S**t Just Hit The Fan Across Markets, Regional Banks Crashing
Weak JOLTS?, Poor factory orders, hot EU inflation, surprise RBA rate-hike, a sudden realization of the urgency and seriousness of the debt ceiling debacle, Europe back from vacation, or just pre-FOMC jitters?
Or was it this!?
As a reminder, the Fed NOW has next week’s dire SLOOS report in hand— zerohedge (@zerohedge) May 2, 2023
Who knows to be frank but everything went just a little bit turbo, starting with a total collapse in regional banks…
And despite the Biden admin claiming that FRC was just another ‘outlier’ business model, PacWest, Western Alliance, and Zions (among others) are in a freefall…
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never have more than 250K in a bank. death to small business.
Their plan is to get rid of the small and medium size banks and leave only about 10 real large banks.
Many are saying “Get your money out of the banks” but they are not offering wise alternatives. No one wants to store their money under the mattress! Please post some wise solutions!
With all due respect, Martha, the very first step is to recognize that the old paradigm of how/where to put cash is done with. The “end game” is fast approaching on that. The critical second step is to figure out goods/equipment/training you’ll need to be resilient when cash becomes worthless/central bank digital currency vis a vis social credit scores can control when/where/on what you spend your money. Its a cold bucket of water in the face, but the 401k days are over. Some options: Get a rural property where it makes sense for you. If the well pump is more than 10 yrs old replace it straight away, and install a generator that can run your well pump. Now you have a reliable source of water. Store lots of fuel for the generator. Put in water catchment and cisterns. Get livestock or poultry and create both a protein stream and a manure stream. Learn how to grow and PRESERVE and STORE all the food you’ll need. After that the list only gets longer with first aid, self defense, clothing, specialized gear, farming equipment, barter goods, tools, non-electric tools, autos that can be repaired at home, fuel storage for them, tractor and implements, home improvements including security and improved insulation, the ability to cook without nat gas/propane/electricity (i.e.-wood), and on and on and on. Getting your money out of the bank is “the wise alternative”, and most everyone you know will be scoffing and calling you a fool. Leaving your money in the bank and/or having a bunch of cash and very little in the way of resiliency assets means that YOU and YOUR FAMILY assume ALL the risk of currency collapse or wealth confiscation. Many people will make themselves sitting ducks through all this for fear. They will very likely pay a very heavy penalty for lack of action. Thinking in terms of “resiliency” rather than “wealth” or “savings” will enable some of us to utilize our cash to become more resilient (aka able to survive a collapse). Convert your cash into hard assets. Bullets, beans, brisket and bandaids.