Peter Schiff: Gov has raised FDIC coverage from $250k to infinity for banks that would otherwise fail; deposits look safe, but only because you can't do future shopping now

Posted by bubah1mau 1 week, 2 days ago to Economics
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Schiff also says Fed QE (is it 2, 3, or 4?) began Monday with the FDIC bailout (to infinity) for SVB depositors.

...And Biden's Rasmussen job performance approval rating is now at nearly 50%, highest in more than one year.

Amazing how zombies can dismiss the failings of a zombie as long as the "eagle flies" (gov checks keep arriving).
SOURCE URL: https://www.zerohedge.com/markets/peter-schiff-2023-financial-crisis-has-begun

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    Posted by $ blarman 1 week, 2 days ago
    It's way past QE 4. That happened under Obama...

    The problem is that by failing to allow some banks to fail now - allowing for natural recovery - all you do is prop up those failing banks - and their depositors - using taxpayer funds which won't be available for the next series of bank failures. And those failures are coming. The US is leveraged to the hilt and the Fed has orchestrated it all so that they can take everyone's assets and enslave them. Collapse is part of the plan.

    What is the remedy? It is to audit the Fed, expose their fraud and eliminate them as an entity, taking back our monetary policy from these hucksters. Even that may not be enough to forestall the problems, but it is a critical step in regaining our independence and sovereignty.
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    • Posted by 1 week, 2 days ago
      Agreed, but reforms you suggest probably will never happen until collapse (hyperinflation) leaves no other alternative but to abandon the current banking system.

      It's interesting to watch this crisis unfold. Right now there's a stampede to get large deposits out of smaller, regional banks and moved to the "safety" of huge banks that are "TBTF", or, alternatively, too woke to fail (as Biden's Treasury Dept. is bound to cherry pick among smaller banks that are on the verge of failure, seeking out strong Dem-supporting bank managements with demonstrated woke agendas and loyalty evidenced by major funding of Dem candidates).
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  • Posted by $ Ben_C 1 week, 1 day ago
    Never let a crisis go to waste. My fear is that this event will be one more justification to evolve into a government controlled digital currency. "The End"
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  • Posted by tutor-turtle 1 week, 1 day ago
    Open your eyes people. Your wealth, your future, your freedom and your sovereignty is just seconds from being stolen from you.

    These Leftest banks knew exactly what they are doing. Worse, they knew the criminal Buy-Done regime would bail them out. This has all been planed.
    The criminals critters running our government are already talking about nationalizing the banking system. So soon Brutus? Beware The Ides of March. Yeah, Like reading from a script. He's how it goes:
    > Intentionally augur your bank into the ground (while you are holding diversity, climate scam and cross-dressing parties).
    >Run crying to your crony little piggies in Congress to steal taxpayer money (we don't have) to bail out their intentional malfeasance.
    >The crony little piggies in Congress declare banks are so incompetent, that we, the little piggies, must taker over (i.e. give to the FED -a foreign owned and operated criminal banking cabal) and magically making your paper money not worth the paper it is printed on... in fact it will be outlawed. And viola! your wealth is only accessable by CBCD's
    > Digital Currency to track your every movement, shut off access to your funds it you try to buy guns or ammo, support the wrong candidate, or anything else the cabal doesn't like. Eventually, your funds won't work 15 minutes from your door.
    Think I'm joking, the UK is already rolling this out. See: 15 minute Cities.
    This is yet another Syc-Op. Like the ScamDemic, an Alien invasion, an the just tried-and-failed run on the banks. We didn't swallow the bait.
    We're in danger of being played like a fiddle... unless we don't play along.
    How many times have you heard "black swan event" in the past week? Fear p0rn that's all this is.
    This is a white swan covered with black shoe polish. It's about as real as Groucho Mark's shoe polish mustache, without the humor.
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  • Posted by $ Radio_Randy 1 week, 1 day ago
    Watch VERY closely...

    If we end up with a Republican in the Oval Office, in the near future, the "prophets" will insist that this bailout was HIS administration's doing, not Biden's. Just as if we weren't looking.
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    • Posted by CaptainKirk 1 week, 1 day ago
      LOL. Of course. My favorite is how Republicans tend to be in offer more, during recessions...

      Duh, because that's about the only time the Democrats give up power, after they broke stuff, so bad (Carter, Obama), that a Republican is needed to make things better.

      Don't worry, the Dems always get their chance (Clinton inherited an awesome setup, and his RAISING of tax rates accelerated the Dot Com explosion, as any selling was taxed so high, it beget more selling to cover taxes)...

      And the cycle repeats. BOTH sides are corrupt.
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  • Posted by BradA 1 week, 1 day ago
    The libertarian way to deal with this is to privatize deposit insurance. The FDIC is the government doing its usual crappy job of something better left to the private sector.
    Then banks could go out and buy deposit insurance for whatever maximum amount they want, not just $250K. They'd then be able to advertise that your deposits are insured up to $100M or whatever, but in return for the security, you'd earn a lower interest rate, commensurate with the increased cost of the insurance.
    Make sense?
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