OPEC is chitting bricks

[rkymtnman]

Credit cards and ATMs won't work during a US wide bank holiday.

How could we (that actually pay our bills) get them paid if ONLY cash would work for 7 days? Not sure I buy it. In fact, I say no way it will happen - NOTHING could get done for 7 days and jobs would be lost at an alarming rate.

I frequently travel on a couple hours notice for my job. This means getting in my car, driving to the airport - buying a ticket on the company cc, staying in a hotel on the company cc, driving a rental car on the company cc. Does this mean I can't work for 7 days?

Still - a great idea to always have enough cash on hand but I just don't see this ever happening.

 

[Beels]

We in the western world are on the verge of financial catastrophe, I would most rather have OPEC's problems than ours by far.
PS a bank holiday might be in the works so I would have at least 7 days of cash on hand for purchases, food, gas, etc. Credit cards and ATMs won't work during a US wide bank holiday.

How could we (that actually pay our bills) get them paid if ONLY cash would work for 7 days? Not sure I buy it. In fact, I say no way it will happen - NOTHING could get done for 7 days and jobs would be lost at an alarming rate.

I frequently travel on a couple hours notice for my job. This means getting in my car, driving to the airport - buying a ticket on the company cc, staying in a hotel on the company cc, driving a rental car on the company cc. Does this mean I can't work for 7 days?

Still - a great idea to always have enough cash on hand but I just don't see this ever happening.

I'm not buying this either. I still can't figure out what the idea is behind it? If anything, it would completely flatten the economy.

 

[JHG]

I'm not buying this either. I still can't figure out what the idea is behind it? If anything, it would completely flatten the economy.

I'm lost as well, all CC and Debt card transactions are done electronically, that's why I can buy gas at 2am when both the station and bank are closed. What am I missing here?

 

[summitchaser]

I am by far not the most educated person when it comes to our finacial world but didn't those bastages from AIG already take a holiday on our dime, too a tune of 300grand or some number like that?

 

[SnowSnob]

$400 G's actually. Sounds like they went to a SPA. Only good thing I've heard Obama say is that those peope should be arrested. And I totally agree...I'd put them all in a cell with Bubba the butt rapping convict.

 

[Ollie]

You won't see a bank holiday anytime soon.
Yes, in a bank holiday you couldn't access your money. They would do that to avert a total colapse of the banking industry and stop people from taking all their cash out and devalueing the dollar to the point of being worthless.

The reason you won't see it, the mass riots that would ensue.

You would literally see politicains running for their lives.
ya know, thinking about it, maybe that wouldn't be such a bad idea.

 

[R J]

Looks like our predictions of 70 dollars a barrel is coming true.
Also looks like OPEC is trying to stop the slide with little or no effect.

http://www.ft.com/cms/s/0/417df05e-9555-11dd-aedd-000077b07658.html?nclick_check=1

I knew that would be coming. I bet at the next meeting which they are having early (special) they will curb output by I'd bet at least 500,000 bpd if not more. OPEC wants to keep oil around $90-100 no matter what and I be betting they will achieve it.

 

[Diesel99]

Here's the problem the Banks are insolvent, meaning they have spent all the deposits on bad loans and stupid bets on derivatives.
The Fed is bailing like crazy but the banks are screwed, the only possible solution is to shut them down for a set period maybe a few days, shut down the bad ones and try to recapitalize the good ones.
Of course this would screw everything up but it would stop all of them from going bust and shutting down the whole dam economy for good.

 

[Work - Never]

Problem is, for those of you not in the oil business....as the price per barrel drops, the companies drilling for oil will drill less, resulting in lower supplies, thus driving thus price back up,,,,SUPPLY AND DEMAND people.....It's all politics and big business, and we have NO control......!

This is not about supply and demand. Its' about speculation or in other words greed. Opec has ships floating all over the ocean full of oil and no place to deliver it. Were going to see $30.00 a barrel. That's why I built a real turbo. None of that pump gas almost-a-turbo for me.

 

[Pit Crew]

US debt hit $10 trillion today, that $90K/family