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Started this discussion. Last reply by Konstantin Sep 3.
Started this discussion. Last reply by sparkle Aug 22.
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Large U.S. Bank collapse seen ahead
By Jan Dahinten 2 hours, 51 minutes ago
SINGAPORE (Reuters) - The worst of the global financial crisis is yet to come and a large U.S. Bank will fail in the next few months as the world's biggest economy hits further troubles, former IMF chief economist Kenneth Rogoff said on Tuesday.
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"The U.S. Is not out of the woods. I think the financial crisis is at the halfway point, perhaps. I would even go further to say 'the worst is to come'," he told a financial conference.
"We're not just going to see mid-sized banks go under in the next few months, we're going to see a whopper, we're going to see a big one, one of the big investment banks or big banks," said Rogoff, who is an economics professor at Harvard University and was the International Monetary Fund's chief economist from 2001 to 2004.
"We have to see more consolidation in the financial sector before this is over," he said, when asked for early signs of an end to the crisis.
"Probably Fannie Mae and Freddie Mac -- despite what U.S. Treasury Secretary Hank Paulson said -- these giant mortgage guarantee agencies are not going to exist in their present form in a few years."
Rogoff's comments come as investors dumped shares of the largest U.S. Home funding companies Fannie Mae and Freddie Mac on Monday after a newspaper report said government officials may have no choice but to effectively nationalize the U.S. Housing finance titans.
A government move to recapitalize the two companies by injecting funds could wipe out existing common stock holders, the weekend Barron's story said. Preferred shareholders and even holders of the two government-sponsored entities' $19 billion of subordinated debt would also suffer losses.
Rogoff said multi-billion dollar investments by sovereign wealth funds from Asia and the Middle East in western financial firms may not necessarily result in large profits because they had not taken into account the broader market conditions that the industry faces.
"There was this view early on in the crisis that sovereign wealth funds could save everybody. Investment banks did something stupid, they lost money in the sub-prime, they're great buys, sovereign wealth funds come in and make a lot of money by buying them.
"That view neglects the point that the financial system has become very bloated in size and needed to shrink," Rogoff told the conference in Singapore, whose wealth funds GIC and Temasek have invested billions in Merrill Lynch and Citigroup
In response to the sharp U.S. Housing retrenchment and turmoil in credit markets, the U.S. Federal Reserve has reduced interest rates by a cumulative 3.25 percentage points to 2 percent since mid-September.
Rogoff said the U.S. Federal Reserve was wrong to cut interest rates as "dramatically" as it did.
"Cutting interest rates is going to lead to a lot of inflation in the next few years in the United States."
(Editing by Neil Chatterjee)

I am so glad we are now friends and thank you for adding me. midnite
Well...You don't come that much here I suppose!So I have been expecting from your answer...Remember you asked some questions.
Hope you have a nice day filled with light and love Konstantin
Hello
Konstantin,
Thank you for your comment and for being my friend
You are doing a pretty nice job...
As you mention Marlene Marion on your page, are you in touch with the 'Atlantean travelers Portal ning group or the 'Universal Peace' ning group...I know there are some people there very close to the past mystic history of Egypt.
Sending my light and a touch of my love
Could you make yourself clearer on my french abilities? I'llbe glad if I can be of any help...
I do not concern those people who do Rods.
My supervision have shown, that the height, pyramid dimensions are not the most important parameter. On those data which I have received a method of radiesthesia (dowsing, pendulum) and channeling. I have received that more essential influence the design of a pyramid which comes nearer to the form of a crystal gives and it’s created by a principle of similarity with system of subtle bodies of the person.
I always try to check action of different methods by means of diagnostics and I have possibility to do different kinds of diagnostics. First diagnostics can be spent a method radiesthesia (pendulum) the expert or is independent. It is necessary to this patient such method or not, what method is necessary for applying in this case. It is the best decision in many cases and more effective. It is possible to carry out diagnostics of patrimonial communications or diagnostics of charkas - power structures of subtle bodies, diagnostics of karma .
If to do diagnostics to itself by means of a pendulum it is very important to clear preliminary consciousness and sub consciousness from emotions, prejudiced, erroneous or imposed opinions.
Regards
Konstantin.
Welcome to this web community! Say, did you ever have anything to do with the people at www.rods.ru ? I sometimes import their Egyptian Healing Rods and distribute them if anyone in New Zealand wants a set. They are energised in a 72 foot tall pyramid.
Regards
Barron

thank you very much Love and Light