Silver as an investment

TFMR: Already Monday

Be prepared for the next great transfer of wealth. Buy physical silver and storable food.

via TF Metals Report

By TF

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It seems as if it was just Friday with a fun weekend ahead. But now it’s Monday and it’s back to work.

You’ll recall that we left off on Friday with a pretty solid rally on the Globex. Well, if you were following along last evening, you got to witness just how quickly The Banks acted to reclaim those gains. And why blame The Banks? Nothing else was moving at the time.

(more…)

The Number Of Global Earthquakes Is 3 Times Above Normal – 6.1, 6.6, 7.3 + Dozens More Hit The Ring Of Fire Over The Last 48 Hours

via the economic collapse blog Be prepared for the next great transfer of wealth. Buy physical silver and storable food.

Within the last 48 hours we have seen large earthquakes going off like firecrackers all along the Ring of Fire.  As you will see below, a magnitude 6.1 quake just hit Japan, a magnitude 6.6 quake just hit Australia and a magnitude 7.3 earthquake just hit Indonesia.  And of course all of this comes just about a week after southern California was hit by the two largest earthquakes that it has experienced in more than two decades.  So is all of this shaking unusual?  Just a few moments ago, I pulled up the most recent data from Earthquake Track, and what I discovered is more than just a little bit alarming.  Looking at the entire globe, we have averaged 193 earthquakes of magnitude 1.5 or greater per day so far in 2019.  That is very high, but it pales in comparison to what we have witnessed over the last week.  Within the last seven days, our planet has experienced an average of more than 677 earthquakes of magnitude 1.5 or greater per day.  That means that the number of global earthquakes right now is more than 3 times above normal.

And the number of very large earthquakes is at a frighteningly high level as well.  According to the USGS, there have been 121 earthquakes of at least magnitude 4.5 around the world within the last seven days, and that includes the magnitude 6.1 earthquake that just hit Japan.

Incredibly, that quake in Japan brought the number of global earthquakes of magnitude 6.0 or greater that we have seen so far this year up to a grand total of 84.  The following comes from the Big Wobble

Last nights quake brings the total of major quakes (mag 6+) to 84, incredibly all but 7 of them striking the Pacific Ring Of Fire.

The last 38 major quakes this year, going back to the 3rd of May have occurred along the Pacific Ring Of Fire.

But on Sunday we had to add two more to that total.

The first actually tied the record for the largest earthquake that western Australia has ever seen

The equal-largest earthquake recorded in Australia has hit off the Kimberley coast, shaking items off shelves and stunning local residents who had never felt a tremor before.

The 6.6 magnitude undersea quake struck at 3.39pm AEST on Sunday between Port Hedland and Broome, GeoScience Australia reported.

The second was even larger.  When a magnitude 7.3 earthquake hit Indonesia on Sunday, it sparked tsunami fears and made headlines all over the globe

A terrifying 7.3-magnitude earthquake has sparked panic after it rocked the remote Maluku islands in eastern Indonesia today.

Scared residents were seen fleeing through the streets and heading for high ground, though no tsunami warning was issued after the land-based quake struck.

None of this is “normal”.  As I keep warning my readers, we have entered a time of tremendous global instability, and the U.S. is certainly not going to be exempt.

In fact, we just witnessed a magnitude 4.0 earthquake in Montana.  The following comes from Ricky Scaparo

According to reports from the USGS, A 4.0 earthquake has rattled Manhattan, Montana. This earthquake follows the string of quakes that have rattled the globe over the past few weeks producing powerful earthquakes in Southern California and rattling Seattle, Washington. We will give you more information as we receive it.

The magnitude 4.6 earthquake in Seattle that he mentioned definitely got a lot of attention when it struck very early on Friday morning.  According to a USGS geophysicist, that quake was “widely felt throughout the Seattle area”…

A magnitude 4.6 earthquake shook Seattle and the Puget Sound region just before 3 a.m. Friday, according to the United States Geological Survey.

“It’s been widely felt throughout the Seattle area,” said Paul Caruso, a USGS geophysicist.

I know that California is receiving most of the attention right now, but we definitely need to keep a close eye on the Northwest, because they are definitely overdue for a “Big One” of their own and there are several volcanoes in the region that could literally go off at any time.

Meanwhile, the shaking in southern California simply will not stop.  According to Cal Tech, there have been 10,303 earthquakes of all magnitudes in California and Nevada within the last seven days.

In case you are wondering, that is not “normal” either.

