At a time when the U.S. government should be making massive spending cuts and reversing their woke ESG agenda to stabilize the economy, they’re instead doubling down on bad policies and switching on their favorite “solution” to financial problems: Printing more money.
Following the earthshattering fall of Silicon Valley Bank on Tuesday, fear of more carnage prompted actions by other banks. Now, the FDIC has shuttered another bank on the other coast, making massive turbulence in the coming weeks a certainty.
Regulators have shut down New York’s Signature Bank for the same basic reasons they took down Silicon Valley Bank. According to Red State:
The move to shutter the second bank is seen in the financial world as a race to contain the fallout from SVB’s collapse. The Fed is trying to auction the bank’s assets off, accepting bids until Sunday night. There is concern in Washington D.C. that this is the beginning of a bigger financial crisis, one that could rival the Global Financial Crisis from the Bush and early Obama years. The worry from folks like my colleague Streiff is that this is a very big and very slippery slope toward nationalizing the financial markets.
The Fed, in its release, is trying to convince Americans that this is limited to just a depositor bailout and not a greater handout to shareholders and other debtholders, saying “Shareholders and certain unsecured debtholders will not be protected” and that “Senior management has also been removed.”
Treasury Secretary Janet Yellen initiated an emergency series of policies. The most noteworthy is to remove the $250,000 limit on FDIC depositor insurance. This will allow big money depositors at these two banks to not be harmed. To be able to do this without putting the burden on taxpayers means printing more money. This is why in Yellen’s press release she noted that they are working with the Fed to offer a bailout to depositors.
According to the press release:
Washington, DC — The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg:
Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.
After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.
We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.
Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.
Finally, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.
The U.S. banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry. Those reforms combined with today’s actions demonstrate our commitment to take the necessary steps to ensure that depositors’ savings remain safe.
It’s noteworthy that she referred to these measures as “reforms” rather than anything temporary. This isn’t a stopgap. It’s the new normal. This tells us beyond any shadow of a doubt that they realize the economy is in the process of tanking and they’re trying to hold it together until they get their Central Bank Digital Currency ready.
That’s part of the endgame. A manufactured and semi-controlled economic collapse will give the powers-that-be the predicate they need to force a Digital Dollar upon sooner rather than later. This is why I strongly urge Americans to start stocking up on essentials now. Tighten your financial belts. Cancel amenities and reduce frivolous spending if appropriate. Things are getting very rocky and if this really is by design as I suspect, it’s not going to get any better soon.
This is also why I am telling friends and family to move their retirement funds to self-directed precious metals IRAs. I am not a financial advisor but it makes a whole lot of sense to me to get wealth as far away from other markets as quickly as possible. Even though we have three gold sponsors, in this unique circumstance I’m recommending one in particular.
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Will America-First News Outlets Make it to 2023?
Things are looking grim for conservative and populist news sites.
There’s something happening behind the scenes at several popular conservative news outlets. 2021 was bad, but 2022 is proving to be disastrous for news sites that aren’t “playing ball” with the corporate media narrative. It’s being said that advertisers are cracking down, forcing some of the biggest ad networks like Google and Yahoo to pull their inventory from conservative outlets. This has had two major effects. First, it has cooled most conservative outlets from discussing “taboo” topics like Pandemic Panic Theater, voter fraud, or The Great Reset. Second, it has isolated those ad networks that aren’t playing ball.
Certain topics are anathema for most ad networks. Speaking out against vaccines or vaccine mandates is a certain path to being demonetized. Highlighting voter fraud in the 2020 and future elections is another instant advertising death penalty. Throw in truthful stories about climate change hysteria, Critical Race Theory, and the border crisis and it’s easy to understand how difficult it is for America-First news outlets to spread the facts, share conservative opinions, and still pay the bills.
Without naming names, I have been told of several news outlets who have been forced to either consolidate with larger organizations or who have backed down on covering certain topics out of fear of being “canceled” by the ad networks. I get it. This is a business for many of us and it’s not very profitable. Those of us who do this for a living are often barely squeaking by, so loss of additional revenue can often mean being forced to make cuts. That means not being able to cover the topics properly. Its a Catch-22: Tell the truth and lose the money necessary to keep telling the truth, or avoid the truth and make enough money to survive. Those who have chosen survival simply aren’t able to spread the truth properly.
We will never avoid the truth. The Lord will provide if it is His will. Our job is simply to share the facts, spread the Gospel, and educate as many Americans as possible while exposing the forces of evil.
To those who have the means, we ask that you please donate. We have options available now, but there is no telling when those options will cancel us. We have our GivingFuel page. There have been many who have been canceled by PayPal, but for now it’s still an option. Your generosity is what keeps these sites running and allows us to get the truth to the masses. We’ve had great success in growing but we know we can do more with your assistance.
Thank you, and God Bless!
JD Rucker
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