Yes! It is time to panic. What we are witnessing now is a complete breakdown of the American financial system. The system was built on fraud as most of the banks were living on credit and when the margin or loan calls were acted upon the banks had no money.
What does that mean for everyone?
One or two Canadian banks may fail. It is possible that most RRSP’s may become worthless. Most RRSP’s have lost 50% of their value. The retirement money is gone.
Middle class is going to be hit the hardest since they were counting on the RRSP’s.
It is only a matter of time before the anger is taken to the streets.
It is time to panic. Don’t listen to the pundits who tell you that this is just a phase. Nothing like this has happened before in our lifetime.
Life is a circle and it is possible that severe depression is just around the corner.
Just my two cents!