The magnitude 7.1 earthquake that we witnessed back on July 5th did not cause an enormous amount of damage because it happened in a very remote location.

But we should definitely not take that quake lightly, because it was extremely powerful.  According to the Los Angeles Times, it actually “packed the energy of 45 nuclear bombs”…

When the magnitude 7.1 earthquake ruptured the earth in the Mojave Desert, it packed the energy of 45 nuclear bombs of the type that fell on Hiroshima.

Can you imagine if such a quake had happened in downtown Los Angeles?

And if a magnitude 9.0 earthquake were to hit southern California someday, it would be 707 times more powerful than the magnitude 7.1 earthquake that we just witnessed.

Hopefully such a quake is still a long way off, but we have witnessed renewed shaking in the region within the last 24 hours.  The following comes from the Express

California has since experienced a number of aftershocks with a seismic swarm hitting southern California in the past 24 hours.

Over the course of the last 24 hours, there have been 762 earthquakes in California, 29 earthquakes were over a magnitude of 2.5.

Unfortunately, this is not just a localized phenomenon.

As I showed at the beginning of this article, the number of global earthquakes is three times above normal right now.

Our entire planet is being greatly shaken, and many believe that what we have witnessed so far is just the beginning.

About the author: Michael Snyder is a nationally-syndicated writer, media personality and political activist. He is the author of four books including Get Prepared Now, The Beginning Of The End and Living A Life That Really Matters. His articles are originally published on The Economic Collapse Blog, End Of The American Dream and The Most Important News. From there, his articles are republished on dozens of other prominent websites. If you would like to republish his articles, please feel free to do so. The more people that see this information the better, and we need to wake more people up while there is still time.

The post The Number Of Global Earthquakes Is 3 Times Above Normal – 6.1, 6.6, 7.3 + Dozens More Hit The Ring Of Fire Over The Last 48 Hours appeared first on The Economic Collapse.

The Number Of Global Earthquakes Is 3 Times Above Normal – 6.1, 6.6, 7.3 + Dozens More Hit The Ring Of Fire Over The Last 48 Hours

via the economic collapse blog Be prepared for the next great transfer of wealth. Buy physical silver and storable food.

Within the last 48 hours we have seen large earthquakes going off like firecrackers all along the Ring of Fire.  As you will see below, a magnitude 6.1 quake just hit Japan, a magnitude 6.6 quake just hit Australia and a magnitude 7.3 earthquake just hit Indonesia.  And of course all of this comes just about a week after southern California was hit by the two largest earthquakes that it has experienced in more than two decades.  So is all of this shaking unusual?  Just a few moments ago, I pulled up the most recent data from Earthquake Track, and what I discovered is more than just a little bit alarming.  Looking at the entire globe, we have averaged 193 earthquakes of magnitude 1.5 or greater per day so far in 2019.  That is very high, but it pales in comparison to what we have witnessed over the last week.  Within the last seven days, our planet has experienced an average of more than 677 earthquakes of magnitude 1.5 or greater per day.  That means that the number of global earthquakes right now is more than 3 times above normal.

And the number of very large earthquakes is at a frighteningly high level as well.  According to the USGS, there have been 121 earthquakes of at least magnitude 4.5 around the world within the last seven days, and that includes the magnitude 6.1 earthquake that just hit Japan.

Incredibly, that quake in Japan brought the number of global earthquakes of magnitude 6.0 or greater that we have seen so far this year up to a grand total of 84.  The following comes from the Big Wobble

Last nights quake brings the total of major quakes (mag 6+) to 84, incredibly all but 7 of them striking the Pacific Ring Of Fire.

The last 38 major quakes this year, going back to the 3rd of May have occurred along the Pacific Ring Of Fire.

But on Sunday we had to add two more to that total.

The first actually tied the record for the largest earthquake that western Australia has ever seen

The equal-largest earthquake recorded in Australia has hit off the Kimberley coast, shaking items off shelves and stunning local residents who had never felt a tremor before.

The 6.6 magnitude undersea quake struck at 3.39pm AEST on Sunday between Port Hedland and Broome, GeoScience Australia reported.

The second was even larger.  When a magnitude 7.3 earthquake hit Indonesia on Sunday, it sparked tsunami fears and made headlines all over the globe

A terrifying 7.3-magnitude earthquake has sparked panic after it rocked the remote Maluku islands in eastern Indonesia today.

Scared residents were seen fleeing through the streets and heading for high ground, though no tsunami warning was issued after the land-based quake struck.

