Millions of Americans are waking up to the fact that the Federal Reserve is bad, but very few of them can coherently explain why this is true. For decades, an unelected, privately-owned central bank has controlled America's currency, run our economy and has driven the U.S. government to the brink of bankruptcy. It operates in great secrecy, it has never been subjected to a comprehensive audit and yet the actions it takes have an impact on every single American. It is an institution designed to drain wealth from the U.S. government (and ultimately from the American people) and transfer it to the ultra-wealthy. Have you ever wondered why a sovereign nation such as the United States has to borrow United States dollars from anyone? Have you ever wondered why a sovereign nation such as the United States does not even issue its own currency? Have you ever wondered why we allow a group of unelected private bankers to run our economy? (Read More....)
Have you ever noticed how almost all U.S. bank closings are now announced over the weekend? It is almost as if someone wants to keep the increasing number of bank closures out of the news cycle as much as possible. The Obama administration continues to use phrases like "green shoots" and "economic recovery", but the truth is that the U.S. banking system is in the middle of a meltdown. On Friday, federal regulators shut down 7 more banks. That means that the total number of U.S. bank failures has reached 103 for 2010 so far. Last year (which was a really bad year for bank closings), we did not break 100 until October. Of course federal officials promise that "the worst is almost over", but can we really trust anything that they tell us at this point? (Read More....)
Do you know if your bank will be there next month? For a growing number of Americans, that is becoming a very real question. The Wall Street Journal is reporting that 775 banks (approximately ten percent of all U.S. banks) are now on the Federal Deposit Insurance Corporation's list of "problem" banks. This year we have already seen more than six dozen banks fail, and the frightening thing is that we are seeing a rapid acceleration in bank failures even though we are supposedly in a "recovery" right now. So what happens if the economy takes a bad turn and hundreds of these banks that are barely surviving start failing? (Read More....)
As the number of bank failures in the United States continues to accelerate, many analysts are warning that we could soon see unprecedented changes in the U.S. banking industry. In fact, there are some economists that are warning that we could be about to witness the greatest banking consolidation in U.S. history. As dozens of small and medium size banks have failed, the megabanks have systematically been gobbling up larger and larger slices of market share. In fact, if current trends continue, it doesn't take much imagination to foresee a future where the entire U.S. banking industry has been consolidated down to between 5 and 10 "superbanks". So would that be so bad? Well, yes it would. It would represent a massive shift in financial power away from the American people to big, global corporate banks. But if you happen to be a fan of big, global corporate banks perhaps you will really love what is about to happen to the U.S. banking industry. (Read More....)
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