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The banking crisis is far from over; in fact, it has only just begun. The recent fragility and collapse of several high-profile banks are most likely not an isolated phenomenon as the ruling class would have us believe.
In the near term, a damaging combination of fast-rising interest rates, major changes in work patterns, and the potential of a recession could prompt a credit crunch not seen since the 2008 financial crisis. Even though Federal Reserve chair Jay Powell raised interest rates, he also said yesterday that the U.S. banking system is “sound and resilient.”
But it’s become glaringly obvious to anyone paying attention that the banking system in the United States is barely hanging on. The New York Times also says
Just in the past few months, Silicon Valley Bank, Signature Bank, and First Republic Bank have failed. Their combined assets surpassed those held by the 25 banks (when adjusted for inflation) that collapsed at the height of the financial crisis. While some experts and policymakers believe that the resolution of First Republic Bank on Monday indicates the turbulence in the industry is coming to an end, I believe this may be premature. On Thursday, shares of PacWest and Western Alliance are falling as investors’ fears spread. Adverse conditions have significantly weakened the ability of many banks to withstand another credit shock — and it’s clear that a big one may already be on its way. –New York Times
Regional bank shares have been plummeting in the past few days too. First Horizon shares took a 37% dive at today’s open, bringing its market cap down to around $5 billion, according to a report by Axios.
Some are warning that this banking crisis is not only going to get worse, but it’s going to be the worst economic calamity human beings have ever seen.
Pay attention and prepare. This entire economic system is on the verge of a total collapse, so the ruling class can bring in the fully controlled central bank digital currency that will permanently enslave all those who choose to participate in the new draconian system.
Article cross-posted from SHTF Plan.