Schultz sees an apocalypse now

[OneBlueSky]

http://www.marketwatch.com/news/story/schultz-sees-apocalypse-now/story.aspx?guid=B4657333-B68C-4A34-A493-266821FC09AB&dist=JSIMostRead

Veteran editor declares 'A financial tsunami is upon us'

NEW YORK (MarketWatch) -- The Fed flops and Wall Street is worried. But one letter veteran has been here before, not that it makes him any cheerier.

(snip)

Among other interesting ideas raised by Schultz in his intense, somewhat terrifying introduction: recession, possibly depression; bank failures; exchange controls; housing prices down by 50%; credit card company failures; money market fund dangers; tripling of U.S. jobless numbers; federal bail-outs for Fannie Mae.

His advice, translated out of his shorthand style: "If you have not already done so, take immediate measures to safeguard your assets against the global derivative crisis ... Most urgent is close out time deposits, buy non-U.S. government bonds."

In other words, Schultz is saying the U.S. banking system is threatened. How's that for a Christmas greeting?

Schultz says "the second biggest danger is owning U.S. dollars in any form, (it) has crashed and going much lower ... use dollar rallies to exit dollars or sell short ... This is not a time to seek profits, but to protect what U have ... Portfolio diversification is essential in troubled times."

- more . . .

http://www.marketwatch.com/news/story/schultz-sees-apocalypse-now/story.aspx?guid=B4657333-B68C-4A34-A493-266821FC09AB&dist=JSIMostRead

[Lasher]

1. Think I'll buy into a gold mutual fund. n/t

[sarcasmo]

2. A little more to the extreme. Stock up on canned goods and bottled water.

They won't call it a Depression until the Democrats win the White House.

[screembloodymurder]

3. How (where) does one buy non-U.S. government bonds?

Do brokers handle these?