Gary Cohn is connected to the banking and finance industry, well connected. In this interview with Face The Nation earlier today, Cohn is discussing the current status of First Republic Bank, another big player in the California banking system that is about to collapse. Cohn notes something at the 1:15 mark that just seems obvious yet is undiscussed in most outlines of the FRB discussion.
Six weeks ago, in an effort organized by the FDIC, $30 billion was pushed into FRB by eleven larger banks to stabilize it. However, the only thing that infusion of capital did was allow institutional depositors time and ability to withdraw their funds. A complete racket. Once the at-risk group exits, suddenly the collapse is back on the tee. WATCH:
[Transcript] – MARGARET BRENNAN: We want to turn now to Gary Cohn, who is the vice chairman of IBM, former Goldman Sachs president and a former Trump administration top economic adviser. Good morning to you. Lots of titles, Gary, Lots of experience. That’s why we like having you here. I want to ask you about what’s happening with First Republic. It’s been under pressure. We know they’ve been looking for a buyer, the FDIC, the government is looking to arrange, moving it into government control and then maybe selling it. What are you hearing about how this would roll out?
GARY COHN: Margaret, thanks for having me. I think you’re portraying the situation as we find ourselves again on a weekend. As we closed business of Friday, the FDIC was in a process of looking for acquirers or bidders for the assets over the course of the weekend. I think the FDIC has asked potentially three banks for their final bids for the entire bank. The FDIC would prefer to sell the bank in its entirety than the pieces. What will most likely happen is the FDIC will seize control and then simultaneously resell the asset to the successful bidder. I think that will happen sometime later this afternoon before the markets open in Asia this evening.
MARGARET BRENNAN: And this will be a faster process than what happened with SVB?
COHN: It will be- it will be a much faster process. Now, we’ve been going down this process for the last two weeks or so as first republics continues to be under pressure and continues to lose deposits. Unfortunately, First Republic reported this week that they had a massive outflow of deposits over the last quarter.
MARGARET BRENNAN: So if First Republic is sold, then the acquirer would take on the deposits. So what do you think about the conversation we had earlier with Congressman Khanna about whether Congress needs to do something here? Because it seems like we’re just going into emergency mode now for three banks.
COHN: Yeah.
MARGARET BRENNAN: Does there need to be a broader change to the regulatory system and to the laws?
COHN: Well, it’s an interesting question. So, look, I don’t agree with Congressman Khanna that we want unlimited FDIC insurance. I think that to me is a bit of a race to the bottom.
MARGARET BRENNAN: You had picked like two, 2 million. 5 million, 10 million.
COHN: Yeah. I mean, there’s got to be some limit. It’s- at some point you have to limit because you don’t want to race to the bottom where you know, the weakest bank with the weakest balance sheet in the world can offer you the highest rate of return on your deposits. And therefore, you take your deposits there because guess what? They’re insured by the federal government. That’s not what we want to see. We want to see some type of discipline in the system. When you talk about more and more regulation, I smiled because if you look at the report that came out that you referenced with Ro Khanna as well, you know, one of the findings in the report is that the regulators did not do a very good job enforcing the existing rules. So if you can’t enforce the rules you already have on the books and by- it’s hard to enforce the rules because there are so many rules, do you want to create more and more rules when you can’t enforce the one you already have? Part of me feels like we need to get a simpler, more coherent set of rules so the bank regulators can actually enforce them and they know what the important rules are.
MARGARET BRENNAN: But the bank regulators here are at the Fed. That’s what we’re talking about here.
COHN: They’re at the Fed and at the States. Remember–
MARGARET BRENNAN: That’s true.
COHN: –we have state regulated banks and federally regulated banks.
MARGARET BRENNAN: Well, that’s a big conversation for California since they just had two banks–
COHN: It is.
MARGARET BRENNAN: –have some big problems. But Fed Chairman Powell is going to face questions from the press midweek.
COHN: Yes.
MARGARET BRENNAN: They- he gives a press conference around the decision on interest rates that he is expected to be making. Do you think these banking problems are going to interfere with his plan?
COHN: I don’t think these problems are going to interfere with his plans. I actually think they’re helpful to his plans.
MARGARET BRENNAN: Because they’re slowing the economy?
