Perhaps time to think about stocking up on food and other necessities?

June 29, 2008

Fortis is a very large Dutch-Belgian bank, and the 20th largest

corporation in the world in terms of revenue.

They recently raised a lot of capital and cancelled their dividend,

leaving a lot of people worried about their own solvency. Here's what

they had to say:

BRUSSELS/AMSTERDAM - Fortis expects a complete collapse of the US

financial markets within a few days to weeks. That explains, according to

Fortis, the series of interventions of last Thursday to retrieve € 8

billion. " We have been saved just in time. The situation in the US

is much worse than we thought " , says Fortis chairman Maurice

Lippens. Fortis expects bankruptcies amongst 6000 American banks which

have a small coverage currently. But also Citigroup, General Motors,

there is starting a complete meltdown in the US

Source:

If you guys don't have a vegetable garden, get one going. It's a good

investment at any time, and especially now.

EDIT: by the way guys, if you want to keep informed on financials I

suggest you check out

Ticker

Forum, and Karl

Denninger's blog. They're really good sources of information, and

you'll get news which aren't available through American sources. Karl

founded Fed Up USA, a group that

organizes public action against the Federal Reserve.

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