US Banking system insolvent?
A professor at NYU says that the US banking system could already be bankrupt;
“I’ve found that credit losses could peak at a level of $3.6 trillion for U.S. institutions, half of them by banks and broker dealers,” Roubini said at a conference in Dubai today. “If that’s true, it means the U.S. banking system is effectively insolvent because it starts with a capital of $1.4 trillion. This is a systemic banking crisis.”
What does a person do if this is the case? Whether the economy gets better, or continues to decline, the more a person can be self-sufficient, the better. For those with liquid net worth, get your money in a safe place. “Money” might not even be the safest place if there is hyper-inflation. Precious metals have been recommended to death, so what are other options?
Hardcore survivalists might suggest food, tools, and ammunition. Investment advisers could say international stocks. Your grandmother might tell you to put it in the mattress. Buying a resource or asset which will produce for you in a harsh environment could be a good idea. What about a chicken farm?
