JPMorgan Chase thought it had $1.3 million worth of nickel stored in a warehouse
A closer examination revealed bags of stones.

The London Metal Exchange revealed a surprising mix-up last week at a warehouse in the Dutch port city of Rotterdam.

An operator for the warehouse weighed bags that were thought to contain 54 metric tons of nickel, only to find that they were filled with stones, according to The Wall Street Journal.

It appears that JPMorgan Chase is the unlucky owner of those bags… (Continue to full article)

‘Invite me to your funeral’
Jim Cramer makes a bold call on the Nasdaq — and even billionaire Elon Musk had to respond

CNBC’s Jim Cramer sees further opportunity in the tech-heavy index. In fact, he’s warning those who are trying to bet against it.

The message also caught the attention of Tesla CEO and Twitter owner Elon Musk, who replied with a partying face emoji. It’s no surprise: Tesla is one of the larger components of the Nasdaq Composite.

If you share Cramer’s view and see the upside in Nasdaq, here’s a look at how to get a piece of the action… (Continue to full article)

The $17 billion wipeout of Credit Suisse bondholders has not gone down well in Europe
One section of Credit Suisse’s bondholders is set to be wiped out following the struggling bank’s takeover by UBS, causing them to see investments worth 16 billion Swiss francs ($17 billion) become worthless.

The Swiss regulator FINMA announced Sunday that the so-called additional tier-one bonds, which are widely regarded as relatively risky investments, will be written to zero as part of the deal.

The move has angered Credit Suisse AT1 bondholders as their investments have seemingly been lost… (Continue to full article)

“Gold, Mr. Bond.”

Bank Disasters – Is Silicon Valley Bank Just the Start?
Bank Bloodbathery Sparks Widespread ‘Risk Off’. …and then there were Silvergate, Credit Suisse, and even J.P. Morgan along for the ride.

Many of us have been warning of this for a long time.

The global financial system relies on credit, not money. The only real money is gold and silver. All of the rest is loaned into existence. With an interest rate, to boot.

Don’t believe me? Take out a dollar bill from your purse or wallet. It says “Federal Reserve Note”. No longer convertible into silver. It is just a promise that somebody would accept it as payment.

Don’t believe me? J.P. Morgan himself, testifying in 1912:

“Gold Is Money. Everything Else Is credit.”… (Continue to full article)

First Republic continues tanking, but other regional banks are rallying on Monday
Shares of First Republic Bank, which have become the barometer of the regional bank crisis, slid once again Monday after Standard & Poor’s cut the credit rating of the San Francisco-based institution, but shares of rival banks were moving higher.

S&P reduced its credit rating for First Republic to B+ from BB+ on Sunday after first lowering it to junk status just last week. The rating remains on CreditWatch Negative, said S&P.

The stock fell 46% on Monday, adding to a decline of more than 80% already this month that came as the collapse of Silicon Valley Bank caused investors to rethink other banks with large uninsured deposit bases… (Continue to full article)

Egg prices so high, popular store pulls them from shelves completely
Americans facing rising inflation have become nostalgic for prices from just two years ago Egg prices have increased by as much as 60% in the last year, prompting the popular discount store to pull eggs over not being able to make a profit, Reuters reported. The majority of merchandise at Dollar Tree sits at $1.25, though the store also has other items for $3 and $5.

“Our primary price point at Dollar Tree is $1.25. The cost of eggs is currently very high,” company spokesperson Randy Guiler said, according to the Washington Examiner.

Despite the eggs getting pulled, they will likely return to shelves when “costs are more in line with historical levels.”… (Continue to full article)

Fed and other central banks try to head off crisis by keeping dollars flowing
The US Federal Reserve and several other major central banks announced a coordinated effort Sunday night to boost the flow of US dollars through the global financial system with the aim of keeping credit flowing to households and businesses.

“The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing a coordinated action to enhance the provision of liquidity via the standing US dollar liquidity swap line arrangements,” the central banks said in a joint statement.

Sunday’s statement came just hours after Swiss authorities orchestrated an emergency takeover of Credit Suisse by UBS. Credit Suisse — one of the 30 most important banks in the global financial system — was bleeding money last week after investor and customer confidence collapsed… (Continue to full article)

First Republic shares crash 37 percent in pre-market trading after credit rating is cut again despite $30b rescue package from 11 major banks – as global markets jitter in wake of UBS buying Credit Suisse
Traders on Wall Street were likely surprised upon arriving to the New York Stock Exchange to see that the respected index’s stabilization – a signal that banks may be on the road to recovery after a series of failures that have threatened to upend the American economy this month following the collapse of Silicon Valley Bank.

