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Earlier this year, Joe Biden vowed that the banking system was safe and sound.
Let’s do some fact-checking and see if what he said is true.
Recently, the credit rating agency Moody’s cut the credit rating on ten banks, changed eleven from stable to “negative outlook,” and put an additional six more banks under review all because of poor bank health.
That’s 27 banks. When Warren Buffet speaks, we really ought to listen. He saw this coming a mile away.
Bank failures are beginning to pick up momentum.
The most recent bank collapse the media doesn’t seem to be talking about is that of Heartland Tri-State Bank.
The FDIC just closed them down.
That is the fifth bank to go under in the 2023 calendar year.
Here is a quick reminder of this year’s other collapsed banks:
- Silicon Valley Bank
- Signature Bank
- First Republic Bank
- PacWest Bank
Some may argue that PacWest Bank didn’t collapse; they were purchased. But they were only purchased because they were collapsing and could not cover depositor withdrawals. Bank of California scooped up all the PacWest’s assets for pennies on the dollar.
186 banks across the United States are facing potential collapse.
Earlier this year, the Social Science Research Network published a study and found that 186 banks across the United States could collapse if half of their respective uninsured depositors were to withdraw their funds.
Let’s take a peek at the ten banks whose credit ratings were just cut by Moody’s:
- Commerce Bancshares
- BOK Financial Corporation
- M&T Bank Corporation
- Old National Bancorp
- Prosperity Bancshares
- Amarillo National Bancorp
- Webster Financial Corporation
- Fulton Financial Corporation
- Pinnacle Financial Partners
- Associated Banc-Corp
Sidebar: According to the Federal Reserve, M&T Bank is the nineteenth largest U.S. bank by assets and the largest lender in the list to receive a lower rating.
The rumblings are there if one is listening.
Worse, Moody’s also took the stance that these 11 banks were no longer stable and moved them to a “negative outlook” category or rating:
- PNC Financial Services Group
- Capital One Financial Corporation
- Citizens Financial Group
- Fifth Third Bancorp
- Huntington Bancshares
- Regions Financial Corporation
- Cadence Bank
- F.N.B. Corporation
- Simmons First National Corporation
- Ally Financial
- Bank OZK
Continuing down those murky waters, Moody’s also put six other banks under review for possible downgrades. These are not small banks by any stretch of the imagination:
- U.S. Bancorp
- Bank of New York Mellon Corporation
- Northern Trust Corporation
- State Street Corporation
- Cullen/Frost Bankers
- Truist Financial Corporation
Do you see your bank on any of these lists? These are the early signs of disease and decay in our fractional banking system.
Our banking system is not healthy — with $32 trillion of debt weighing down the economy.
Is this the beginning of 2008 all over again? What will the banking system look like in a year or two years? Or five?
Joe Biden and Janet Yellen want to take this country to $50 trillion in debt over the next ten years. You think inflation is bad today? Just wait.
If you’re a small investor, saver, retiree, or soon to be, it is time to reconsider your position of cash holdings or paper assets.
Smart money has been buying up gold for the very purpose of protecting against financial ruin.
When will the interest payments be bigger than the taxes collected?
The Fed and countless central banks are buying and hoarding gold at record highs. We Americans should be doing the same.
Was Joe completely honest about the state of our banking system? I don’t think so.
How can you take action today?
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