Headline Of The Day – Another Controlled Demolition
The DC Clothesline headline:
“According to Biden, 'the banking system is safe' – perhaps even as safe as the vaccines”
This interesting and succinct reminder from the DC Clothesline article:
“Recall from the 2008 financial collapse that it took about a month after the government assured Americans that everything was 'just fine' for Lehman Brothers, Washington Mutual, and the others to implode. Do we even have that much time this time around before everything hits the fan in a more noticeable way?”
The DC Clothesline article cites two sources (they did their own research too): An article from Zero Hedge, “Biden Insists 'The Banking System Is Safe'”, and a more interesting one from Mike Adams,
“The Non-Bailout BAILOUT Commences – Total System Collapse Temporarily Averted With Emergency Liquidity Flood”.
From Mike's article:
“The entire US banking system would have collapsed starting today [March 14, 2023] if not for the FDIC jumping in and offering to rescue even non-insured depositors at SVB. Normally the FDIC covers only $250K in deposits per person or institution. To try to avert a total systemic collapse, they announced in an emergency session yesterday that they would cover all deposits for these banks.
The problem is that the FDIC only had slightly over $100 billion in funds to carry this out.
Yet the total bank deposits held across America are approaching $10 trillion. (Nearly 10,000 billion.)
In effect, the FDIC only has enough funds to cover about 1% of bank deposits in America.
Even worse, banks in America have over $300 trillion in derivatives liabilities. That’s thirty times larger than the $10 trillion in deposits. The FDIC has only a tiny fraction of a fraction to even think about covering these losses, should derivatives begin to unwind.” [Emphasis In Original].
This is probably a good time to invest in canned foods that were not grown east of the Mississippi River, along with a portable cooking/heating device utilizing propane (or, better yet, solar). Hope for the best, plan for the worst.
“According to Biden, 'the banking system is safe' – perhaps even as safe as the vaccines”
This interesting and succinct reminder from the DC Clothesline article:
“Recall from the 2008 financial collapse that it took about a month after the government assured Americans that everything was 'just fine' for Lehman Brothers, Washington Mutual, and the others to implode. Do we even have that much time this time around before everything hits the fan in a more noticeable way?”
The DC Clothesline article cites two sources (they did their own research too): An article from Zero Hedge, “Biden Insists 'The Banking System Is Safe'”, and a more interesting one from Mike Adams,
“The Non-Bailout BAILOUT Commences – Total System Collapse Temporarily Averted With Emergency Liquidity Flood”.
From Mike's article:
“The entire US banking system would have collapsed starting today [March 14, 2023] if not for the FDIC jumping in and offering to rescue even non-insured depositors at SVB. Normally the FDIC covers only $250K in deposits per person or institution. To try to avert a total systemic collapse, they announced in an emergency session yesterday that they would cover all deposits for these banks.
The problem is that the FDIC only had slightly over $100 billion in funds to carry this out.
Yet the total bank deposits held across America are approaching $10 trillion. (Nearly 10,000 billion.)
In effect, the FDIC only has enough funds to cover about 1% of bank deposits in America.
Even worse, banks in America have over $300 trillion in derivatives liabilities. That’s thirty times larger than the $10 trillion in deposits. The FDIC has only a tiny fraction of a fraction to even think about covering these losses, should derivatives begin to unwind.” [Emphasis In Original].
This is probably a good time to invest in canned foods that were not grown east of the Mississippi River, along with a portable cooking/heating device utilizing propane (or, better yet, solar). Hope for the best, plan for the worst.
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posted by TLC's Place at 7:12 PM
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