Since Sits failure more than a week ago, experts have speculated whether the bank’s failure could spell doom for the US banking system, and spur a repeat of the 2008 failures that spawned the 2008 recession.

First Republic – one of the main indicators of the current banking volatility – on Monday extended a ten-day rout that’s seen its evaluation fall 80 percent, after its shares fell sharply by nearly 40 percent before recovering by half as trading began… (Continue to full article)

How safe is YOUR bank?
A week of plunging markets, multi-billion dollar rescues and emergency measures eclipsing the ’08 Crash… yet Americans still DON’T know the full truth of the SVB panic.

Welcome to the new reality in the world of banking.

Forget ‘too big to fail.’

Events over the last week have revealed a fresh phrase being whispered on Wall Street: ‘Too small to fail.’

In the past 48 hours, two banks – Credit Suisse and First Republic – got massive cash infusions to stabilize their foundations, which had begun to shiver and shake after the collapse of two U.S. regional banks, Silicon Valley Bank (SVB) last Friday and New York’s Signature Bank on Sunday…. (Continue to full article)

Inflation is now so bad people are nostalgic for 2021, when an avocado cost $1 instead of $2.50, and a dozen eggs were $1.60 not $4.21
Americans facing rising inflation have become nostalgic for prices from just two years ago – when the cost of basic groceries were almost half their price.

In the past, people may have cynically recalled how the cost of everyday items had risen over decades, but now people see prices escalating before their eyes, according to a report in the Wall Street Journal.

The nostalgia for lower prices is about more than price for many consumers, it can also be an indication of how the rest of their lives are going. ‘It’s emotional and it signifies something else, like, “Oh, my God, if this basic thing has gone up 50 percent, my whole life is going to unravel”,’ one woman told the Journal… (Continue to full article)

Switzerland’s largest bank UBS agrees to buy its rival Credit Suisse for $2BN with authorities rushing through a change in law to facilitate the deal as global market turmoil enters third week after collapse of SVB in the US
Switzerland’s largest bank, UBS, will buy rival Credit Suisse for $2bn following intense negotiations today. Credit Suisse’s share price closed on Friday at 1.86 Swiss francs, with the bank worth just over $8.7billion.

UBS has agreed to buy Credit Suisse after increasing its offer to more than $2 billion following urgent talks today.

The banking giant will pay more than 0.50 francs ($0.5401) a share in its own stock, far below Credit Suisse’s closing price of 1.86 francs on Friday, FT reported, citing sources.

The agreement follows meetings earlier today in Bern between the Federal Council, the Swiss National Bank, UBS and Credit Suisse to settle the future of the bank…. (Continue to full article)

First Republic is a hot mess
The reason has a lot to do with its wealthy clientele.

It may seem surprising that First Republic, a midsize bank catering to wealthy clients in coastal states, became such a danger to the American banking system that the government had to cudgel the industry to stage an intervention.

The reason has a lot to do with the high-net-worth people who bank there.

“It’s the biggest example of a bank that could go down and shouldn’t go down — a first-class bank,” said a source close to the 48-hour deal to infuse First Republic with $30 billion in cash.

San Francisco-based First Republic, the 14th-largest bank in the country, received the cash infusion from 11 rivals, including America’s largest lenders… (Continue to full article)

The fate of Credit Suisse could be decided in the next 24 hours
Local media reported that the Swiss cabinet had gathered for a crisis meeting at 5 p.m. local time (12 p.m. ET) Saturday at the finance ministry to discuss the bank’s future, as reports swirled of a possible takeover of the ailing bank by its biggest Swiss rival, UBS (UBS).

Investors and customers pulled their money out of Credit Suisse over the past several days as turmoil swept the global banking industry following the collapse of two US lenders.

Shares of the bank lost 25% over the course of the week, despite an emergency $54 billion loan from the Swiss National Bank. The price of financial contracts designed to protect investors against possible losses on its bonds soared to record levels. More than $450 million was pulled from European and US funds… (Continue to full article)

Oldest reference to Norse god Odin found in Danish treasure
Scandinavian scientists said Wednesday that they have identified the oldest-known inscription referencing the Norse god Odin on part of a gold disc unearthed in western Denmark in 2020.

