US regulators close another 5 banks
from presstv: US regulators have closed five banks, bringing the total of US bank failures to 45 this year as falling home prices take their toll on financial institutions. The Federal Deposit Insurance Corp (FDIC) said the five banks which were closed on Friday were Community Bank of West Georgia and Neighborhood Community Bank in the state of Georgia; Horizon Bank, of Pine City, Minnesota; MetroPacific Bank, of Irvine, California; and Mirae Bank, of Los Angeles. Despite the US government’s efforts to drive its economy out of the 18-month-old recession, bank failures have largely increased this year. There were 25 failures in all of 2008 and just three in 2007. Seattle-based lender Washington Mutual was closed in September last year to become the biggest bank to fail in US history.
china argues to replace US dollar
from bbc: China’s central bank has reiterated its call for a new reserve currency to replace the US dollar. The report from the People’s Bank of China (PBOC) said a “super-sovereign” currency should take its place. Central bank chief Zhou Xiaochuan has loudly led calls for the dollar to be replaced during the financial crisis. The bank report called for more regulation of the countries that issue currencies that underpin the global financial system. “An international monetary system dominated by a single sovereign currency has intensified the concentration of risk and the spread of the crisis,” the Chinese central bank said. The dollar fell after the report was released. The US currency dropped 1% against the euro to $1.4088, and declined 0.8% versus the British pound to $1.6848.
video: ‘hyperinflation nation’
from inflation.us: ‘Hyperinflation Nation’ starring Peter Schiff, Ron Paul, Jim Rogers, Tom Woods, Gerald Celente and others. Prepare now before the US dollar is worthless.
could your post office be closing?
from msn: As mail volume declines, the US Postal Service could shutter up to 3,200 post offices and retail outlets. Most people say they understand – unless it’s their post office. A rallying cry can be heard across the country, from the swanky streets of New York’s SoHo to the tiny town of Randolph, Kan.: “Save our post office!” As the United States Postal Service, weighed down by a crippling multibillion-dollar deficit, shrinks its operations, post offices across the country are on the chopping block. Each year, hundreds of postal operations shutter, but this coming fall could be the single biggest consolidation in Postal Service history. Over the next three months, more than 3,200 post offices and retail outlets – out of 34,000 – will be reviewed for possible closure or consolidation.
debasing currency leads to financial collapse…
just as it has for 1000s of years*
market predictions from the foundation for the study of cycles*
goldman sachs: the 4th branch of the US govt*
population increases in older US cities*
video: gerald celente says US continues to print dollars into no value at all*
colorado mayor buys central city paper that criticized him*
feds could seize california parks if closed by budget*
an economy bigger than russia, brazil, canada, india or spain is about to default*
update: fdic thursday [jul3]
from cnn: Seven banks were shut down by authorities Thursday, pushing the tally of failed banks for 2009 to 52, more than doubling the failures in 2008. Six regional banks in Illinois and one in Texas closed their doors, according to the Federal Deposit Insurance Corporation. The rash of Illinois failures are interlinked: All six banks were controlled by one family and followed a similar business model that “created concentrated exposure in each institution,” according to the FDIC… State regulators shuttered John Warner Bank, based in Clinton, Ill., and named the FDIC the receiver. The State Bank of Lincoln, based in Lincoln, Ill., will assume all of the deposits of the failed bank… Later Thursday, state regulators closed First State Bank of Winchester, based in Winchester, Ill., and named the FDIC the receiver. Federal regulators entered into a purchase and assumption agreement for The First National Bank of Beardstown, based in Beardstown, Ill., to assume all of the assets and deposits of the failed bank… Rock River Bank, based in Oregon, Ill., was shuttered by state regulators. The FDIC was named the receiver and it entered into an agreement with the The Harvard State Bank, of Harvard, Ill., to assume all of the deposits of the failed bank and almost all of the assets… Elizabeth State Bank, based in Elizabeth, Ill., was closed down by state regulators and the FDIC was named the receiver. Galena State Bank and Trust, based in Galena, Ill., entered into a purchase and assumption agreement to take over all of the deposits of the failed bank… The First National Bank of Danville, headquartered in Danville, Ill., was shuttered by the Office of the Comptroller of the Currency and the FDIC was named the receiver. First Financial Bank, N.A., based in Terre Haute, Ind., entered into a purchase and assumption agreement to take over all of the deposits of the failed bank… State regulators shut down the Millennium State Bank of Texas, based in Dallas, Texas, Thursday and named the FDIC the receiver. The FDIC entered into a purchase and assumption agreement with an Irving, Texas bank, called the State Bank of Texas… The biggest to fall: State regulators shut down Founders Bank, based in Worth, Ill., and named the FDIC the receiver. The PrivateBank and Trust Company, head-quartered in Chicago, Ill., entered into a purchase and assumption agreement to take over the assets of the failed bank.