The problems that currently plague banks and the financial system at large will continue for at least another year to a year and a half, warned Moody’s Analytics Chief Economic Mark Zandi, adding that “things are going to start to wobble and break” in the coming days.
Banks are so overleveraged and in the red for their derivatives shenanigans that each subsequent rate hike by the private Federal Reserve banking cartel adds that much more pressure on their books. Meanwhile, inflation is still soaring because in order to really get a hold on it, interest rates would need to be hiked a whole lot more.
But doing that will sink the system, so the Fed is stuck between a rock and a hard place. One thing is for sure: they are going to try to do whatever it takes to prevent the big boys from losing and the little guys from winning, which typically means more financial pain for everyone at the grocery store and the gas pump.
“When you raise interest rates and you raise them as fast as the Fed has and as high as they have over the past year, things are going to start to wobble and break and it’s going to feel uncomfortable,” were Zandi’s exact words when asked by CBS News host John Dickerson about remarks that Fed Chairman Jerome Powell made concerning a “bumpy” ride for the banking industry as interest rates increase.
“And this, what we saw in the banking system over the last eight to 10 days, is exactly what he was talking about. It’s going to get bumpy. And I don’t think it’s over. Inflation is still high. The Fed’s still got to get inflation back in. And so, the next 12-18 months are going to be uncomfortable.”
(Related: Banks as a whole are collectively hiding about $620 billion in losses right now for which they are probably going to expect a bailout.)
The banking system is “fragile,” Zandi warned (because they play fast and loose with other people’s money)
Around the time when Silicon Valley Bank (SVB) and Signature Bank both collapsed, may depositors at other banks got scared and pulled out their cash in a mini-bank run – until the powers that be stepped in to provide a special lifeline just for the fat cats.
The government’s promise to up the Federal Deposit Insurance Corporation (FDIC) coverage limit beyond $250,000 at these affected banks put a temporary halt on a full-scale collapse. The truth, though, is that eventually the entire system is going to implode under the weight of all the fraud, corruption and other financial crimes that have stacked its collapse-inducing sins high into the sky.
Eventually, there is no further amount of jerry-rigging or other can-kicking that can bail out the financial criminals from their global Ponzi scheme. When that finally happens, the game will stop.
“The banking system is fragile,” Zandi warned. “Everybody knows it. We had deposit runs.”
“I don’t think it’s any surprise that the banking system is under pressure. So, let’s fess up to it and let’s make sure that the system is on solid ground. I think it is. I think what the FDIC and the Treasury and the Federal Reserve have done is adequate, but let’s just make sure.”
Just remember that the powers that be were saying the same types of things a year to a year and a half ago when they promised that inflation was only “transitory” until it became persistent. Now they are telling us once again that the system is still on “solid ground,” and that all these problems plaguing the banks are just temporary – do you believe them?
The latest news coverage about the breakdown of the current economic order can be found at Collapse.news.
Sources for this article include:
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