Until the Glass-Steagall Act is restored, barring the Wall Street trading casino from owning federally-insured commercial banks, the U.S. banking system will lurch from one crisis to the next, until its reputation as a first-class financial system is relegated to the dustbin of history.

  Lobbyists Grab Control at House Financial Services Hearings, Backing Jamie Dimon’s Push to Gut Higher Capital Proposals We’re very sorry to have to tell you this, but if you’re not watching Senate Banking or House Financial Services Committee hearings …

READ MORE

Here we go again…the Fed must need a new pretext for pumping trillions of created-out-of-thin-air “stimulus” into our failing banking system

Lockdowns are coming. Be mentally prepared to own nothing, have nothing and be happy. https://t.co/qR9gSAHaPu pic.twitter.com/wKUzV0ZCU6 — Financelot (@FinanceLancelot) August 25, 2023 YAHOO: “Biden’s plot to send America back into lockdown must be stopped” Funny to see this on Yahoo …

READ MORE

Chinese Shadow Banking Contagion

by Chris Black China’s property sector is, structurally, a bubble. And as with all bubbles, policymakers are equipped with a toolkit limited to delaying, mitigating, or perhaps even changing (https://… Continue reading by subscribing. Username Password Remember Me     …

READ MORE

UK: If a second financial crisis broke today, we could not put the public balance sheet behind our banking system without expecting a run on the pound.

We cannot live with a decade of more of the same. Britain is extremely vulnerable to any mishap – a crack in the housing market, a crisis in the financial markets, another energy crisis. https://www.theguardian.com/commentisfree/2023/aug/13/uk-stop-kidding-ourselves-rich-nation-gone-bust  

Self made crisis: “Italy surprises markets with the announcement of a 40% ‘windfall’ tax on banks”

Italy intentionally causing a banking crisis? 🤨 "Italy surprises markets with the announcement of a 40% 'windfall' tax on banks" pic.twitter.com/HGycE4y8ud — Financelot (@FinanceLancelot) August 8, 2023 ⚠️ 𝗜𝗧𝗔𝗟𝗜𝗔𝗡 𝗕𝗔𝗡𝗞𝗦 𝗚𝗘𝗧𝗧𝗜𝗡𝗚 𝗣𝗨𝗠𝗠𝗘𝗟𝗟𝗘𝗗 Full Story → https://t.co/XK4Cljl110 An index of euro …

READ MORE

Can Fractional Reserve Banking Survive?

via Doug French: Caitlin Long tweeted over the July 4 weekend, “BIG NEWS for #fintech! A sixth US state—Idaho—is willing to charter uninsured, non-lending, 100% reserve banks that are eligible for Fed master accounts (the other states are CT, ME, NE, VT & …

READ MORE

The top 4 banks face bond asset losses totaling $205 billion, with the overall banking sector suffering losses totaling $2 trillion; the Fed intends to hike rates, compounding losses.

It is indeed a matter of great concern that the top 4 banks are currently facing monumental losses, amounting to a staggering $205 billion, on their bond assets. Moreover, the entire banking system has witnessed an alarming figure of approximately …

READ MORE

DAVID HAGGITH: Fed talks “catastrophe.” JPMorgan talks “second wave” of banking collapses. History says the Fed NEVER makes it past the present depth of tightening — not ever!

via thedailydoom: San Francisco skyline | Photo by Patrick Perkins on Unsplash In the past, I’ve called this event the “Epocalypse” because it will be epic in scale and will eventually be seen as a new epoch in humanity’s economic history that will be apocalyptic in its level of …

READ MORE