Lisbeth Imer, a runologist with the National Museum in Copenhagen, said the inscription represented the first solid evidence of Odin being worshipped as early as the 5th century — at least 150 years earlier than the previous oldest known reference, which was on a brooch found in southern Germany and dated to the second half of the 6th century.

The disc discovered in Denmark was part of a trove containing about a kilogram (2.2 pounds) of gold, including large medallions the size of saucers and Roman coins made into jewelry. It was unearthed in the village of Vindelev, central Jutland, and dubbed the Vindelev Hoard.

Experts think the cache was buried 1,500 years ago, either to hide it from enemies or as a tribute to appease the gods… (Continue to full article)

Fed poised to approve quarter-point rate hike next week, despite market turmoil
Even with turmoil in the banking industry and uncertainty ahead, the Federal Reserve likely will approve a quarter-percentage-point interest rate increase next week, according to market pricing and many Wall Street experts.

Rate expectations have been on a rapidly swinging pendulum over the past two weeks, varying from a half-point hike to holding the line and even at one point some talk that the Fed could cut rates.

However, a consensus has emerged that Fed Chairman Jerome Powell and his fellow central bankers will want to signal that while they are attuned to the financial sector upheaval, it’s important to continue the fight to bring down inflation… (Continue to full article)

ALL That Jazz… YEAH BABY!

Nearly 200 banks at risk for same fate as SVB
There are 186 banks across the country that could fail if half of their depositors quickly withdraw their funds, a new study published on the Social Science Research Network found. Even insured depositors — those with $250,000 or less in the bank — could have problems getting their cash if these institutions face the sort of run that Silicon Valley saw a week ago.

The concern is that these banks hold a significant amount of their assets in interest-rate sensitive financial instruments like government bonds and mortgage backed securities. The value of those older, low-interest investments dropped sharply as the Federal Reserve hiked interest rates over the past year… (Continue to full article)

A used car delership is seen in Laurel, Maryland on May 27, 2021, as many car dealerships across the country wee running low on new vehicles as a computer chip shortage has caused production at many vehicle manufactures to nearly stop. (Photo by JIM WATSON / AFP) (Photo by JIM WATSON/AFP via Getty Images)

Why car prices are still so high — and why they are unlikely to fall anytime soon
It has been nearly three years since auto plants around the world started to shut down because of the pandemic.

Yet between the pandemic, an acute shortage of semiconductors and other supply chain snarls, vehicle production has never really returned to normal.

And prices? Hoo boy.

Both new and used prices have stopped skyrocketing. In fact, both dipped slightly in February.

But the average new-vehicle transaction price is still $48,763, according to Kelley Blue Book. Before the pandemic, the average new vehicle sold for $37,876… (Continue to full article)

“I yam back.”

Yellen Admits Government Choosing Bank Bailout Winners and Losers
Treasure Secretary Janet Yellen admitted to the U.S. Senate Thursday that the government is choosing winners and losers in the rigged bank bailout lottery. And wouldn’t you know it, the losers sure look like the smaller community banks the big banks (and Democrats) would love to see eliminated.

“Will the deposits in every community bank in Oklahoma, regardless of their size, be fully insured now? Are they fully covered, every bank, every community bank in Oklahoma, regardless of the size of the deposit? Will they get the same treatment that SVBP [Silicon Valley Bank] just got or Signature Bank just got?”

Look very closely at Yellen’s terrifying answer:

“A bank only gets that treatment if a majority of the FDIC board, a super majority of the Fed board and I, in consultation with the president, determine that the failure to protect uninsured depositors, would create systemic risk and significant economic and financial consequences.”

In other words, if the FDIC likes your bank, the depositors are insured. If not, the depositors are not insured over $250,000, which means what?… (Continue to full article)”

…and utter train wreck!

First Republic Bank Shares Crash Despite $30 Billion Rescue
First Republic Bank’s stock price crumbled on Friday despite big banks’ injection of $30 billion in uninsured deposits into the institution, suggesting the “rescue” did not inspire confidence as intended.

Not only did First Republic’s stock price crash — it was down around 25 percent at noon eastern time Friday — but several of the big banks that rescued the bank have experienced a drop in stock price. Shares of Wells Fargo were down by 4.2 percent, shares of Citigroup fell 3.6 percent, shares of Bank of America dropped four percent, and shares of J.P. Morgan Chase declined by 3.3 percent.

