The FDIC seized Republic First Bankcorp last week, costing the agency $667 million. Federal Reserve Chairman Jerome Powell warned of more regional bank failures, specifically noting the sinking commercial real estate industry.
“This is a problem we’ll be working on for years more, I’m sure. There will be bank failures,” he told the Senate Banking Committee last month.
“It’s not a first-order issue for any of the very large banks. It’s more smaller and medium-sized banks that have these issues. We’re working with them. We’re getting through it. I think it’s manageable is the word I would use,” he added.
Part of the problem is the trade deficit is out of control.
Since 1990, U.S. imports of goods have grown from less than $500 billion annually to more than $3 trillion in 2023, with the U.S. trade deficit widening from $100 billion to more than $1 trillion.
country’s most important trading partners over the past three decades. pic.twitter.com/6Hkupun9ew
— ( WOLF ) (@a8d0d554a87e4f7) May 3, 2024
Our trade deficit in goods is bigger than ever, as China builds factories in the Global South and re-exports to the US, handily circumventing tariffs. https://t.co/tDiOdL6J68 pic.twitter.com/pVTdMnotCy
— David P. Goldman (@davidpgoldman) May 5, 2024
We have to worry about a dollar collapse.
“Hundreds of US Banks At Risk of Failure. 282 US Banks At Risk,” CNBC reported on 5/1/24.
“There Will Be Bank Failures,” as Chair of Federal Reserve Jerome Powell said.
According to the World Economic Forum, “98% of Central Banks to Launch CBDCs.” The WEF wants to replace the dollar with programmable money.
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