None of this is “normal”.  As I keep warning my readers, we have entered a time of tremendous global instability, and the U.S. is certainly not going to be exempt.

In fact, we just witnessed a magnitude 4.0 earthquake in Montana.  The following comes from Ricky Scaparo

According to reports from the USGS, A 4.0 earthquake has rattled Manhattan, Montana. This earthquake follows the string of quakes that have rattled the globe over the past few weeks producing powerful earthquakes in Southern California and rattling Seattle, Washington. We will give you more information as we receive it.

The magnitude 4.6 earthquake in Seattle that he mentioned definitely got a lot of attention when it struck very early on Friday morning.  According to a USGS geophysicist, that quake was “widely felt throughout the Seattle area”…

A magnitude 4.6 earthquake shook Seattle and the Puget Sound region just before 3 a.m. Friday, according to the United States Geological Survey.

“It’s been widely felt throughout the Seattle area,” said Paul Caruso, a USGS geophysicist.

I know that California is receiving most of the attention right now, but we definitely need to keep a close eye on the Northwest, because they are definitely overdue for a “Big One” of their own and there are several volcanoes in the region that could literally go off at any time.

Meanwhile, the shaking in southern California simply will not stop.  According to Cal Tech, there have been 10,303 earthquakes of all magnitudes in California and Nevada within the last seven days.

In case you are wondering, that is not “normal” either.

The magnitude 7.1 earthquake that we witnessed back on July 5th did not cause an enormous amount of damage because it happened in a very remote location.

But we should definitely not take that quake lightly, because it was extremely powerful.  According to the Los Angeles Times, it actually “packed the energy of 45 nuclear bombs”…

When the magnitude 7.1 earthquake ruptured the earth in the Mojave Desert, it packed the energy of 45 nuclear bombs of the type that fell on Hiroshima.

Can you imagine if such a quake had happened in downtown Los Angeles?

And if a magnitude 9.0 earthquake were to hit southern California someday, it would be 707 times more powerful than the magnitude 7.1 earthquake that we just witnessed.

Hopefully such a quake is still a long way off, but we have witnessed renewed shaking in the region within the last 24 hours.  The following comes from the Express

California has since experienced a number of aftershocks with a seismic swarm hitting southern California in the past 24 hours.

Over the course of the last 24 hours, there have been 762 earthquakes in California, 29 earthquakes were over a magnitude of 2.5.

Unfortunately, this is not just a localized phenomenon.

As I showed at the beginning of this article, the number of global earthquakes is three times above normal right now.

Our entire planet is being greatly shaken, and many believe that what we have witnessed so far is just the beginning.

About the author: Michael Snyder is a nationally-syndicated writer, media personality and political activist. He is the author of four books including Get Prepared Now, The Beginning Of The End and Living A Life That Really Matters. His articles are originally published on The Economic Collapse Blog, End Of The American Dream and The Most Important News. From there, his articles are republished on dozens of other prominent websites. If you would like to republish his articles, please feel free to do so. The more people that see this information the better, and we need to wake more people up while there is still time.

The post The Number Of Global Earthquakes Is 3 Times Above Normal – 6.1, 6.6, 7.3 + Dozens More Hit The Ring Of Fire Over The Last 48 Hours appeared first on The Economic Collapse.

Marc Faber sees huge opportunities in Investing in Marijuana

Be prepared for the next great transfer of wealth and the collapse of fiat currencies around the world. Buy physical silver and storable food.

World renown author and forecaster Marc Faber's [Tomorrow's Gold: Asia's age of discovery, Riding the Millennial Storm: Marc Faber's Path to Profit in the Financial Markets,The Great Money Illusion; The Confusion Of The Confusions] latest take on the situation:

Marc Faber sees huge opportunities in Investing in Marijuana

Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.Dr. Doom also trades currencies and commodity futures like Gold and Oil.