COHN: Exactly. What the- what the chair has been trying to do is slow the economy down. He’s been trying to tamp down inflation. Inflation is too many goods chasing too few products. And part of the chasing has been the easy availability of credit. Now that we’ve seen deposits lose- the- leave the system and we’ve seen banks in tighter financial position, they are not offering loans as easily as they were before and the loans have become more expensive. So people are borrowing less money, they have less access to credit, so their ability to purchase is going down. Purchasing power is waning in the United States, which is exactly what the chairman’s been trying to do by raising interest rates. So he’s in essence, getting enormous amount of help out of this banking crisis, not what he wanted to see happen in any way, shape or form, but the unintended consequence is very helpful to slowing down the economy and tamping down inflation.
MARGARET BRENNAN: So does it up the odds of a recession being more than mild?
COHN: It probably ups the odds. Yes. I mean, it definitely ups the odds. It takes control out of the Fed. The Fed is no longer in total control of slowing down the economy. They’ve now got the banking industry playing along with them. But as we’ve seen in the economic data recently, the consumer in the United States still is in relatively good shape. They are starting to run out of savings. The money that they got during COVID, we put an enormous amount of stimulus into consumers bank accounts and that administrations, both administrations, every every administration put enormous amount of stimulus in the bank accounts. We see from the savings data that’s starting to to wear down. It’s starting to run off. So is that runs off further and further. The economy would become more credit dependent to keep thriving. So I think we will see a slowdown. And I still think we’re in a relatively decent shape. We may have a recession, but I still. I think we could muddle through the bottom here without a real deep recession.
MARGARET BRENNAN: The chair of the House Financial Services Committee, Congressman McHenry, called the Fed’s report a self-serving justification of Democrats long held priorities. He may be venting. It doesn’t look like Congress is doing anything to change regulation or laws related to banking. There was an FDIC report on the collapse of Signature Bank, which blamed bad management, but it also said regulators just didn’t have enough staff. In New York. I mean, there’s some pretty damaging bits of information in here. If you put aside the politics, the regulators don’t have enough staff. They didn’t act. So who are they being held accountable by unless it’s Chair Powell?
COHN: Well, it is Chair Powell. And I think- I think when the chairman goes to Congress and remember, he testifies in front of both the House and the Senate a couple of times a year. Historically, all of the questions have been on monetary policy. I think we’re going to start seeing a lot more questions on the regulatory and the regulatory policy. How is regulation working? Are they keeping up to what they need to do? Do they have proper staff or there are issues that are going by that are not being covered? This is a huge finding. I mean, this is a bit of a seismic moment because we believe in the United States and I think the US population believes that the banks where they deposit their hard earned money are well regulated. And we have found out this week in the Fed’s own report that these banks are not well regulated, and they admitted it themselves. I ran a regulated bank. I know that if we would have ever told our regulator that we did not have a enough people to regulate ourselves, they would have shut us down. So we cannot be in a position where the regulators themselves say we do not have enough staff to regulate you properly.
MARGARET BRENNAN: You ran one of the biggest banks. Gary, we’ve got to leave it there. We’ll be back in a moment.
Well, yeah. It’s a Big Club and We ain’t in it!
Why belabor the obvious?
The banking community/gov’t is covering its arse.
The regulators didn’t have enough staff? That’s a dodge. And it runs much deeper. When bank board of directors and CEOs are voting members of FRB regional banks there is an obvious conflict of interest. These banking crises last well over a year and have demonstrable signals early on. The regulators were preoccupied with political/cultural priorities. The overseers (FDIC, Sec Treasury, etc.) aren’t doing their jobs. Part of it is intentional. Another dimension is that they really don’t seem to understand banking. SVB had frickin 70% plus of its asset portfolio in long term assets; its cash to deposits ratio was not healthy. In an environment of rising interest rates even the densest of regulators knew there was large liquidity risk should there be aa bank run.Look at SVB depositor profiles. The preponderance of the start-ups are involved in Green Energy/Climate change technologies. A huge percentage of these start-ups are so-called zombies. They’re not profitable much less generating sustained revenues. What keeps it going? Aside from cultural/emotional vectors, there has been billions and billions of gov’t subsidies and tax credits to these zombies. A lot of this money is going directly into the pockets of VCs due to the legal structures in place. Once again – immense wealth transfer from the unconnected/uninformed to the top.Look at how the regulatory agencies are responding. They are violating the law (Dood-Frank) when it serves their purposes – protecting their wealthy donors/green agenda beneficiaries at the top (i.e., bailouts) – and screwing those at the bottom (ordinary depositors/bank equity holders; i.e., bail-ins). It’s so overt and corrupt that it’s mind blowing. Pay attention to how rescues are structured – capital versus deposits. Once again, wealth transfer to favored political parties is a major outcome.It can’t be emphasized enough, the whole green initiative is a major driver behind all of this. Politics/climate change religion have come to dominate basic risk management and….shhhhhh….science.There are so many balance sheet linkages in the system now, so much political trumps rational financial management policy making/enforcement, that the system (including global banking) is increasingly unstable. Take heed and adjust your risk posture accordingly. It’s worse than you might imagine.
