A Banking Crisis Shouldn’t Be the Taxpayer’s Problem.
Guest Post by Dennis Miller at Miller On The Money
Chairman and CEO of JPMorgan Chase, Jamie Dimon wrote shareholders about banking turmoil, “As I write this letter, the current crisis is not yet over, and even when it is behind us, there will be repercussions from it for years to come.”
IGI Global defines a banking crisis:
1. Banking crisis reflects the crisis of liquidity and insolvency of one or more banks in the financial system. Due to bank’s sizable losses, bank encounters critical liquidity shortage…disrupting its ability in repaying the debt contracts and the withdrawals demanded by depositors.
2. A subset of financial crises that are felt acutely within the banking sector…having national and international implications wherein either the given capital of the banking system is practically exhausted,…or where the cost of resolving the problems of a financial system amounts to at least 3-5% of the national Gross Domestic Product.
Banks lose billions on high-risk investments, creating a tsunami of economic problems. Private businesses fail all the time. Why is the banking system treated differently?
No one worried about a “banking crisis” until 2008. The bank bailouts amounted to trillions, punishing savers & taxpayers in the process. Repealing the Glass-Steagall act in 1999 created “too big to fail”, mega casino-banks. JP Morgan, Wells Fargo, Bank of America, Citigroup and US Bancorp control 40% of the wealth of the nation.
2008 marked the beginning of the transition of the petro-dollar to the new improved debtslave-dollar.
Just Sayin’
Don’t be a debt slave then dumbass!
Pay off all your debts then who gives a fuck the fed or banks do!
Hey dumbass. it has nothing to do with debt you blithering moron. This is about forcing people to buy into the digital currency so they can control our lives. So wake up fucktard. You can pay all your debt off and you won’t be any futher along that the rest of us. You shouldn’t be throwing stones at others when you are so profoundly ignorant and clueless yourself you fucking trolling troclodyte.
Dougy boy lives paycheck to paycheck.
Tent under a bridge is your future McMansion
Bailing out the banks should include strip mining 90% of the assets of the board of directors and executives who failed econ 101, of interest rates low = high bond prices, interest rates high = low bond prices. These fucking idiots loaded up on long term low rate debt, when the only way rates could go is up when they were zero bound basically.
The ongoing bank failures is the next phase of the murder of small to medium size businesses and family farms that has been going on from at least since the start of the inheritance tax (which forces sales of family owned businesses and small farms to multi-nationals to pay their “fair share” when the owners pass on) – which was put into hyperdrive with the convid lockdowns.
ALL depositors need to be made whole, as unfortunately most 100 or so employee businesses would shut down overnight as they usually have cash balances in the multi-millions to meet payables and payroll.
As to those who question “who pays?” or “that will be inflationary” are not being realistic about the massive deflationary collapse and M velocity shut down if say, 400 billion or more in deposits vaporized overnight. Massive business failures, millions out of work all at once. Dunno, probably what the demonic fuckers want anyway.
Making the depositors whole would be just replacing the destroyed deposits, so no inflation. As to who pays, it’s not like any one would have to go mine gold to coin, ain’t 1907. Don’t even have to print paper. Our current monetary system is electronic eCONomy, where a select few can create unlimited digi-money, instantly ex nihilo.
10 or so years ago, I thought the US Fed gov should nationalize the Fed Reserve, or better yet just kill the Fed and have the treasury issue debt free currency directly. I now realize the leviathan we call the US Govt is so corrupt and bloated it just has to explode and die under it’s own weight, so we can start over new and local. We currently have runaway inflation via massive fed spending via borrowing. Imagine how out of control the spending and resulting inflation would be if the DC fuckers took over currency creation and spent and bribed all the free money they wanted. Kinda thinking that’s how it’s gonna end up anyway. MMT for all!
Or bank bailouts require 1 executive head on a platter per billion plus their families sold into African slavery.
Banks are like termites, we need a potent exterminator.
Don’t give them access to your money/assets……. problem solved.
should should be eliminated from the hexicon. it shoulders a lot & that damned atlas cannot shrug.
Atlas was crushed under a mountain of debt. The world would be fine without usury/banksters/debt.
when i look in my old atlas all the roman roads lead to that mountain coming to the mohammedans. like vesuvius. the reign rain the mountain down, watch from super-yachts.
for usury to climb/build that mountain in the first place, the price of money, interest rates, gotta go intersexual, be “discovered” by the village of econo-idiot-surgeon/panderers, rather than by competition on open/free markets.
econ rentiers is relentless. & those can’t operate w/o states & govs – not at the integrated & always metastasizing tumore-more-more! level they do.
tumors roll uphill, from single cells. not downhill. c/answers the whole question.
Spot on iforget, I think. 🙂
The notorious ‘money changers’ … we were warned about them thousands of years ago … and they’re still screwing US …
here comes the stupidity again. The banking crisis is being orchestrated by the globalists to push the digital currency. We are in far bigger trouble than carrying this financial burden. We are entering a new age of a one world global fascism which is going to usher in the prophetic end of this planet. Good grief how can you people be so obtuse. Seriously.
Are you kidding me I just did this and it disappears. Clean up this abortion of a website.
You get what ya pay for Doug. Brave browser, no issues android or pc.
Certain vpn locations will have the website automatically delete my comments. Others have seen that too.
1: The banks own the government
B: A government reliant on fiat currency will find itself owned by banks
3: Fractional reserve banking gives banks tremendous power.
We haven’t heard the end of this banking stuff yet.