[[ This is a content summary Only. Please Visit http://www.marcfabernews.com or the other Marc Faber Blog http://faber-blog.blogspot.com for the full story, >>>>]]

Charts Suggest the Dow Index Is Being Painted to Get “New Highs” in the Market

Charts Suggest the Dow Index Is Being Painted to Get “New Highs” in the Market

By Pam Martens and Russ Martens: July 12, 2019 ~ What we need today is a real life character like Vinny Gambini in the movie My Cousin Vinny to take over the questioning for the U.S. Senate Banking Committee – like Ferdinand Pecora did in the early 1930s to root out the systemic frauds in the stock market of that era. Gambini would haul the heads of equities trading for each of the major Wall Street banks and their Dark Pools to a hearing, put them under oath, and grill them about the highly suspicious trading activity that is going on in today’s markets. Let’s start with what happened yesterday. In the face of punk earnings forecasts for the rest of this year and a growing global economic slowdown, the Dow Jones Industrial Average hit a historic milestone, closing above 27,000 for the first time. But the rising tide didn’t … Continue reading

The Pain Of This New Economic Downturn Is Starting To Show Up All Over The Country

via the economic collapse blog Be prepared for the next great transfer of wealth. Buy physical silver and storable food.

It is going to take a miracle for the U.S. economy to pull out of this tailspin, because the economic numbers are really starting to deteriorate very rapidly now.  On Tuesday we got some more new numbers, and they were just as bad as we thought they might be.  But even before today’s numbers all of the data were telling us the exact same thing.  The New York Fed’s Empire State manufacturing index just suffered the worst one month decline in U.S. history, Morgan Stanley’s Business Conditions Index just suffered the largest one month decline that we have ever seen, global trade numbers are the worst they have been since the last recession, and just last week I detailed the complete and utter “bloodbath” that we are witnessing in the U.S. trucking industry right now.  So considering what we already knew, it shouldn’t have been a surprise that new home sales in the U.S. were down a whopping 7.8 percent during the month of May…

Sales of new U.S. homes slumped 7.8% in May, as sales plunged in the pricier Northeastern and Western markets.

The Commerce Department said Tuesday that new homes sold at a seasonally adjusted annual rate of 626,000 in May, down from 679,000 in April. During the first five months of the year, purchases of new homes have fallen 3.7% compared to the same period in 2018.

Those are absolutely horrible numbers, and this is precisely what a recession looks like.

On Tuesday we also learned that U.S. consumer confidence is rapidly declining

Consumer confidence is on the decline.

The Conference Board’s Consumer Confidence Index tumbled to 121.5 in June, dropping from a downwardly revised reading of 131.3 in May and snapping three consecutive months of improvements.

June’s results missed consensus expectations for a reading of 131.0, according to Bloomberg-compiled data, and marked the lowest level in nearly two years.

Once again, this is precisely what we would expect to see during a recession.

And yet I continue to see some clueless mainstream media reports that insist that the U.S. economy is doing well.  Apparently FedEx didn’t get that memo, because they lost nearly 2 billion dollars in the quarter ending May 31st…

In the fiscal fourth quarter, which ended May 31, FedEx reported a loss of $1.97 billion, compared with profit of $1.13 billion a year earlier.

FedEx blamed this horrible number on the ongoing global economic slowdown, and unfortunately things are not likely to get any better for them any time soon.

Many in the mainstream media continue to speak of “the next recession” as some future event, but when we get the final economic numbers many months from now we may discover that it had already started by now.  In fact, one prominent economist recently stated that he believes that “we’re probably already in a recession”

Gary Shilling, an economist and financial analyst who is credited with predicting several recessions over the past 40 years, thinks the U.S. is in a relatively mild slump.

“I think we’re probably already in a recession but I think it will probably be a run-of-the-mill affair, which means real GDP would decline 1.5% to 2%, not the 3.5% to 4% you had in the very serious recessions,” Shilling, president of economic and financial research firm A. Shilling & Co., said in a recent interview broadcast this week by Real Vision.

And even Federal Reserve Chair Jerome Powell is now admitting that our economic outlook has become “cloudier”.  The following comes from ABC News

Federal Reserve Chairman Jerome Powell said Tuesday the economic outlook has become cloudier since early May, with rising uncertainties over trade and global growth causing the central bank to reassess its next move on interest rates.

Speaking to the Council on Foreign Relations in New York, Powell said the Fed is now grappling with the question of whether those uncertainties will continue to weigh on the outlook and require action.

I find it very interesting that Powell chose the Council on Foreign Relations as the venue for this address.  I think that tells us a lot about where Powell’s true loyalties are.  The Council on Foreign Relations has dominated the political landscape in Washington for a long time, and this has been true no matter which political party has been in power.

Meanwhile, the global trade war continues to intensify, and over 300 companies are literally begging the Trump administration to find a way to end it

More than 300 companies are talking to government officials in Washington this month about how detrimental the trade war between the U.S. and China has been and will be to their business.