The guy is FOS CONCERNING WHAT IS CAUSING INFLATION.
If someone is on MSM and moving their lips, their FOS…especially Republicans…
Keep in mind this unit (Cohn) was yet another of Trump’s “brilliant” appointments. Loves him some Golden Slacks, Hahvahd, iveeleegue folk. Note that Cohn took a quick exit when the bullets were flying from cult marx (2018) because he was miffed over “Tariffs” ‘n such… you know what built this country until the “fed” was formed (1913) and the same year a federal income tax was foisted upon the Heartlansd. Trump even doubled down on singing Cohn’s praises. Despite this and lots more I’d vote for Trump again albeit I think there’s enough chance he’ll get convicted, maybe even locked up, via the several efforts let alone “personalities” aligned against him – NYC, Mordor on the Potomac, and GA. Despite how Trump has been absolutely SCORCHED by many of his piks I have little evidence he’s learned a damn thing, BUT who is realistically left?
“Once the at-risk group exits, suddenly the collapse is back on the tee.”
And if we had a functioning media, we would already KNOW who those at-risk investors were….IF ONLY!! (insert eyeroll here!)
Would any of the at risk investors also have investments in 2024 candidates?
It’s always the same story. Let the big depositors know what is happening so they can withdraw their funds. Then the little guy gets left hold the empty bag.
Exactly!
I’m shocked there are any depositors left at this point. Yeah, the big guys will get their money out but they aren’t sneaking. This has been financial news for weeks now. This slow roll of collapse is purely for mitigation and for the Feds to say, Hey, we got a buyer here. Whew! See how on top of things we are.” That a buyer is getting a manipulated low ball price is how the game has been played since, well, forever.
Makes you wonder if there’s some kind of scam going on to intentionally reduce the quantity of banks by timely leveraging the massive quantities of assets of the “institutional investors”. The appearance is nobody has been “hurt”?
Bingo! We have a winner. One of the goals is to reduce the number of entities in the game, thus more control/conspiring with said entity.
and they short it on their way out.
AS does George Soros. That was his MO. Cause a downfall, sell short.
Schwab bank is next, apparently.
I don’t have the kind of money it would take to play the shorting game, but it is now clear where this ends up. 90 plus percent of deposits will end up in the hands of the 11 or so banks that went in on the CBDC tryout. Citi, JPM, Wells Fargo, etc.
The playbook we just saw with FRC will be repeated over and over.
Any rules or regulatory barriers, and any Sherman Act violations, will be ignored.
Fascism is doing the full Monty now.
All very smooth and planned out too. Didn’t disturb grandma or the cat, and grandma’s money will end up at JP Morgan whether she likes it or not.
“If you like your bank you can keep your bank. “
I hear that!
If I remember correctly, the previous guest (or guest on another sunday program) stated that there is an excess of over $8T of deposits above the insurance threshold.
Money is being sucked-out of banks and into Money Markets, T-Bills, other interest bearing ‘assets.’
When the black swan flies, be careful of the falling ‘debris.’
Dear Lord!
“Purchasing power is waning in the United States, which is exactly what the chairman’s been trying to do by raising interest rates.“
They created the inflation by closing our energy production. People still trying to live, so now they’re rewarding Banks collapsing so they can slow down the spending.
What they think people are buying? Luxury items?
I read, yesterday, that people are using Credit Cards to pay for groceries.
How bad is bad enough for them to see this is not working?
“How bad is bad enough for them to see this is not working?”
It’s working perfectly!
It’s THE PLAN, the GRAND SCHEME to create 2 classes of people.
It’s a Big Club and we ain’t in it. We are the Deplorables. Cohn was Wall Street; not Main Street.
For them. I’m asking for us.
Bankruptcy courts are going to be Very busy in the near future.
some people have just been living their lives, secure in the dream bubble that the US government is on our side, and nothing bad will happen to us….they are unprepared and if you try to warn them, they think you are a conspiracy theorist because they get their news from “trusted” news sources
Just as interesting will be the deal that’s cut to acquire FRB in whole or in part. It’ll give us a good idea of what the FDIC is willing to give AND take to cover up the Big Club Bail Out.