On Thursday, the Federal Reserve, Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency said the rescue was a reflection of the big banks’ “confidence in the country’s banking system.”… (Continue to full article)

We are STILL getting SCREWED…

Banks Rush to the Fed for Liquidity
The Federal Reserve on Thursday released its latest weekly snapshot of the central bank’s balance sheet. As of March 15, the level of borrowings from the Fed’s liquidity and credit facilities had risen nearly 2,000 percent from the prior week, rising from $15.2 billion to $318.1 billion.

To put that in historical context, the 2020 pandemic level of borrowings reached only $129.6 billion. The last time borrowings were this high was November of 2008, following the collapse of Lehman Brothers.

Lending under the Fed’s “primary credit” facility—known as the discount window—jumped from $4.6 billion to $152.9 billion. The Fed describes this as “a lending program available to depository institutions that are in generally sound financial condition. Primary credit is available in terms from overnight to 28 days. In extending primary credit, Reserve Banks must judge that the borrower is likely to remain eligible for primary credit for the term of the loan.”… (Continue to full article)

Yellen claims US banking system ‘remains sound‘
A week after the second-largest bank collapse in U.S. history, Treasury Secretary Janet Yellen told the Senate Finance Committee on Thursday that the nation’s banking system “remains sound” and Americans “can feel confident” about their deposits.

Janet “High-Yield” Yellen

Her remarks, coming against the backdrop of deepening concerns about the health of the global financial system, were an effort to signal to markets that there would be no broader contagion from the collapse of Silicon Valley Bank in California and Signature Bank in New York.

Facing fierce questioning by lawmakers on how Federal Reserve interest rates contributed to the bank failures and whether taxpayers would bear the brunt of the commitment to make depositors at the banks whole, Yellen stressed the need for the federal government to act to assure stability in the market.

What ‘Sound‘ is this… (Continue to full article)

How four First Republic Bank execs quietly sold $12M in stock before SVB crash
First Republic Bank executives quietly sold nearly $12 million worth of its stock in just the past three months, according to the Wall Street Journal.

Executive Chairman James Herbert II sold the most of any of the other insiders, off-loading a whopping $4.5 million worth of shares since the start of the year.

In all, four of the struggling bank’s top executives sold $11.8 million worth of stock so far this year, at prices averaging just below $130 a share, the Journal found

Some of these sales came just days before the bank started facing liquidity troubles, as panicked investors sought to get their money back following the fall of Silicon Valley Bank and Signature Bank… (Continue to full article)

Goldman Sachs issues recession warning – as it’s revealed the bank will make $100M from SVB collapse
Shares of First Republic dropped 35 percent at the opening bell on Thursday, after reports that the San Francisco-bank is exploring strategic options, including a sale. First Republic, which has a similar client base to failed SVB, has been most impacted by fears of contagion, and on Wednesday had its bond rating cut to Junk status by Standard & Poors. A bank spokesman did not immediately respond to request for comment.

Overall, Wall Street opened lower Thursday, but the losses were modest, with the Dow Jones Industrial Average falling 47 points, or 0.15 percent, after a whirlwind several days dominated by a growing banking crisis.

First Republic ‘is in rescue talks with major banks including JPMorgan‘: Dow jumps 300 points on word of a $20B lifeline for troubled regional lender… (Continue to full article)

What goes up must come down; spinning wheel must go ’round…”

Group of financial institutions in talks to deposit about $20 billion in First Republic
A group of financial institutions are in talks to deposit roughly $20 billion in First Republic, sources told CNBC’s David Faber. The group includes Goldman Sachs, Morgan Stanley, JPMorgan Chase, Citigroup and others, the sources said.

The deal is not done yet, the sources said. The plan does not call for an of acquisition of First Republic. The sources noted the amount was a moving target. Other reports said the deposit boost could be as much as $30 billion.

The news comes after First Republic’s stock has been pummeled in recent days, sparked by the collapse of Silicon Valley Bank last Friday and Signature Bank over the weekend. Both of those banks had a high number of uninsured deposits, as did First Republic… (Continue to full article)

What’s a bank run? The 10 moves that led to Silicon Valley Bank’s astonishing fall
Silicon Valley Bank’s astonishing fall Friday began when its customers rushed to draw down their accounts all at once — a destabilizing event known as a bank run.

