Switzerland is considering locking people into failing banks using capital controls. The Fed isn’t far behind, pumping out a series of papers on so-called “friction tech” that would lock you in. The reason is bank runs have accelerated from weeks to hours. Instead of fixing it by making banks solvent, they fix it by locking depositors in. See clip below
Switzerland is considering locking people into failing banks using capital controls.
The Fed isn’t far behind, pumping out a series of papers on so-called “friction tech” that would lock you in.
The reason is bank runs have accelerated from weeks to hours.
Instead of fixing… pic.twitter.com/L4AeGrPn5c
— Peter St Onge, Ph.D. (@profstonge) November 7, 2023
If the Fed has indeed paused interest rate hikes, why are equities not behaving similarly to typical pause-patterns? Find our take on the new Fed reaction function and why it is NOT positive for risk assets ⬇️
— Steno Research (@stenodata) November 6, 2023
- Bank runs happen in history and there isn’t enough FDIC insurance to go around. Why would US banks fail? IF they had to report their bond holdings at a true cost (called “mark to market”), you would see many banks have huge losses. Bank stress tests say things are okay though – Florida1
- We need to reform the banking system. Implement Basel III and end the FED as a private bank. It is disgusting that they want to do a bail in. That is modern day robbery. – Tina
- Is the Federal Reserve aware of ongoing payment delays for consumers and businesses that started on November 3, 2023? A: Yes. The Federal Reserve encourages banks to work quickly to resolve issues for customers experiencing delays in receiving direct deposit payments as a result of operational issues at a private sector payments provider. The Federal Reserve’s payments services are separate and functioned normally. – Federal Reserve
- Speech by Governor Waller on using economic data to understand the economy – Federal Reserve
- The U.S. central bank should be involved in overseeing stablecoins, a key Federal Reserve official said Tuesday. Vice Chair for Supervision Michael Barr added the Fed is still evaluating the role of a potential U.S. CBDC. – Coindesk
- Senator Rand Paul Calls on U.S. Senate to Audit the Fed – Nov 1, 2023 “As Milton Friedman famously explained, ‘Inflation is taxation without legislation‘ … My amendment would require a full audit of the Fed within one year. It is time for the Federal Reserve to operate in a manner that is transparent and accountable to the taxpayers. I ask for a yes vote.” – Vigilant Fox (clip at Twitter)
- The Federal Reserve Has Destroyed American’s Purchasing Power, Has Destroyed Our Quality Of Life & Killed The American Dream. We Are All Slaves To The Fed Rand Paul Calls For An Audit & To Rein In Their “Unchecked Power” “The Federal Reserve effectively controls the economy, but without scrutiny. No other institution has so much unchecked power. The Fed demonstrated its unlimited authority during the pandemic. The Fed printed money, purchased government-backed securities, and doled out massive amounts of money to favored industries. The result added almost $5 trillion to the Fed’s balance sheet, the largest in our history. When Dodd-Frank ordered a limited one-time audit of Fed actions, the Government Accountability Office uncovered that during the financial crisis, the Fed doled out over $16 trillion to domestic and foreign banks. This kind of inflationary bailout should not be kept secret from the public. While the Fed’s easy money policies make the rich richer, the side effect is high inflation. As Milton Friedman famously explained, inflation is taxation without legislation. Congress cannot control the Fed’s actions, but Fed actions can cost Americans dearly. Just ask any parent who has to feed his or her family during historically high inflation rates. My amendment would require a full audit of the Fed within one year. It is time for the Federal Reserve to operate in a manner that is transparent and accountable to the taxpayers. I ask for a yes vote.” – Wall Street Apes
- U.S. stocks closed slightly higher Monday as investors awaited guidance from a host of Federal Reserve policymakers later in the week on the central bank’s policy path, with a large amount of bond supply also due to hit the market. – Newsmax
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