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How bad will it get? What other crises in the economy could we point to that consumers should be watching carefully? What about gold and silver – is this a real answer for folks? What other things can people do in preparation for a downfall?
First Republic Bank headed for possible sale after institutional bailout | Many of the institutions involved in the bailout of First Republic Bank are also said to be looking to make a possible purchase of the San Francisco-based institution. Those said to be interested include Morgan Stanley and PNC Bank — several of the same firms that put up the $30 billion in bailout money to keep First Republic from following Silicon Valley Bank (SVB), Signature Bank, and Silvergate into insolvency, according to people with direct knowledge of the matter. (Fox Business)
U.S.-listed shares of Credit Suisse were also down 9% as traders parsed through the bank’s announcement that it would borrow up to $50 billion francs, or nearly $54 billion, from the Swiss National Bank. Shares were unchanged when the market closed on Thursday. (CNBC)
Harry S. Dent, Jr., Economic Forecaster & New York Times Best Selling Author, Editor of the free newsletter: HS DENT FORECAST at harrydent.com. Find his latest book, Zero Hour, in the America Out Loud Bookstore.
SVB is a bank, but understand that it was not acting much like a bank – it was acting like a venture capitalist, backing quite literally half of all venture-backed technology and life-science companies in the United States. The Biden Administration makes it sound like extending FDIC coverage for the entirety of all accounts at SVB somehow helps the average American household, but really, it’s a bailout for venture capitalists (and Democratic donors).
SVB was a particularly ‘woke’ bank, favoring investments in Diversity, Inclusion, and Equity (DIE) initiatives, and climate alarmism. Signature Bank had the same problems and also failed, and note that Maria Kumar of NBC, referred to SVB this past Sunday as “The Democrat’s ATM” in reference to SVB’s investment choices.
Read more: Banking Failures Are a Harbinger of Our Pending Economic Crisis
The narrative about this excessive intervention paints a picture of the Biden Administration’s swift and deft stewardship saving us all from a collapse of the banking sector. The opposite is true. In fact, in their zeal to score political points while preventing losses among their donors, the administration actually planted unjustified seeds of doubt about the state of the nation’s banks.
To claim that the billions on deposit with the failed banks is covered by an idea that is yet to be implemented is, of course, a lie. What specific damage is done by nullifying the D-SIB designation and exceeding FDIC deposit coverage in its absence? (D-SIB, Domestic – Systemically Important Banks; institutions whose failure would pose a risk of a broad financial crisis.)
1. Doing so effectively nationalizes our banking sector; converting it into a centrally-controlled banking system.
2. Fostering systemic insolvency and dependence on federal subsidy.
3. Assuring that banking decisions; access to capital, institutional investment, etc., can be made in pursuit of ideological doctrines rather than on the basis of sound fiscal principles.
4. Sets the table for Central Bank Digital Currency; a prerequisite to the establishment of social credit scoring.
Read more: Are We Headed Toward Central Government Control of America’s Banks?
Wallace Garneau is a political analyst, commentator, and blogger. He served in the US Marine Corps. Author of the book: The Way Forward: Lean Leadership and Systems Thinking for Large and Small Businesses.
On Viewpoint This Sunday, our goal here is not just to report the facts and the news but to understand the core of the problem and offer resolutions that provide the path forward for lasting peace. Our distinguished panel of experts will provide the context to the current battle and the long-term consequences of this historic clash of good and evil. You will not hear this conversation anywhere in the mainstream media or otherwise political circles. Rate the program, leave a quick review, and subscribe to Viewpoint on Apple Podcasts by clicking here. Your voice for the fight forward – Malcolm.
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I can’t blame Biden for the financial mess this country is in. It started way before he got in office, but he is very free with spending taxpayers’ money as if this country isn’t in debt for over 31 trillion dollars and about to hit the debt ceiling in June. https://www.youtube.com/watch?v=P9nTc4rg37o
The drug companies have drained the country’s treasury. Biden spent billions on these experimental, ineffective vaccines and prepurchased them, many of which were never used. According to this grand jury petition https://beyondthecon.com/grand-jury-petition/ ”The Petitioners allege the Defendants’ violation of federal law led to a significant hyperinflation of COVID-19 case, hospitalization, and death counts, which was subsequently used to defraud the US Taxpayer out of at least $3.5 Trillion dollars in misappropriation of public funds between 2020 to 2022.”
What is Fiat Money? Fiat money is a currency that lacks intrinsic value and is established as a legal tender by government regulation. Traditionally, currencies were backed by physical commodities such as silver and gold, but fiat money is based on the creditworthiness of the issuing government. This country uses fiat money. Hmm, The country is over 31 trillion dollars in debt- creditworthiness?.
President Biden recently signed Executive Order 14067 into law, and it is unlike anything we have ever seen before. Executive Order 14067 calls for the implementation of a digitized currency which would replace our current cash dollars. How will a digital dollar work? So the basic difference is, instead of actually printing physical money, the central bank will be issuing a cryptographic representation of money issued in electronic form, and it will be backed by the full faith and credit of the U.S. government. Supposedly that’s very different from electronic payments that we make today. (Nov 18, 2022) https://www.presidency.ucsb.edu/documents/executive-order-14067-ensuring-responsible-development-digital-assets On November 15th, 2022, the Federal Reserve announced they are now testing the ‘digital dollar’. They’ll be joined by major banks like Citigroup, HSBC, Mastercard, and Wells Fargo. Some say this new monetary system will give the government complete control over your money.
I guess if you have no money invisible dollars makes sense.
The fools of this Country that voted for this mess deserve to be POOR but those that didn’t shouldn’t be forced to share their misery!