The bank provided financing for almost half of US venture-backed technology and health care companies. It was the largest failure of a US bank since Washington Mutual in 2008, during the Great Recession.

Although the bank’s fall unfolded over a rapid 48 hours, the story begins years ago with moves made by the Fed and investment decisions by the bank.

Here’s what led to the demise of a Top 20 US commercial bank… (Continue to full article)

Dow Drops 500 Points As Bank Fears Reignite
Fears of financial instability sent stocks around the world plummeting on Wednesday.

The Dow Jones Industrial Average fell by as much as 500 points, or 1.7 percent, in early trading. The Nasdaq Composite fell 1.2 percent. The S&P 500 dropped by 1.6 percent. The small-cap Rusell 2000 lost 2.3 percent.

U.S. banks and consumer finance companies were under renewed pressure as worries about Swiss banking giant Credit Suisse reignited fears of financial instability. The KBW Bank Index, which tracks large U.S. banks, fell 3.1 percent… (Continue to full article)

Credit Suisse Shares Crash as Banking Crisis Goes Global
Shares of Swiss banking giant Credit Suisse fell by more than 20 percent and the cost of insuring its bonds against default soared on Wednesday after its biggest shareholder said it would “absolutely not” provide additional support.

The decline brought shares to an all-time low. Concerns about the bank’s health and stability have been weighing on the stock for three months.

The most recent sell-off appeared to be triggered by remarks from the chairman of Saudi National Bank, the biggest shareholder of Credit Suisse, when asked if the Saudi bank was open to further capital injections.

“The answer is absolutely not, for many reasons outside the simplest reason… (Continue to full article)

First Republic is cut to junk status by S&P
Shares of Big Four US banks wipe out yesterday’s gains and Credit Suisse stock plunges over 25% to record low after SVB collapse

Wall Street’s main stock indexes opened lower on Wednesday, as turmoil at Credit Suisse renewed fears of a banking crisis and sent shares of major US banks lower.

At the opening bell, the Dow Jones Industrial Average fell 396 points, or 1.23 percent, while the S&P 500 opened 1.09 percent lower and the Nasdaq Composite dropped 1.20 percent.

Shares of First Republic, one of the regional banks swept up in contagion fears after the collapse of Silicon Valley Bank, dropped up to 11 percent after the bank’s bond rating was downgraded to junk status by S&P. The Big Four trillion-dollar US banks suffered in early trading after yesterday’s rally. Wells Fargo slid 3.9 percent, Citigroup dropped 4.3 percent, Bank of America was down 2.2 percent and JP Morgan saw a 3.5 percent dip… (Continue to full article)

Assets of US banks are worth massive $2TRILLION less than their accounts report and 200 banks could be at risk if customers rush to withdraw
Assets held by America’s banks are worth a staggering $2 trillion less than stated in their accounts because of ‘unrealized losses’ like those which triggered the collapse of Silicon Valley Bank, a study suggests.

And a run on the banks would leave customers at nearly 200 institutions facing losses of up to $300 billion, according to the paper by leading finance academics.

The paper said the value of assets across the U.S. banking system is ‘$2 trillion lower than suggested by their book value’. Those assets include Treasury bonds whose value has decreased significantly across the past 12 months because of an aggressive campaign of interest hikes by the Federal Reserve.

SVB’s collapse was partly because executives used its burgeoning customer deposits to buy these bonds, then lost money as it rushed to sell them at a loss amid a run on the bank… (Continue to full article)

Signature’s Seizure Tied to a Loss of Faith
Silicon Valley Bank’s lack of a chief risk officer for much of last year is being examined by the Federal Reserve as part of its probe of the bank’s failure. SVB revealed in a 2023 proxy statement that Chief Risk Officer Laura Izurieta left the company in October but stopped performing the role in April. The company said Kim Olson took over the job in December. Olson is based in New York, across the country from most of the rest of SVB’s top brass.

The San Francisco Fed was the chief regulator for SVB before it fell into Federal Deposit Insurance Corp. receivership on Friday in the biggest bank failure in more than a decade. The Fed has said that it will also conduct an internal investigation of its own oversight, and release the results on May 1.

By now most people know why SVB tanked. But why Signature Bank? It turns out the answer is simple: The favorite of law firms and crypto was seized by the government Sunday after regulators lost faith in management. “The bank failed to provide reliable and consistent data, creating a significant crisis of confidence in the bank’s leadership.”

