Economic Collapse: US stocks slammed; Dow falls 300-plus points in worst week since 2011 (UPDATED)

U.S. stocks fell sharply and Treasuries rallied on Friday (Saturday NZ), with the Dow Jones Industrial Average tumbling triple-digits for a second session and posting its worst week since November 2011, as investors pulled money from emerging markets and other assets viewed as risky.

As Wall Street's faith in some of the world's largest developed countries unraveled, currencies of those nations were hit, with Turkey's lira falling to a record low against the dollar, and Argentina's peso down sharply against the U.S. currency.
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A Redditor has made the following predictions: Next Friday is going to be much worse. Over the next few weeks we're going to see what financial analysts call "market corrections" in virtually all markets. This will prompt moves by numerous central banks to make unprecedented Keynesian tactics creating instability in currencies. A few will collapse. Gold and silver will steadily climb higher, about the same rate as the market losses.

By the end of February the 24 hr news cycle will focus on the market slump. DJIA will be hovering at around 12,000 or so and gold will have broken the 2k mark. The pitch to the public will be another 2008 housing crises.

Sometime in March there will be a trigger. I'm not sure exactly what it will be, natural disaster, Chinese selling treasury bonds, or a new reserve currency. Whatever it is, the likely result will be panic. Banks will limit withdraws, the markets will remain closed, and the Fed will dump cash from helicopters. Gold and silver will sky rocket, $4k+ and $100+ respectively. The public will panic and empty out the grocery stores. Numerous businesses will be closed.

By April local economies will soon pick up the slack, bartering, labor trades, and silver/gold coins will be used exclusively due to the banks remaining closed. Congress will likely attempt to find a fix, and gold standards will be implemented across the globe. The new paradigm will begin. The failed fiscal policies of the 20th century will be mocked for generations.

The scenario is inevitable, only the timing is the questionable part. The reason I think it's coming to fruition now is due to several factors. The failure of emerging markets, 6 years of bank bailouts, unprecedented precious metal manipulation, the missing German gold, quantitative easing, and extremely high unemployment.

What do you think? It will be interesting to see how much of this manifests. One thing is for sure, the global economy has been geared for a spectacular collapse for some time now...

UPDATE: Bank-Run Fears Continue; HSBC Restricts Large Cash Withdrawals!

Some HSBC customers have been prevented from withdrawing large amounts of cash because they could not provide evidence of why they wanted it, the BBC has learnt. Listeners have told Radio 4's Money Box they were stopped from withdrawing amounts ranging from £5,000 to £10,000.

“Emerging market bloodbath” as crisis enters new phase

Collapse of Argentine peso and Turkish lira, compounded by Chinese slump and pressures on other markets, raises possibility of new phase in the crisis.

“An emerging market bloodbath”. That’s how Reuters described the mass sell-off that rattled global financial markets on Thursday and that deepened dramatically on Friday. Wall Street was down and European markets sank sharply as investors took flight from the periphery on fears that the scaling back of the US Federal Reserve stimulus program, combined with a Chinese growth slowdown, will negatively affect the ability of developing countries to repay the debts they accrued up in the past decade of easy credit. Concerns over China’s $4.8 trillion shadow banking debt further compounded the sense of fear.