| Hey Guys,
Many Americans are beginning to worry whether their money is safe in banks.
After all, depositors continue to flee banks, as evidenced by a $100 billion
flooding into money market funds over the last two weeks.
Over the past month, the U.S. has witnessed over half-a-trillion dollars in bank failures.
And despite assurances from regulators, politicians, advisors, and central bankers, the current banking crisis shows no signs of abating.
Heck, within hours of Federal Reserve Chairman Jerome Powell declaring “the U.S. banking system is sound and resilient” during his FOMC press conference on Wednesday, PacWest Bancorp (PACW) announced it was weighing strategic options, including a sale. Which, of course, is a desperate attempt to avoid collapse.
But the current banking malaise is just a symptom of a far more profound cause – a splintering world that is rejecting over-centralized, uni-polar, authority systems.
The U.S. dollar-bloc has fractured. Globalization is running in reverse. Political polarization is tearing apart the notion of nationality and driving citizens into modern day versions of tribes by affiliation.
And as the political centers of power desperately strive to maintain the status quo, you get strikes, riots, and nationwide protests like those fouling French President Macron’s plans to circumvent democracy.
Not that I’m a fan of what passes for democracy. But the masses have grown accustomed to their chains.
But back to the banks.
To those of you wondering whether your money is safe in banks, I have some bad news for you.
Your deposits are completely… totally… most assuredly safe.
And I’ll be joining Celeste Lindman on Ask the Pros today to describe why this isn’t a good thing.
I hope you can join us. Because not only will we be talking banks, Celeste has put together an expert panel of guests to address many other symptoms of that profound cause I’ve ceaselessly done my best to make you aware.
We’ll also be talking about a company working on ways to help mitigate those symptoms.
It starts at noon, eastern time. So, bookmark this link. Set a reminder for 12pm Eastern.
I look forward to seeing you there.
Take What the Markets Give You.
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