Fifty-four more US banks added to 'problem list' “The Federal Deposit Insurance Corp. said Tuesday the list of banks it considers to be in trouble shot up nearly 50 percent to 171 during the third quarter - yet another sign of escalating problems among the institutions controlling Americans' deposits.” “As the FDIC report shows, the number of hobbled institutions is rising at a quickening pace, a trend that has already begun to reshape the banking industry.” “This quarter, the pace appears to be picking up - nine banks have already failed since Sept. 30, including Downey Savings and Loan Association, based in Newport Beach, California.” biz.thestar.com.my/news/story.asp

How I remember well the many, many times I heard and read just a few years ago that our financial system had safe guards today and we were immune from economic chaos. When I heard that I always had visions of the Titanic. We’ve entered an era that no one really believed would ever arrive in our life times.

“Citigroup says gold could rise above $2,000 next year as world unravels. Gold is poised for a dramatic surge and could blast through $2,000 an ounce by the end of next year as central banks flood the world's monetary system with liquidity, according to an internal client note from the US bank Citigroup.” “Citigroup said the blast-off was likely to occur within two years, and possibly as soon as 2009.” “Gold has tripled in value over the last seven years, vastly outperforming Wall Street…” telegraph.co.uk/finance/comment/ambr...

Because this day has arrived and is staring us directly in the face it is difficult to write about it. The growing pain and loss is being felt all over the world by rich and poor alike. Castles made of sand being washed away by an incoming tide. What companies are now doing well? Dollar General’s stock is near a 52 week high. Wal-Mart continues to see an increase in profits. Hedge fund assets are still falling and falling. 100 billion lost in October alone.