The Boss: The FDIC is “giving” nothing. We, the taxpayers, pay for everything.
True enough.
Why is he selling the story that we need to slow down the economy?
That doing so is fighting inflation?
Dude needs to read Sundance.
That’s Cohn’s BS Wall Street line..
I wish it was all this easy and predictable. There was nothing stopping anyone here from shorting FRB (playing it to go down when it was 25,20 15 or lower. Could of sold as many calls or bought puts. My brother did short 5000 shares around 22 and covered around 5. Me , just watched it go down. When you have to put $ up it is not as simple or easy as it seems. JMO. Pray and help others.
“Inflation is too many goods chasing too few products.”
Huh? What the hell does this mean?
In my Economics Class the definition we all had to learn was : “Inflation is too many dollars chasing too few goods and services.”
We had to memorize it back in the 20th century…write it down so you can remember the history.
Cohn didn’t misspeak he didn’t want to say too any dollars..
Okay, got it. Then Cohn lied, again.
I chased one gallon of gas today with $5.00 (in AZ). I got the gallon before the price went up.
I like the Austrian School’s definition: “Inflation – an increase in the currency supply.” It’s plane, simple. Prices go “up” because the value of the currency goes down.
I know that; but Cohn didn’t say ‘dollars’.
Yup, makes as much sense as this statement of his; “But as we’ve seen in the economic data recently, the consumer in the United States still is in relatively good shape. They are starting to run out of savings. ”
#1- Many have already run out of savings long time ago, not just “starting to run out”.
#2- Even if they are just starting to run out of savings, that does not equate with the 1st statement that the consumer “is in relatively good shape”! Does he use the term ‘relatively good shape’ to mean anything above absolutely dead broke and highly in debt?
Cohn simply misspoke and didn’t stop to correct himself; nor did Brennan catch it. They were both so focused on reciting their scripts that they weren’t listening to what was coming our of their mouths.
I am sure he meant to say too many dollars chasing too few products. But every thing depends on gas prices to get to market and they did not talk about the sabotage of the energy sector.
the gov and ccp corporation rip off of the the USA citizens is non stop we have zero justice….
The Scam is:
California Banks connected to tech industry investment banking fund billions of FDIC insured dollars to tech start-ups. When the tech start-ups fail and cannot repay the banks the Federal Reserve steps in and bails out the banks so the “depositor” don’t lose a dime! Of course, the FDIC loses billions of dollars but who cares? LOL
Very true and all the years prior with big salaries ,lots of bonus $ and lots of big stock option cashouts. Saw and heard so many glowing articles about SVB. Disgusting they (we)bailed out their big investors with no say on the matter.
FIFY
Of course, we the people
the FDIClose billions of dollars but who cares? LOLAnother liar. He’s pretending like so many other liars that this is Demand-side inflation when it is actually energy cost Supply-side inflation.
I despise these corrupt liars. They know what is going on and they pretend to the public because they think we will believe them.
“follow the money”
BRICS is turning into BRICS+ and 5 African nations might join it
transitory deposits.
A couple years ago I read this blog and it really resonated with me. Something about it rang true and I’ve often referenced it.
The only thing I disagree with is the numbers the taxi driver suggests. He says 100, but I say it would be more like 10,000 or 20,000. Otherwise, I think the solution is spot on.
http://taxicabdepressions.com/?p=1193
I’m game to try the 100 first and give it a few days.
I still have his meme about erecting scaffolds in DC….
I keep the link handy to give to people… seems to get the point across. The government digital currency slams the lid on the pig trap.
“We could muddle through the bottom here and not see a deep recession “ We ? That guy and his ilk aren’t going to muddle through anything, in fact I don’t think he’s muddled through anything in his life . Like someone before said , it’s a big club and we ain’t in it . I’m glad I’m not in it .
“I think that to me is a bit of a race to the bottom.”
Thats the plan. Then we get introduced to a digital currency along with digital IDs complete with ESG scores.
My senator lummis is working on the second part.
https://leohohmann.com/2023/04/20/senators-introduce-bill-to-create-digital-identity-for-all-americans/
Read this somewhere. Would any of it work? For sure, CA, WA, OR letting shoplifters walk out with no repercussions. Where else?
What if we had plenty of cash on hand broken down into small bills because stores won’t have change. Rather than comply with digital, we tell them we’ll pay in cash or walk out with the goods without paying.. Would we either get law and order or would retailers put pressure on banks to take our cash? We’d be honest about being willing to pay for goods. Just not in the form they want.
