An afterthought about the previous post: it might be just as well that we can’t go inside the branches anymore. Banks used to have signs that forbid, for obvious reasons, things like sunglasses, hoodies, hats, and … masks. The difference nine months, a virus, a recession, and a collapse of intelligence makes.
January? Last year? Can’t remember? Neither can I.
I do know that the banks I do business have essentially sealed their buildings to the public. The ATM is now and ITM(!) where equipment permitting, you can speak “directly” with a teller. I’ve heard of branch closings. Others have too. Vox Day issues a warning:
Banks don’t make their money from deposits anymore. And increasingly, they don’t make money from loans anymore. So there simply isn’t any point in maintaining branches for service to non-revenue-producing customers who have no savings and can’t take out any more loans.
It’s interesting that they’re trying to sell the real estate, though. That tends to indicate that they need cash. It won’t be even remotely surprising if the next financial crisis starts later this month; I would be very surprised if it didn’t start before the end of 2021.
Read his whole post, including the email. Then reconcile that with what you know about your town, small or large. Does any of this suggest a remotely healthy economy? And it’s been going on since before the last crisis. Banks and mega-corporations now exist by stealing gold and accepting USG/Fed monetary methadone (thanks, GC!). It’s (way past) time for a reset.
As will everything else in the decaying Empire. And, if not for tens of trillion$ in nightly funny money, they – many of them – would have already gone under. They should have been allowed to fail 12 years ago. Even The Atlantic senses something is wrong, even as they refuse to fully acknowledge reality.
After months of living with the coronavirus pandemic, American citizens are well aware of the toll it has taken on the economy: broken supply chains, record unemployment, failing small businesses. All of these factors are serious and could mire the United States in a deep, prolonged recession. But there’s another threat to the economy, too. It lurks on the balance sheets of the big banks, and it could be cataclysmic. Imagine if, in addition to all the uncertainty surrounding the pandemic, you woke up one morning to find that the financial sector had collapsed.
The virus did it! You will wake up to such a report one day in the future. You’ll also wake up to carriers on the ocean floor. And, one day, you’ll learn that your mighty Empire is being violently fragmented into smaller, warring tribal nations. The Atlantic will have ceased publication by then, but some other bunch of idiots will be there to feign astonishment.
The good news is that this will usher in a needed debt jubilee. The bad news is so many won’t survive to see it.
Get your direct deposit today?
With reports of direct deposits failing to clear still ongoing, Bloomberg reported that the Federal Reserve was investigating “the second significant disruption in 2019 of a payments service administered by the U.S. central bank.”
As we first reported earlier (see below) key transactions – most notably funding via direct deposits – were delayed after ACH – which stands for the Fed’s Automated Clearinghouse System – experienced delays, but it is now up and running.
“The FedACH service, which processes transactions for commercial banks, is currently operating normally after experiencing delays in processing yesterday afternoon and early this morning,” Jean Tate, a spokesman for the Atlanta Fed which hosts the central bank’s Retail Payments Office processing ACH transactions, said in an e-mailed statement, despite reports that some banks bank clients still had not received their monty.
“Some customers experienced delays in receiving confirmations of yesterday’s transactions. Federal Reserve technical staff continue to investigate the root cause of the issue.”
Not to worry! The sorcerors are looking into it. “Monty,” the root cause of all evil…
Introducing the amazing new Countercyclical Capital Buffer!!!!!!
Federal Reserve officials are weighing whether to use a tool that could reduce the risk of a credit crunch in a downturn.
The tool is known as the countercyclical capital buffer. It allows the Fed to require banks to hold more loss-absorbing capital should the economy show signs of overheating, or to keep less of it during bad economic times. The buffer applies generally to banks with more than $250 billion in assets, including firms such as JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc.
The Fed’s board of governors so far hasn’t used the tool, approved in 2016. Its rule on the buffer says it should turn it up when economic risks are “meaningfully above normal” and reduced when they “abate or lessen.”
Now, some Fed officials are debating whether it is time to use the tool, which could provide banks with additional lending firepower in a subsequent downturn. It isn’t clear when they might make a decision.
I have obtained an exclusive image of this cool new tool:
It would be so nice. Mark Nestmann says it’s possible.
I look forward to the day when the fractional reserve banking system takes its last breath. If you’re tired of dealing with soaring banking fees, stifling compliance requirements, or the threat of “de-risking,” you have reason to smile. In the not-too-distant future, banks will be obsolete.
