.@DOGE should audit #FortKnox immediately. The chances of finding lesser than expected #gold and maybe even #fakegold is non-zero. This is why the world needs a better store of value for its monetary energy.
@AmericanAir The flight attendants tried for several minutes but couldn’t fix the broken seat. Now insult to injury added, I have to sit through this 12 hr flight! They themselves feel so frustrated by my experience! What a shame @AmericanAir!
This is what a $5K 1-way Flagship Business class from PHL-DOH on @AmericanAir buys you. Never flying AA again. Flight attendants aren’t empathetic, let alone trying to find a resolution. @realDonaldTrump how can America become great again when our airlines suck so bad? Fire them!
@ericbahn ‘Serving founders’? Really? What % of investors can say with a straight face that they believe in doing so, let alone actually doing it? I’d say, <10%.
#dedollarization is not about hating the dollar per se. Its about what makes sense for the developing world. And, the dollar is losing its primacy. First, to gold, next, possibly to #Bitcoin in small measure. All it takes is one developing nation to allocate part of its reserves.
@ericbahn@shl Last 6 months have been a hell of hells for me, my family and my team. But, I need to make sure this doesn't happen to anyone else. So, I want to help. I don't know how. Fear for my safety and life so can't really speak out in the open. Trying to figure out my next gig meanwhile!
Something is brewing in the overall insurance market in the US. I'm finding that many providers are no longer taking new customers for auto or home policies especially in CA. Is something amiss that consumers are not able to figure out? What are the markets hiding? @balajis
Let’s level set, shall we?
On March 10, a bank with $200B in assets went to zero[1] overnight. Since then, we’ve seen the following things happen:
Emergency Sunday Fed print for domestic banks [2]
$2T estimate of amount to be printed [3]
$18T estimate of amount to back all deposits [4]
186 banks reported similarly insolvent[5]
$500B wired from banks, seeking safe havens [6]
$150B+ in discount window, more than 2008 [7]
~$400B printed in days, reversing most QT [8]
Emergency Sunday Fed print for foreign banks [9]
Joint Sunday statement: US banks are “resilient" [10]
5 dead banks, incl too-big-to-fail Credit Suisse [11]
Rumbles around Deutsche Bank[12]
Rumbles around Charles Schwab [13]
Emergency Friday meeting of Yellen and FSOC[14]
Another statement that US banks are "resilient”[15]
Statement: "further actions may be necessary"[16]
All this comes against a backdrop of articles and charts from the Fed and FDIC talking in coded language about how many US banks are insolvent due to $620B+ in unrealized losses caused by the Fed’s surprise rate hikes.[17].
Despite this growing concern, the banking crisis seems to not have broken out of financial news. Arguably, it is intentionally being downplayed outside of the space where it can't be ignored. For example, I haven't seen too many White House tweets on the banking crisis, but I have seen them meeting Ted Lasso[18]. Perhaps they simply don't want to "panic" anyone by telling them their bank may have a problem.
But let’s be clear.
This is a Western banking crisis.
This is not normal.
This isn't anyone's hallucination.
And reporting on it isn't the same as causing it.
4 figures and 18 citations follow. 👇
[1]: https://t.co/dYstFAFNgZ
[2]: https://t.co/4iGDT180pK
[3]: https://t.co/lDjflRMfTw
[4]: https://t.co/4N11zTI7h4
[5]: https://t.co/x6TKfmUlHl
[6]: https://t.co/7OkjxXbFnD
[7]: https://t.co/WhSgF9fRHL
[8]: https://t.co/tys3EiUjWN
[9]: https://t.co/NhX7UBmWFC
[10]: https://t.co/hnFykBEzOT
Whats that $ number that if each of the ~325M Americans decide to withdraw from the bank on the same day will cause the meltdown of the entire financial system? $1000? i.e. $325B? or something else? #BankingCrisis