“Everybody still kind of has in their mind that…the money in your bank account is your money and that they’re holding it for you, right? But that’s not right. That’s not what’s going on…There’s not nearly as much money in the bank as we all think we have…If everybody came into the bank, or even just too many people came into the bank, and said we’d like to withdraw our money, there’s nowhere near enough money for them to give you. So inherently, the whole thing is kind of a house of cards.”
👀 Dave Smith on How the Banking System is a ‘House of Cards’
“Everybody still kind of has in their mind that…the money in your bank account is your money and that they’re holding it for you, right? But that’s not right. That’s not what’s going on…There’s not nearly as much… pic.twitter.com/awtpW9ubbK
— Chief Nerd (@TheChiefNerd) November 24, 2023
UBS freezing some withdrawals due to “unforeseen liquidity challenges”. The banking system is a house of cards. pic.twitter.com/BaQUCwtnTR
— Gabor Gurbacs (@gaborgurbacs) November 24, 2023
The banking system explained under 2 mins. 🥶👐 pic.twitter.com/W8nxvrgd9K
— Brian 🇺🇬 ✨✊ (@GauchoBrian_) November 16, 2023
Same thing in Argentina….
💰🇦🇷 “We have to understand that the Central Banking system is a SCAM. It is a mechanism by which politicians cheat the good people with an inflationary tax”.
– Javier Milei, the new President of Argentina 🔥
We are so back! pic.twitter.com/Box6SUecJL
— David Morgan 🏴 #StayFree (@david_r_morgan) November 20, 2023
- If I wanted to create a narrative to blame a global collapse of the financial system where central bankers and politicians are not blamed this would be my choice. Future headline: “Sentient AI has released a cyber pandemic that has wreaked havoc on the global banking system.” – Edward Dowd
- Just so were clear for all those playing along at home The Banking system is currently being forced to “borrow-back” hundreds of Billions of dollars – This was a direct result of the unprecedented amount of Securities sales that the Banks have been engaged in over the last 12 months. These Securities were likely liquidated at significant losses in value for many Banks as they were acquired in a Low interest rate environment Unfortunately, these Banks had to sell something Why? …because millions of Depositors all over the U.S. kept pulling their money out of Commercial Banks in search of higher interest rates. This caused the Banks in the U.S. to literally run out of Cash (a few times, and most recently after SVB failed) – but don’t worry, this is ok now that we don’t have Reserve requirements anymore The Banks chose to sell these Securities because they are more liquid than their Loan portfolios – and because they need to Pledge those Loans to the FHLBanks. This is how they can Borrow this money we are talking about now Just imagine being a Bank right now… Fleeing Customer Deposits Selling Securities at Losses Pledging Loans to Borrow Billions on a short term basis The question I will continue to ask is.. where will all this new money come from to pay back all these Borrowed dollars when they mature. E-Multi
- Jerome: “The banking system is sound and resilient.” PhD Economists: Credit rating of America’s top 3 banks are being downgraded. Butcher of Wall Street Tweet
- I hope people are preparing for what’s coming, you might not see your day much differently but a lot is happening and things are looking horrible within the banking system & U.S. economy. Don’t sleep on this warning. – Black Swan Capitalist
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