Nov. 13 at 7:00pm!
Jerry Robinson
Real Estate Price Plunge Makes U.S. Homeownership Perilous Path? – http://www.bloomberg.com/apps/news?pid=20603037&sid=a5Mu8v6dknLo
October Personal Bankruptcies Highest Since 2005 Law Changes – http://www.bloomberg.com/apps/news?pid=20603037&sid=a9eOFk1X3uoQ
India Buys 200 Tons Of Gold And Moves From The Dollar – http://247wallst.com/2009/11/03/india-buys-200-tons-of-gold-and-moves-from-the-dollar/
India dumps dollars for IMF gold – is China next in line? – http://www.mineweb.com/mineweb/view/mineweb/en/page72068?oid=91828&sn=Detail
Beware the gold bubble? – http://money.cnn.com/2009/10/06/pf/gold_investing_bubble.fortune/index.htm?postversion=2009100704
Gold surges to new record high – http://www.breitbart.com/article.php?id=CNG.4dadcffd230970c1a66462397286ee1f.381&show_article=1
When to Sell Your Gold - http://dailyreckoning.com/when-to-sell-your-gold/
Why your portfolio should be braced for another crash – http://www.moneyweek.com/investments/stock-markets/brace-yourself-for-another-market-crash-94504.aspx
The Real Pending Crisis: Public Pensions – http://townhall.com/columnists/BruceBialosky/2009/11/02/the_real_pending_crisis_public_pensions
AP sources: House health bill totals $1.2 trillion – http://news.yahoo.com/s/ap/20091102/ap_on_bi_ge/us_health_care_overhaul
Collapse of the Greenback?: Will the Dollar get an “Arab Oil Shock?” – http://www.engdahl.oilgeopolitics.net/1973_Oil_Shock/Greenback_Collapse/greenback_collapse.html
Half of US kids will get food stamps, study says – http://www.breitbart.com/article.php?id=D9BNKH3O1&show_article=1
Nine U.S. banks seized in largest one-day haul - http://www.reuters.com/article/wtUSInvestingNews/idUSTRE59U05420091031?pageNumber=2&virtualBrandChannel=0
Soros, Ross: Commercial Real-Estate Crash Is Coming And It’s Going To Be Terrific – http://www.businessinsider.com/henry-blodget-soros-ross-commercial-real-estate-crash-is-coming-and-its-going-to-be-terrific-2009-11
U.S. Inflation to Appear Next in Food and Agriculture – http://inflation.us/foodinflation.html
Marc Faber Says Gold a Bargain Compared to S&P 500 Stocks – http://www.marketoracle.co.uk/Article14660.html
James Turk: Take the Long View on Gold and Silver – http://goldmoney.com/commentary-take-the-long-view-for-gold-and-silver.html
Richard Russell: Why you must hold gold for the long term… – http://www.thedailycrux.com/content/3264/Gold
POLL: Capitalism, democracy losing favor in ex-Soviet bloc – http://www.breitbart.com/article.php?id=CNG.69105fc6eae7b98bc224a2a77ee79cd8.4c1&show_article=1
Water rationing for Venezuela’s capital city – http://www.breitbart.com/article.php?id=CNG.ad409ca172435301fb479b62661e070f.361&show_article=1
Federal regulators close 9 banks; Brings total to 115 banks – http://apnews.myway.com/article/20091031/D9BLQNS83.html
Meltdown 101: What to know if your bank fails – http://apnews.myway.com/article/20091031/D9BLPNE01.html
Fannie Mae: Delinquencies Increase Sharply in August – http://www.calculatedriskblog.com/2009/10/fannie-mae-delinquencies-increase.html
Option ARMs Enter the Eye of the Hurricane - http://www.doctorhousingbubble.com/option-arms-enter-the-eye-of-the-hurricane-the-189-billion-recast-problem-targeted-directly-at-the-california-housing-market-of-189-billion-in-securitized-option-arms-109-billion-in-california/
How Banks Will Fare in a Commerical Real Estate Crash – http://www.minyanville.com/articles/banks-niagra-bancshares-privatebancorp-gartman-signature-lending-commerical/index/a/25153
Are the Caymans Broke? – http://www.sovereignsociety.com/2009ArchivesSecondHalf/101609AretheCaymansBroke/tabid/6061/Default.aspx
