Revelations 18:9-11 “The kings of the earth who committed fornication and lived luxuriously with her will weep and lament for her, when they see the smoke of her burning, 10 standing at a distance for fear of her torment, saying, ‘Alas, alas, that great city Babylon, that mighty city! For in one hour your judgment has come.’ 11 “And the merchants of the earth will weep and mourn over her, for no one buys their merchandise anymore
- The Big Banks Have Bailed Out First Republic, But Who Is Going To Bail Out The Big Banks When They Start Failing?
- Citi group posted on their website : Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, BNY-Mellon, PNC Bank, State Street, Truist and U.S. Bank to make uninsured deposits totaling $30 billion into First Republic Bank
- So why was First Republic in so much trouble?
- Well, just like Silicon Valley Bank and Signature Bank, they were sitting on enormous unrealized losses because the government bonds that they were holding had lost a ton of value thanks to rapidly rising interest rates.
- Ultimately, those unrealized losses made a potential purchase of First Republic quite “unappealing” to the “too big to fail” banks…
- But the “too big to fail” banks are collectively sitting on hundreds of billions of dollars in unrealized losses themselves.
- And they also have trillions of dollars’ worth of exposure to the derivatives bubble.
- So who is going to bail them out when they start failing?
- That is a question that we all need to start asking.
- In order for our current economic system to function effectively, we need stable banks, and we need people to have faith in those banks.
- For the moment, most ordinary Americans say that they still have faith in the institutions where they are currently doing their banking…
- USA today say’s 7 in 10 still have faith in our banks
- But the same can’t be said for those at the top of the economic food chain.
- In fact, many of them are now transferring vast sums out of their banks while they still can…
- This crisis is just getting started.
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