The FDIC seized Republic First Bankcorp last week, costing the agency $667 million. Federal Reserve Chairman Jerome Powell warned of more regional bank failures, specifically noting the sinking commercial real estate industry.
“This is a problem we’ll be working on for years more, I’m sure. There will be bank failures,” he told the Senate Banking Committee last month.
“It’s not a first-order issue for any of the very large banks. It’s more smaller and medium-sized banks that have these issues. We’re working with them. We’re getting through it. I think it’s manageable is the word I would use,” he added.
Part of the problem is the trade deficit is out of control.
Since 1990, U.S. imports of goods have grown from less than $500 billion annually to more than $3 trillion in 2023, with the U.S. trade deficit widening from $100 billion to more than $1 trillion.
country’s most important trading partners over the past three decades. pic.twitter.com/6Hkupun9ew
— ( WOLF ) (@a8d0d554a87e4f7) May 3, 2024
Our trade deficit in goods is bigger than ever, as China builds factories in the Global South and re-exports to the US, handily circumventing tariffs. https://t.co/tDiOdL6J68 pic.twitter.com/pVTdMnotCy
— David P. Goldman (@davidpgoldman) May 5, 2024
We have to worry about a dollar collapse.
“Hundreds of US Banks At Risk of Failure. 282 US Banks At Risk,” CNBC reported on 5/1/24.
“There Will Be Bank Failures,” as Chair of Federal Reserve Jerome Powell said.
According to the World Economic Forum, “98% of Central Banks to Launch CBDCs.” The WEF wants to replace the dollar with programmable money.
There’s not enough money in the FDIC to cover the collapse that might be in our future.
“Might?”
The collapse is inevitable and engineered.
Ammo up.
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