Is this the end of the financial system?

I have tried to inform you in a calm manner for several months now that the end game is near but you still had time to prepare. Hopefully you have done this by now. Unfortunately, the happenings of the last week indicate that we are heading toward a collapse of the financial system at a much faster rate than I anticipated. A real possibility of a banking holiday now exists, this means no open branches, no credit cards, no internet banking for a period of time determined by the government. Whilst I am confident our big 4 banks are strong you cannot under estimate the scale of the crisis that has this week spread to Europe and already bankrupted one country, Iceland. Whilst none of us can really know what this will mean in the near term it is not a time to bury your head in the sand and hope all will be OK. Take action now. Stock up on basic food items and withdraw enough cash to cover living expenses for 1-2 months. This takes little effort and the money can be re deposited once things settle down. If we get a meaningful relief rally in stocks over the next couple of days or weeks, offload any toxic financial stocks you may still own. Also now is not a time to bargain hunt stocks of any kind. This opportunity will arise but from much lower levels than today.

Whilst a little dramatic I think the article from Bill Holter of GATA summarises what is the most likely near term outcome:

"We are witnessing panic on the part of governments worldwide, they are fiddling while Rome burns. They might as well fiddle as there is no solution, the banking system missed the ditch and is going off the cliff. The news cycle is jamming up because more and more "solutions" are announced on a daily basis as the world turns and markets open [or try to]. The banking system worldwide is in a spiral stage that even if panic is stemmed, it will rear it's ugly head again a day, 3, or 7 later. Panic is the absolute outcome here, this has gone too far, too wide, and the infection is too deep to be reversed. Nothing goes straight down, and this is no different, so expect some rallies in stocks and currencies but make no mistake we are are witnessing the end of the banking system.

I don't think there are any band aids left that can last more than 3-5 days at a time. Gold and Silver [and the shares] will catch a bid that has never been seen before. Couple this bid with virtually no supply and the results will be a move to the upside in an asset class as has never been seen nor imagined before. I spoke over the weekend with a liaison to several European banks and he advised me that a waiting period of at least 3-4 weeks for Gold delivery is now the norm. He has never seen anything like this in his thirty years. As the banking system unravels, whatever little physical supply that is left will disappear. The jig is up, either you are out of the paper system or you go down with it. There will be NO paper survivors, either you are a charter member of the next banking system or you will be leapfrogged and left behind.

The Price of Gold will be beyond the reach of the common man. This has got to be the plan, the only way to recapitalize the banks is to revalue Gold up 10 fold, 100 or even 1000 fold. This is no joke, currencies will devalue and approach zero in many many cases. This is not 1929, it is WORSE for several reasons. The biggest being our currencies are bad. Back then the world had a hard and real currency, Gold. The level of debt back then looks highly conservative when compared with today's circus. The world went to sleep and woke up with more debt and more risk than all the previous asset bubbles combined. This IS the biggest financial BUST of all time, by multiples. This is it, it is over"

Maybe/maybe not..... but prepare yourself anyway!