The person I read didn’t go into detail but is there a way to throw not just sand but gravel into their machinery?
What do Treepers bright minds have to say about this? Curious. Millions of us do not want digital but how to resist effectively.
Someone on this site yesterday said go spend while we can. Buy something. Take a vacation. What if we dont want to do that but simply want our money to be our money to use when/ where and for what we want.
I would get a paper copy of a good in-depth study Bible, before they are illegal to purchase and impossible to download. It has been a long time since I came to the conclusion Revelation 13:16-17 was meant literally. FedNow launches in July, and the IMF is readying the International Monetary Unit:
https://www.prnewswire.com/news-releases/the-digital-currency-monetary-authority-dcma-launches-an-international-central-bank-digital-currency-cbdc-301793163.html
The currency you have consists of Federal Reserve Notes, and the Federal Reserve is an independent agency. https://www.investopedia.com/terms/f/federalreservebank.asp The Federal Reserve can decide non-digital currency is worthless after a certain date, and there is no recourse.
As an aside, the only other place scripture mentions six hundred sixty-six is 1 Kings 10:14, in relation to Solomon and taxes.
The faith of Babylon the great is written. Revelation 14:8 A second angel followed and said, “‘Fallen! Fallen is Babylon the Great,’[a] which made all the nations drink the maddening wine of her adulteries.”
Truly maddening, in that our tax money is currently being used to rebuild/restore Babylon as a UNESCO World Heritage Site, hoping for millions of visitors each year.
The retailers will be the enforcement mechanism for the government. Trying to use cash in a store will be like trying to barter with a cashier now. It’s likely that checkout will be totally automated.
I see it already. Our local Aldi just replaced most check out lanes (except one) with 6 self check outs — that only take cards or digital, no cash. This is a store that historically has high cash business.
https://s.w.org/images/core/emoji/14.0.0/svg/1f6a8.svgCBDC Roll Out: PREPARE NOW | CBDC Everything You Need To Know
The Banking Crisis Is Just Starting: Simple Steps To Keep Your Bank Deposits Safe
Lena Petrova, CPA – Finance
The Credit Suisse, UBS merger. UBS is CCP and the CCP banking system is gold backed. Who really owns the larger percentage of the merged banking systems?
Many countries are heavily stocking up on gold to back the new currency, and lining up to join BRICS +. The US has the “Good Faith” and “Stability” of its government to “Back” its fiat toilet paper. What could possibly go wrong?
Think you used enough dynamite there Sundance?
Here we go again. UBS is CCP controlled and a major stakeholder in the American Voting Systems. And, from the looks of it, the UBS or should I say CCP came to the rescue of the First Republic Bank. So does this mean that the investors in the First Republic Bank, are really investors in the UBS bank and therefore the CCP? And did they just rescue the CCP investments with U.S.A. money, in part.
The tumult at First Republic, whose shares ended down 47.1%, overshadowed an otherwise positive day for banking stocks globally, led by relief that UBS Group AG’s (UBSG.S) takeover of 167-year-old Credit Suisse Group AG (CSGN.S) would avert a wider banking crisis.
“There (is) more good news than bad news on the banking front,” said Art Hogan, chief market strategist at B. Riley Wealth. “First and foremost, the Credit Suisse, UBS merger certainly takes a lot of stress out of the global banking system.”
https://www.reuters.com/business/finance/credit-suisse-takeover-central-bank-action-calm-jittery-markets-2023-03-20/
Correction: floraofsolomon above is right. The western army was missing at Armageddon in support of the Antichrist. Now, I know why.
Bring back the original version of Glass-Stegall.
Narrative shaping hit piece: Get Powell, get the House, nationalize the banks, throw in FED regulators with more inane regulations. But yet the system still failed. To the real plan: Crash the system, issue world CBDC and call it a day.
Trying to figure out that inflation definition??
Maybe SPIKE eating away the brain
@WallStreetApes
5h
The US Dollar has lost 98% of its value and the lower classes are being completely wiped out, soon they’ll be non existent #EndTheFed #EndCentralBanking #YoullOwnNothing #LockUpWallStreet
The wealth gap in America is now far greater than it was in France prior to the French Revolution, where are our “representatives”?
Never before in history has wealth been so concentrated to such a small select few. Where’s the GOP? They just keep printing 🤬
” Purchasing power is waning in the United States, which is exactly what the chairman’s been trying to do by raising interest rates. “
Mumbo jumbo – they are clueless – he has always been a con artist.
End the Fed.