Testifying in front of the Office of the U.S. Trade Representative, major U.S. companies including Best Buy, HP and Hallmark Cards are voicing concerns about how the additional tariffs that President Donald Trump threatened to slap on China would impact their businesses and cause them to lose business to foreign competitors.

Sadly, it isn’t likely that the trade war will end any time soon.

In fact, it is probably much more likely that a shooting war will start in the Middle East instead.  And if that happens, our current economic problems will dramatically escalate.

The wheels are starting to come off, and the U.S. economy is beginning to spin out of control.  Perhaps the Federal Reserve will be able to pull another rabbit out of the hat and pull off a miracle once again, but I doubt it.  We haven’t seen conditions like this since the great financial crisis of 2008, and the remainder of 2019 threatens to be extremely “interesting” indeed.

About the author: Michael Snyder is a nationally-syndicated writer, media personality and political activist. He is the author of four books including Get Prepared Now, The Beginning Of The End and Living A Life That Really Matters. His articles are originally published on The Economic Collapse Blog, End Of The American Dream and The Most Important News. From there, his articles are republished on dozens of other prominent websites. If you would like to republish his articles, please feel free to do so. The more people that see this information the better, and we need to wake more people up while there is still time.

The post The Pain Of This New Economic Downturn Is Starting To Show Up All Over The Country appeared first on The Economic Collapse.

TFMR: Rolling Along

Be prepared for the next great transfer of wealth. Buy physical silver and storable food.

via TF Metals Report

By TF

12 Comments | 5 Likes

Comex Digital Gold continued higher last evening but was once again stalled and reversed during the London Monkey session. Back on Friday, price quickly recovered the same type of losses. Can it do so again today?

But at some point, this has to slow down. Though the chart below makes CDG’s advance appear orderly….and for the most part, it has been…technical indicators suggest… (more…)

SHTFplan: The Omnipresent Surveillance State: Orwell’s Future Is Our Present Reality

Prepare yourself. Buy physical silver and storable food.

Read John W. Whitehead’s entire commentary here, on The Rutherford Institute

The Orwellian dystopia of thought control and an omnipresent surveillance state has become our reality.  George Orwell’s book 1984, although meant as fiction, has turned out to be an incredible prediction of our future.

The “land of the free” hasn’t been free since shortly after the American Revolution and it’s getting more authoritarian by the day. It’s been 70 years since Orwell (dying, beset by fever and bloody coughing fits, and driven to warn against the rise of a society in which rampant abuse of power and mass manipulation are the norm) depicted the ominous rise of ubiquitous technology, fascism, and totalitarianism in 1984.

“You had to live—did live, from habit that became instinct—in the assumption that every sound you made was overheard, and, except in darkness, every movement scrutinized.”—George Orwell, 1984 

Much like Orwell’s Big Brother in 1984, the government and its corporate spies now watch our every move. Much like Huxley’s A Brave New World, we are churning out a society of watchers who “have their liberties taken away from them, but … rather enjoy it, because they [are] distracted from any desire to rebel by propaganda or brainwashing.” Much like Atwood’s The Handmaid’s Tale, the populace is now taught to “know their place and their duties, to understand that they have no real rights but will be protected up to a point if they conform, and to think so poorly of themselves that they will accept their assigned fate and not rebel or run away.”John W. Whitehead, The Rutherford Institute

This world is truly dystopian, and that doesn’t just go for the United States.  The masters are brainwashing the slaves and the slaves aren’t doing anything about it.  In fact, most want more masters and to be further enslaved.  We are witnessing a wholly disturbing state of humanity right now.

Much like Philip K. Dick’s darkly prophetic vision of a dystopian police state (which became the basis for Steven Spielberg’s futuristic thriller Minority Report) we are now trapped in a world in which the government is all-seeing, all-knowing, and all-powerful, and if you dare to step out of line, dark-clad police SWAT teams and pre-crime units will crack a few skulls to bring the populace under control. Violence and government dominance rule over the masses and they are completely accepting and willing participants in their own enslavement.

What many fail to realize is that the government is not operating alone. It cannot. The government requires an accomplice. Thus, the increasingly complex security needs of the massive federal government, especially in the areas of defense, surveillance and data management, have been met within the corporate sector, which has shown itself to be a powerful ally that both depends on and feeds the growth of governmental overreach.

