These are some excerpts from the Chapman post - I suggest you read the whole thing at the link provided.
"The following information may be the most important we have ever published. One of our Intel sources, highly placed in banking circles, tells us that on 1/1/10 all banks that have received TARP funds have been informed by the Federal Reserve that they must further restrict any commercial lending. Loans have to be 75% collateralized, 50% of which has to be in cash, which is a compensating balance...
Now get this, the FDIC is going to be collapsed before the end of 2010, which means no more deposit insurance. This follows the 9/18/09 end of government guarantees on money market funds. Both will force deposits into US government bonds and agency bonds in an attempt to save the system.
This will strip small and medium-sized banks and force them into shutting down or being absorbed. This means you have to get your money out of banks, especially CDs. We repeat get your cash values out of life insurance policies and annuities. They are invested 80% in stocks and 20% in bonds. Keep only enough money in banks for three months of operating expenses, six months for businesses.
Major and semi-major banks are being told to obtain secure storage for new currency-dollars. They expect official devaluation by the end of the year.
We do not know what the exchange rate will be, but as we have stated previously we expect three old dollars to be traded for one new dollar. The alternative is gold and silver coins and shares. For those with substantial sums that do not want to be in gold and silver related assets completely you can use Canadian and Swiss Treasuries. If you need brokers for these investments we can supply them."
http://www.marketoracle.co.uk/Article15412.html
There's more to the story than the excerpts above - please read the entire post at the link. I'm not gonna speculate on Bob's stuff yet. It sounds a bit out there even for my taste. Kind of like Prechter calling another top. I have some close friends in banking down here that I will run this article by. IMO if it has merit then the truth will come out beforehand. We'll just have to ride this one out for now.
Gold is the only thing popping tonight up $11+ (thus no futures post) - I'm afraid I may have to bite the bullet and add to my gold position without getting the desired pullback. Might just start to DCA in in small quantities. (Does that sound topish to you?)