That’s a neat little history of the evolution and devolution of banking, too.
“Chase is not involved with any like, you know, alt right people or anything.” – Chase Bank SJW1234
Since Vox Day left a few years ago, and since Pat Buchanan is available elsewhere, I really haven’t paid much attention lately to WND. But, this story on a horrific trend in US banking is worth the read.
Chase Bank is shutting down accounts of people and organizations with controversial political views, according to an undercover investigation by James O’Keefe’s Project Veritas.
O’Keefe’s latest probe found that Chase, without explanation, abruptly closed the account of a political activist that had existed for 15 years in good standing.
“First we get silenced on social media, which is a new public square. Then PayPal. And then I get debanked,” he said.
“It’s a very dangerous trend.”
Too big to fail? I’d say just about right for breaking up. The associated video:
I’d say boycott – and we should – but we may run out of businesses. You know, there should be an alternative to the banking stranglehold monopoly. That would involve an alternative to the Satanic Federal Reserve. I think I have a plan that should do the trick. All we need is an honest Congress and a President with a set of … nevermind.
Fed Chair Janet Yellen said Tuesday that banks are “very much stronger” and another financial crisis is unlikely anytime soon.
Speaking during an exchange in London with British Academy President Lord Nicholas Stern, the central bank chief said the Fed has learned lessons from the financial crisis and has brought stability to the banking system.
She also made a bold prediction: that another financial crisis the likes of the one that exploded in 2008 was not likely “in our lifetime.” The crisis, which erupted in September 2008 with the implosion of Lehman Brothers but had been stewing for years, would have been “worse than the Great Depression” without the Fed’s intervention, Yellen said.
I think I know what “no crisis like 2008 in our lifetime” means. The poor woman must be terminally ill. That or maybe she/they know the next one will be worse than 2008.
“Had been stewing for years….” Maybe that’s why, as the article later pointed out, it caught the Fed completely off guard.
I do like her giving the Fed credit for preventing the Greater Depression. Rich.
The Fed, if you recall actual history, prolonged a downturn, a recession, into the Great Depression of the 1930’s. They have experience wrecking the economy. And it’s really too soon to tell about the Greater Depression, although I’ve seen stats from two economists that show the 2008 crisis was every bit as bad as that of the 30’s and that we have yet to recover from it.
Wait! Now I know what she means. She knows the 2008 crisis never really ended. Therefore its continuation this year or next coupled with a new worsening crash technically won’t be another crisis – it’ll be the same one.
That or she’s sick.
Thoughts and prayers.
Perrin Lovett is soon coming to Patreon. You can be part of the revolution.
As Rat says, they really can’t make this stuff up. Today’s Pearls Before Swine cartoon accurately and easily sums up your relationship with the criminal banking industry.
There’s a reason I read Pearls everyday. Aside from Pastis, Scott Adams, and maybe the weather, I cannot think of any reason to consult any “news” paper these days.
Just last week I told you about Citi’s criminal plans to prohibit cash. It’s part of the greater scheme to steal your wealth in addition to a great inconvenience.
Now, this week, news comes that Citigroup is the riskiest bank in America.
A global financial regulator declared three of America’s largest banks sources of higher risk to the world’s financial system compared to last year, requiring them to hold more capital as a sort of insurance against failure and the resulting ripple effects across the global economy. The announcement on Monday came less than two weeks after banking industry deregulation-friendly candidate Donald Trump won the presidential election.
The Basel, Switzerland-based Financial Stability Board (FSB) will, starting in January 2018, require Citigroup Inc. to have a 2.5 percent capital buffer—the second-highest risk bracket—compared to last year’s 2 percent requirement, and Bank of America Corp. needs to keep 2 percent of its capital available, above last year’s 1.5 percent. Morgan Stanley, however, was moved to the lowest risk bracket, with a capital buffer of just 1 percent, down from 1.5 percent last year.
This move is intended to shore up banking reserves and protect the public from future bailouts. Rest assured however that if the time comes, your taxes will be made readily available to the banksters.
At least the warning is out. The entire banking industry is in roughly the same shape it was in back in 2008. As to Citi’s perdicament, it couldn’t happen to a nicer bank.
Now, here’s a better, happier story:
More Christmas Tie!