In fact, Big Tech wedded to Big Government has become Big Brother, and we are now ruled by the Corporate Elite whose tentacles have spread worldwide. For example, USA Today reports that five years after the 9/11 terrorist attacks, the homeland security business was booming to such an extent that it eclipsed mature enterprises like movie-making and the music industry in annual revenue. This security spending to private corporations such as Google, Amazon, Microsoft, and others is forecast to exceed $1 trillion in the near future.

The government now has at its disposal technological arsenals so sophisticated and invasive as to render any constitutional protections null and void. Spearheaded by the NSA, which has shown itself to care little to nothing for constitutional limits or privacy, the “security/industrial complex”—a marriage of government, military and corporate interests aimed at keeping Americans under constant surveillance—has come to dominate the government and our lives. At three times the size of the CIA, constituting one-third of the intelligence budget and with its own global spy network to boot, the NSA has a long history of spying on Americans, whether or not it has always had the authorization to do so. – John W. Whitehead, The Rutherford Institute

Orwell understood what many Americans, caught up in their partisan flag-waving, are still struggling to come to terms with: that there is no such thing as a government organized for the good of the people. Even the best intentions among those in government inevitably give way to the desire to maintain power and control over the citizenry at all costs.

We know what no one ever seizes power with the intention of relinquishing it. Power is not a means; it is an end. One does not establish a dictatorship in order to safeguard a revolution; one makes the revolution in order to establish the dictatorship. The object of persecution is persecution. The object of torture is torture. The object of power is power. Now you begin to understand me. –George Orwell, 1984

We have been reduced to a cowering citizenry which is rendered mute in the face of elected officials who refuse to represent us, helpless in the face of police brutality, powerless in the face of militarized tactics and technology that treat us like enemy combatants on a battlefield, and naked in the face of government surveillance that sees and hears all. We have nowhere left to go.  We have, so to speak, gone from being a nation where privacy is king to one where nothing is safe from the prying eyes of the government.

We are living in Orwell’s dystopian predicted future. John W. Whitehead poses the question: So how do you survive in the American surveillance state?

The truth is that we’re running out of options. As Whitehead makes clear in his book Battlefield America: The War on the American People, that we will all soon have to choose between self-indulgence (the bread-and-circus distractions offered up by the news media, politicians, sports conglomerates, entertainment industry, etc.) and self-preservation in the form of renewed vigilance about threats to our freedoms and active engagement in self-governance.

Read John W. Whitehead’s entire commentary here, on The Rutherford Institute

Marc Faber explains The Coming Pension Crisis

Be prepared for the next great transfer of wealth and the collapse of fiat currencies around the world. Buy physical silver and storable food.

World renown author and forecaster Marc Faber's [Tomorrow's Gold: Asia's age of discovery, Riding the Millennial Storm: Marc Faber's Path to Profit in the Financial Markets,The Great Money Illusion; The Confusion Of The Confusions] latest take on the situation:

Returning SBTV guest Marc Faber, editor and publisher of “The Gloom, Boom & Doom Report”, warns about the under-funding in public and private pensions. Will there be pitchforks when pensioners realize there is no money available for their retirement? Discussed in this interview: 01:31 State and…

[[ This is a content summary Only. Please Visit http://www.marcfabernews.com or the other Marc Faber Blog http://faber-blog.blogspot.com for the full story, >>>>]]

These Charts Suggest the Whole Wall Street Casino Has Become Taxpayer-Backstopped and Too-Big-to-Fail

Be prepared for the next great transfer of wealth. Buy physical silver and storable food.

These Charts Suggest the Whole Wall Street Casino Has Become Taxpayer-Backstopped and Too-Big-to-Fail

By Pam Martens and Russ Martens: June 14, 2019 ~ According to the Federal Deposit Insurance Corporation (FDIC), as of September 30, 2018 there was a total of $13.6 trillion in deposits at all 5,397 Federally insured banking and savings institutions in the U.S. but just nine mega banks represented 40 percent of all domestic deposits. Those nine are the insured banking units of the holding company for JPMorgan Chase with $1.3 trillion in domestic deposits; Bank of America at $1.36 trillion; Wells Fargo with $1.27 trillion; Citigroup at $504 billion; U.S. Bancorp $314 billion; Morgan Stanley $181 billion; BB&T $161 billion; Goldman Sachs $130 billion; and State Street $108 billion. Unfortunately, the FDIC’s Deposit Insurance Fund had only $100.2 billion as of September 30, 2018 to cover losses should any of those trillion-dollar-banks fail – which means they can’t fail and have thus become known as too-big-to-fail, even as they continue to take … Continue reading