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The banking crisis is clearly real, and it’s now just a matter how long it’s going to take for it to speed up.
RT:
The banking crisis could swallow another 50 regional lenders in the US if the country’s authorities don’t take appropriate steps to resolve structural issues, former vice-president at Lehman Brothers Lawrence McDonald has said in an interview with RIA Novosti.
“Policy-makers will most likely be forced to introduce a much larger withholding to maintain outflows of deposits from bank accounts that significantly exceed $250,000,” he said.
The collapse of Lehman Brothers, which caused funding markets to seize up and made it hard for global lenders to get a hold of US dollars, marked the beginning of the global financial crisis in 2008.
According to McDonald, the current problems challenging the US banking sector are very similar to those preceding the infamous collapse of the financial giant.
The former executive added that US regional banks are expected to lose “hundreds of billions of dollars” with these funds inevitably moving to larger lenders, and then to treasury bonds.
The thing about this is: this could all be fixed by backing off the rate hikes that aren’t doing anything to stop inflation anyway.
Also, inflation is not really even a serious problem, especially in comparison to the collapse of the global banking system.
If they don’t move quickly to fire Powell and take interest rates back to 2022 levels, you’ll know they’re doing this to you on purpose.
It makes me sick that all those conservative talk show hosts supported this lunacy, claiming the inflation is some kind of existential crisis. If you own any assets at all, inflation doesn’t do anything but reduce your debt burden. You could actually argue that inflation is good, if you were using the kids of econ 101 arguments that are being used to justify rate hikes.
That feels antisemitic.
But clearly, Powell is not making all these decisions. The US government would never allow one man to make these kinds of decisions – especially one who is not a member of the “ancient cult.”
Powell is directed by the same people directing everything. https://t.co/lhGXeWdb7O
— Andrew Anglin (@WorldWarWang) March 22, 2023
There is no way to stop the inflation created by the covid lunacy. The good news is, inflation is not really that big of a deal – especially in comparison to say, completely destroying the market with useless rate hikes.
— Andrew Anglin (@WorldWarWang) March 22, 2023
This isn’t rocket science. It might be counterintuitive to people who don’t understand how extreme this situation is and think “it’s just like the 1980s.” But the people making these decisions understood.
— Andrew Anglin (@WorldWarWang) March 22, 2023
But here’s the sticking point: the Ukraine crisis has led to a total rearranging of the geopolitics that support the US economy. Therefore, now is probably not the best time to do an insane scheme to crash the US economy, even if you support such schemes.
— Andrew Anglin (@WorldWarWang) March 22, 2023
If that happens or doesn’t happen, Bitcoin benefits.
The current crisis is seeing a move to Bitcoin as a solution.
If the “Powell Plan” is reversed, Bitcoin will resume the pre-hike trajectory.
This is why people say “inevitable.” pic.twitter.com/wTz7maP5JQ
— Andrew Anglin (@WorldWarWang) March 22, 2023