I try to keep lots of cash in tin boxes at home rather than paying with credit cards. I do not want the Deep State involved in what is mine. It was called the pursuit of happiness by the founders, by which they meant property.
MARGARET BRENNAN: Does there need to be a broader change to the regulatory system and to the laws?
Yep, Marge. There is a systemic problem and it’s called the Federal Reserve. It creates business cycles and bank runs.
End the Fed.
Annnnd the shotgun wedding has been finalized…
——
JPMorgan takes over First Republic after it’s seized by Californian financial regulator (cnbc.com)
The spin is pathetic. As if Jamie Dimon is a patriotic hero. He’s an ass, IMHO.
He is a pedophile.
So the stated problem is not enough regulators. What a pathetic clown.
“Inflation is too much money chasing too few goods”. WTF
And they let that guy run a bank and offer opinions on monetary policy? No wonder it’s effed.
The great brain trust of the banking industrial complex grand solution is to make people poor. How very progressive.
All part of Climate Change (CC) legerdemains in respect to the immediate cause of the vulnerability/risk.
Overwhelmingly, the beneficiaries of this bailout are SVB start-up depositors, VC backers, bank board of directors – all Silicon Valley, all Democrats (many major league donors). The preponderance of startups has shifted since 2000 to Climate Change (CC) technologies – not software, apps, etc. $300 billion in the Inflation Reduction Act specifically targets CC tax credits and subsidies. Follow the money!
This is just getting started. There will be more bank failures – and it is happening globally as well. It’s also linked into systemic crypto failures over the last year.
There’s simply too much aggregate debt. This is going to get very ugly. The rest of the world knows it and is acting accordingly.
The taxpayer is stuck with all the bailouts.
I have my savings in a local credit union, and after SVB, the president sent out letters assuring us all that we are not at risk.
I may need to go pull some of my money out of it. The problem is, what do you put it in? If I can’t physically hold it in my hand, then I won’t buy it unless it’s land. Do I buy a piece of land somewhere and hang on to that hoping that when I need the $$ I can get it out?
I hate the US Government and the aligned corporations who are doing this to us. I’m ready to pound my plowshares into swords….and well, you know….
“Regulators seized control of First Republic Bank early Monday, making it the third financial institution taken under government control this year, then promptly accepted a bid from JPMorgan Chase for virtually all of the lender’s assets. The state’s Department of Financial Protection and Innovation (DFPI) said it had taken over San Francisco-based First Republic and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The DFPI also said the FDIC has “accepted a bid from JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all deposits, including all uninsured deposits, and substantially all assets of First Republic Bank., First Republic has $229 billion in assets, making it the second-biggest bank to collapse in U.S. history.”
Until last night, there was a rule that no bank could holding more than 10 percent of national deposits could acquire another bank, for the sake of banking system stability, and also due to monopoly power concerns.
JP Morgan held about 16 percent of all US deposits as of Friday.
The FDIC just negotiated a deal for JPMorgan to purchase FRC, a large regional bank. That will bring the JPMorgan share up to what – 20 percent?
There are no rules. The FDIC and the Fed just do whatever they please.
This does not end well.
It is easier to control the system if there are fewer players, be it banking, industry, news outlets, etc.
Did you ever wonder what it would look like to see a CFR puppet talking to a BoIshevik infiltrator?
Watch the video…
If this interview doesn’t enforce the fact that our financial institutions are as compromised as our government then you should take the blinders off
“Inflation is too many goods chasing too few products.” ???
Just remember the Federal Reserve/FDIC will back a poorly managed bank and sell it off to the bidder of choosing for Pennie’s on the dollar and we are told it’s no loss to depositors or to taxpayers. Meanwhile , FDIC insurance rates go up effecting your interest at the Bank and the FED opens a new window for Banks to have assets that are currently 40-70% of par treated like 100% of par value? So the FED isn’t printing money, they are just guaranteeing 100% value to instruments worth far less? I know a lot of home consumers who would appreciate the FED guaranteeing their home values at 100%….just saying.
The road to CBDC requires fewer banks and more centralization. Anyone not seeing the FED is growing larger and with more power due to its own planned actions is a moron.
The tell is there will be no accountability for the poor regulation or financial statements of the bank prior to failure.
this turd was a vehement backstabbing anti Trumper deep-seater who President Trump was at constant odds with!! another sleezy scamucchi type cohen said he resigned but te truth be told was fired!!
This p.o.s. when he did not get his way – threw a massive temper tantrum – and quit abruptly screaming to his iniparty buds