Janet Yellen wants to to know the banks are JUST FINE.
Kind of like this, when Jim Cramer told us BEAR STERNS IS FINE!
Should I be worried about getting my money out?
Cramer: NO, NO, NO!
Hours later Bear Sterns imploded.
Kind of feels like history is repeating itself, doesn’t it?
Now we have Janet Yellen telling us the banking sector is just fine — mmmhmmmm, very strong! — meanwhile, she is calling an Emergency Banking Meeting on Friday.
Never beLIEve what they TELL you, believe what they DO:
Has the US completely lost control of the situation and the narrative?
US Banking system has no problem
Also Jennet Yellen:-
Emergency meeting on Friday with US Fed chair,FDIC chair and all important people👇 pic.twitter.com/3vtTdXtj7f
— Aditya Shah (@AdityaD_Shah) March 26, 2023
Emergency meeting called on Friday by Yellen. Maybe everything isn't all right after all. 🙃 pic.twitter.com/6SsS2hAHjm
— Sandollar77 (@sandollar77) March 26, 2023
Here’s who attended:
For those who are interested, These are the people who attended Janet Yellen's emergency meeting Friday, that was closed to the public.
But Joe says don’t worry, the economy is just fine 👌🏻 pic.twitter.com/O8xJoFn1MN
— Advent 🇺🇸 ⚔️ (@mnorton64) March 26, 2023
They’re rolling out all the stops…
Here is Reuters pushing the same narrative, doing its best to tell you the banking system is “SOUND and RESILIENT” — well gee, now I feel better:
The multi-regulator U.S. Financial Stability Oversight Council agreed on Friday that the U.S. banking system remains “sound and resilient” despite stress on some institutions, the U.S. Treasury said in its latest statement to calm jittery markets and bank depositors.
In a readout of a closed meeting chaired by Treasury Secretary Janet Yellen, the department said that FSOC participants heard a presentation on market developments from the staff of the Federal Reserve Bank of New York.
“The Council discussed current conditions in the banking sector and noted that while some institutions have come under stress, the U.S. banking system remains sound and resilient,” the Treasury said in a statement.
The videoconference meeting came as markets continued to seesaw amid concerns that a two-week-old banking crisis sparked by the failures of Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O) could worsen, spreading more runs on smaller banks
The body of financial regulators, led by Yellen and including the heads of the Federal Reserve, the Federal Deposit Insurance Corp (FDIC), the Office of the Comptroller of the Currency, the Securities and Exchange Commission and other regulatory agencies, last met on March 12.
That was the same day that the FDIC, Fed and Treasury announced emergency actions to backstop all deposits in the two failed banks and create a new Fed lending facility to boost liquidity for all banks.
Yeah, nothing to see here:
Fox News confirms the secret, emergency Friday meeting:
Treasury Secretary Janet Yellen on Friday morning chaired a private meeting with top financial regulators amid renewed fears over the global banking system.
The meeting – held by the Financial Stability Oversight Council – was closed to the public, the Treasury Department said in a statement. The meeting was previously scheduled.
Established in 2010 under the Dodd-Frank Act, the FSOC is led by Treasury and includes the heads of the Federal Reserve, the FDIC, the Securities and Exchange Commission and other regulatory agencies. The council meets regularly to discuss the state of financial stability and regulation.
Regulators have rushed to contain fallout after the stunning implosion of Silicon Valley Bank and Signature Bank earlier in March, including protecting all deposits at the two institutions – even those holding funds that exceeded the FDIC’s $250,000 insurance limit. The Fed also launched a new emergency backstop for lenders to help them meet deposit withdrawals under favorable terms.
So, what is a person to do?
As I repeat OFTEN on here, I’m not a financial advisor and I’m definitely not YOUR financial advisor.
But I can report the news as I see it and I can also tell you what I’m doing.
I’ve been stacking gold and silver since 2015.
And I’ve been buying crypto since 2017.
Specifically, my personal holdings are highest in XRP, XLM and ICP, and several smaller ones.
For more on crypto, I would direct you to Bo Polny who has a big date coming this week.
Read it all right here:
Bo Polny: The Bank’s END! 4-Months The World Will Never Forget!
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Don’t wait too long, we might have more bank failures right around the corner.
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Watch this for more:
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