The failure of First Republic Bank reveals that the banking system isn’t nearly as sound as Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell would have us believe. But as Peter explained in a recent podcast, it’s not just the banking system that’s messed up. The Fed has screwed up everything that is a function of interest rates by keeping rates at zero for so long.
First Republic was the third major bank failure this year and the biggest bank to collapse since the 2008 financial crisis. It was the second-largest bank by assets to fail in US history. Peter said the whole banking system is a house of cards that is now collapsing one card at a time. “We’re still in the early days of the 2023 financial crisis.” Of course, the mainstream media remains reluctant to call it a financial crisis. But if not, what […]
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