Bank failures have started

[amethyst]

India, Malaysia move beyond dollar to settle trade in INR
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Tennessee Creates State Gold and Silver Reserve - Big League Politics
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https://finance.yahoo.com/news/japan-buys-russian-oil-above-205648641.htm
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[Harpy Eagle]

Silicon Valley Bank

The 16th largest bank in the country with more expected to fail.

This is not good news.

how many more have failed since you post this?

 

[Delldude]

been busy, so. for those that are interested. I resemble this article.

March 2023: Biggest Loss of U.S. Bank Deposits in History

The American people are pulling money out of banks at a rate which, during March, saw the biggest drop in Bank Deposits in U.S. History!

halturnerradioshow.com

And at the same time, to world is beginning to back away from the US dollar.

 

[amethyst]

how many more have failed since you post this?

About 186 banks have been identified as failing. In fact, some say all banks are insolvent. The central banks can only prop them up for so long. Add the bank runs and nations moving away from the dollar and you have catastrophic failure.

I post some worthy articles but not one mentions how the interest rate hikes have affected home sales and car loans.

 

[amethyst]

And at the same time, to world is beginning to back away from the US dollar.

Yes indeed. You might find this interesting.

Canadian prepper presents an eye opening interview . From start to finish, Bob Moriarty depicts a financial collapse worse than 1929. Sanctions, bonds, money printing, bank runs, and a weaker dollar were all a financial suicide decided by the inept. Bob says the failing banks are in worse shape than svb.

 

[Harpy Eagle]

About 186 banks have been identified as failing.

Have they done so?

 

[amethyst]

Have they done so?

Let's see what happens when the adjustable mortgage loans catch up and people abandon their property and stop making car payments. All those people losing jobs right now are going into that mix too!

 

[Harpy Eagle]

Let's see what happens when the adjustable mortgage loans catch up and people abandon their property and stop making car payments. All those people losing jobs right now are going into that mix too!

Wishful thinking?

 

[Jim H - VA USA]

Data from here...

Deposits, All Commercial Banks

Graph and download economic data for Deposits, All Commercial Banks (DPSACBM027NBOG) from Jan 1973 to Feb 2024 about deposits, banks, depository institutions, and USA.

fred.stlouisfed.org

This alarming chart shows the total bank deposits versus time (left axis) and the year-on-year change in bank deposits over time (right axis) in billions of dollars. Deposits are down one trillion dollars in the past year...

This chart shows the total bank deposits and the net weekly deposits...

There is something very amiss here. Trends which have remained steady over many decades despite many major events are now out of whack.

 

[Harpy Eagle]

This alarming chart shows the total bank deposits versus time (left axis) and the year-on-year change in bank deposits over time (right axis) in billions of dollars. Deposits are down one trillion dollars in the past year...

Is the giant spike up the result of COVID stimulus, or is that from something else.

 

[Jim H - VA USA]

Is the giant spike up the result of COVID stimulus, or is that from something else.

Yeah, it's the COVID stimulus.

There is also a big spike (in both directions) during 9-11 and also during the 2008 financial crisis. I think what happened there, is that the big money moved out of the markets and into banks during the market collapse, and then it moved back in, in order to buy back into the markets at a lower price.

The COVID stimulus looks different. The stimulus money was generally deposited into banks. The huge spike is in March/April 2020, corresponding to the rollout of the stimulus checks.

Now though, we are seeing a steady withdrawal from the banks. Could be a sign of some real trouble.

Regards,
Jim

 

[Harpy Eagle]

Yeah, it's the COVID stimulus.

There is also a big spike (in both directions) during 9-11 and also during the 2008 financial crisis. I think what happened there, is that the big money moved out of the markets and into banks during the market collapse, and then it moved back in, in order to buy back into the markets at a lower price.

The COVID stimulus looks different. The stimulus money was generally deposited into banks. The huge spike is in March/April 2020, corresponding to the rollout of the stimulus checks.

Now though, we are seeing a steady withdrawal from the banks. Could be a sign of some real trouble.

Regards,
Jim

Inflation is taking a toll on some people that is for sure. Not sure if that accounts for all of it though

 

[Jim H - VA USA]

Inflation is taking a toll on some people that is for sure. Not sure if that accounts for all of it though

Yeah, I suspect that is by large the biggest factor. Banks generally don't pay much interest, so, can't leave the money sitting there to slowly lose value. Money is being moved out of these low-interest deposits to put into other investments.

But there is probably something else going on too. Maybe fear is driving some of it. Maybe foreigners are pulling their money out of the US? I don't know.

I've not pulled my money out, but I have less than $500k in my bank, so it is supposedly insured. I also get 5% on most of that money. My bank is also very healthy.

You can check the health of your bank (or credit union) here...

Banking

The only ratings agency that combines the broadest coverage, strictest independence, complete objectivity, high ethics, and a commitment to safety.

weissratings.com

Regards,
Jim

 

[amethyst]

Banks were already tightening and now...

Recession Watch: Cars and Houses Join The List

As traumatized banks pull back, subprime lending evaporates

rubino.substack.com

Capital One recently closed all credit lines for auto dealers.

USA Auto Sales shut down 39 dealerships after losing its credit line from Ally Bank.

Wells Fargo laid off all its junior auto loan underwriters and dramatically tightened its lending standards

 

[Delldude]

Banks were already tightening and now...

Recession Watch: Cars and Houses Join The List

As traumatized banks pull back, subprime lending evaporates

rubino.substack.com

Capital One recently closed all credit lines for auto dealers.

USA Auto Sales shut down 39 dealerships after losing its credit line from Ally Bank.

Wells Fargo laid off all its junior auto loan underwriters and dramatically tightened its lending standards

Funny, not much mention in MSM......

 

[Jim H - VA USA]

Banks were already tightening and now...

Recession Watch: Cars and Houses Join The List

As traumatized banks pull back, subprime lending evaporates

rubino.substack.com

Capital One recently closed all credit lines for auto dealers.

USA Auto Sales shut down 39 dealerships after losing its credit line from Ally Bank.

Wells Fargo laid off all its junior auto loan underwriters and dramatically tightened its lending standards

 

[amethyst]

Delldude

Yeah, but one can get first hand reporting from the little guys in the industry. We watch this used car dealer just to keep up.

He clearly defines floor plans near the end and gives you the possible outcomes, one being total collapse.

 

[amethyst]

The man in the video i just posted was going to the dealerships pointing out how many were charging up to $35,000 in after market fees, displeasing the automakers. As a result those trucks and suvs didn't move and are now at auction selling at a loss.

He also talked about the tax refund season's weak performance. we now begin to see the automakers cut where they can This is where it starts to implode especially with high interest rates and car payments as high as $1,000.

GM lays off several hundred full-time contract workers - WSJ

 

[amethyst]

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The fdic seized first republic and sold it to jp morgan and despite assurances, investors and depositors have no confidence in the fed.

Three banks that failed this year bigger than 25 that crumbled in 2008

Officials announced Monday that they closed San Francisco-based First Republic Bank, making it the third major US bank to collapse in the past two months.

www.dailymail.co.uk

 

[Harpy Eagle]

The fdic seized first republic and sold it to jp morgan and despite assurances, investors and depositors have no confidence in the fed.

Three banks that failed this year bigger than 25 that crumbled in 2008

Officials announced Monday that they closed San Francisco-based First Republic Bank, making it the third major US bank to collapse in the past two months.

www.dailymail.co.uk

But they sure have confidence in JP Morgan. Their stock had a nice jump on the news of them buying FR