Friday, May 15, 2015

Even the FDIC doesn’t think it’s ready for the next banking crisis

I'm not endorsing The Sovereign Man website or newsletter, but Simon Black is spot on in his assessment on the FDIC's under-fundedness.

In fact, I warned of the precarious nature of the FDIC in 2013 in several presentations, and how bank bail-ins are written into laws for most of the developed economies under the thumb of the corrupt BIS.  Depositors:  you have been warned.

Here was the presentation in 2013.  Note the mandate is 1.15% coverage on guaranteed deposits, a dangerously low reserve requirement.  And the FDIC doesn't even meet that low threshold.

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