by Brian Shilhavy, Health Impact News:
There is virtually nobody in either the corporate or alternative media these days who are not warning about the serious problems with U.S. and European banks today. Even if a U.S. debt ceiling agreement is reached this week, it will not save the banking system.
I am highlighting two new articles published today that reveal just how dire the current banking crisis is, and what may be lying ahead in the not-too-distant future with a new financial system rolled out and the implementation of Central Bank Digital Currencies (CBDCs).
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First, Pam Martens of Wall Street on Parade reports on a new IMF projection for the U.S. economy.
IMF Says Fed Will Have to Remain Tight at 5 ¼ to 5 ½ Rate Until Late 2024; Warns of “Unpredictable Consequences” to Banks
Last Friday, at the start of Memorial Day weekend, researchers at the International Monetary Fund (IMF) released an analysis of where they think the U.S. economy is headed and the headwinds (read gale force winds) that can, potentially, be expected along the way.
Folks on Wall Street who were hoping that the Fed was at the end of its rate-hiking cycle, with a more dovish Fed juicing stock market returns later this year, likely had their holiday weekend ruined with this projection from the IMF.
Between March 10 and May 1 of this year, the second, third and fourth largest bank failures in U.S. history occurred: First Republic Bank, Silicon Valley Bank, and Signature Bank, respectively. (Washington Mutual was the largest bank failure in 2008.)
Thus, it is no surprise that the condition of the balance sheets of banks in the U.S. received a significant amount of attention in the recent IMF report – as did the timidity of federal regulators to do anything more than destroy a forest of trees interminably writing warnings to troubled banks while taking no concrete action. (Read the full article.)
Next, Sam Parker, writing for Behind the News Network, just published a 2-part article titled “They’re Coming for Your Money.”
He reports how the two families that control western banks, the Rockefellers in the U.S., and the Rothschilds in Europe, are planning on bringing down the entire western banking system to implement the “Great Reset” and roll out programmable Central Bank Digital Currencies.
The War on Cash
In August of 2016, Kenneth Rogoff, former chief economist of the IMF ( a Rothschild entity), published a manifesto called the “Curse of Cash”, an elite step-by-step plan to eliminate cash entirely. The war on cash and the rush to negative interest rates are advancing in lockstep, two sides of the same coin.
Before cattle are led to slaughter, they are herded into pens so they can be easily controlled. The same is true for savers. To freeze cash and impose negative interest rates, savers are being herded into digital accounts at a smaller number of megabanks.
Today, the 4 largest banks in the US (Citi, JP Morgan Chase, Bank of America, and Wells Fargo) are bigger than they were in 2008, and control a larger percentage of the total assets of the US banking system. These 4 banks were originally 37 separate banks in 1990, and were still 19 separate banks in 2000. What was too big to fail in 2008 is bigger today.