Moody’s Investors Service placed First Republic Bank and five other US lenders on review for downgrade, the latest sign of concern over the health of regional financial firms following the failure of SVB. Western Alliance Bancorp., Intrust Financial Corp., UMB Financial Corp., Zions Bancorp. and Comerica Inc. were the other lenders put on review… (Continue to full article)

Home Depot co-founder torches ‘woke’ Silicon Valley Bank collapse, warns recession may be here already
Banks are more concerned with ‘global warming’ than shareholder returns.

During an appearance on “Cavuto Live,” Marcus discussed the devastating collapse of Silicon Valley Bank, urging Americans to “wake up” and understand that the U.S. economy is in “tough times.”

“I can’t wait for Biden to get on the speech again and talk about how great the economy is and how it’s moving forward and getting stronger by the day. And this is an indication that whatever he says is not true. And maybe the American people will finally wake up and understand that we’re living in very tough times, that, in fact, that a recession may have already started. Who knows? But it doesn’t look good,” Marcus argued, Saturday… (Continue to full article)

Moody’s sees harder times ahead for all US banks and puts six on ‘downgrade’ watch
Moody’s Investors Service cut its outlook for the entire US banking sector and placed six US banks on review for potential credit rating downgrades, in the wake of last week’s collapse of Silicon Valley Bank.

The credit ratings firm said it expects more banks will come under pressure after SVB’s failure — particularly those with large hoards of uninsured deposits and long-term Treasury bonds that have crumbled in value. Moody’s said it expects pressure on the banking sector to persist as the Fed continues to hike interest rates to combat inflation.

Another concern: US banks are raising the interest rates they pay on savings accounts. Although they hope the higher rates will retain customers worried by the collapse of SVB, that could also eat into profits… (Continue to full article)

Moody’s cuts outlook on U.S. banking system to negative, citing ‘rapidly deteriorating operating environment’
The move followed action late Monday, when Moody’s warned it either was downgrading or placing on review for downgrade seven individual institutions.

The moves are important because they could impact credit ratings and thus borrowing costs for the sector.

In its downgrade of the entire sector, the rating agency noted the extraordinary actions taken to shore up impacted banks. But it said other institutions with unrealized losses or uninsured depositors still could be at risk… (Continue to full article)

As long as we are getting SCREWED…

Key recession indicator sends investors sharpest warning in 42 years
The Treasury market is sending its sharpest warning about recession risks since 1981.

On Tuesday, the difference in the yield on 2-year and 10-year Treasury notes further inverted, with the yield on the 10-year falling 103 basis points, or 1.03 percentage points, below the yield on the 2-year yield. This dynamic has preceded each of the last eight U.S. recessions.

In an appearance before the Senate Banking Committee on Tuesday, Fed Chair Jerome Powell signaled the central bank will likely be more aggressive than it previously forecast in raising interest rates this year as inflation proves stubborn and the labor market remains strong.

“The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated,” Powell told the Senate Banking Committee in prepared remarks. “If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes… (Continue to full article)

Stock market will crash in 60 days, best-selling author on Lehman collapse warns
After Federal Reserve Chair Jerome Powell indicated the bank isn’t finished raising rates, one market expert has warned a crash could come in a matter of days.

“They’re playing catch up, and while they were doing quantitative easing in 2021, inflation started to rage and now they’re trying to catch up,” The Bear Traps Report founder Larry McDonald said Wednesday on “Mornings with Maria.”

“Our 21 Lehman systemic risk indicators that look at equity and credit point to one of the highest probabilities of a crash in the stock market looking out 60 days,” McDonald, who is also known for writing a best-selling book on the Lehman Brothers collapse, cautioned.

The withdrawal of capital from middle-class families has been “spectacular,” McDonald argued, as the Fed continues its most aggressive rate hike campaign since the 1980s to crush decades-high inflation. Although the consumer price index has slowly fallen from a high of 9.1% notched last June, it remains about three times higher than the pre-pandemic average… (Continue to full article)

Credit Card Nation: How we went from record savings to record debt in just two years
Millennials like Roth have seen their debt rise by nearly 30% since before the pandemic, to about $3.8 trillion. What’s so strange about this is that back in 2021, that debt had fallen to near-record lows.

“We saw Americans across the income stream save a lot of money. I mean a lot of money,” says Jill Schlesinger, CBS news business analyst and author of The Great Money Reset.

Schlesinger says stimulus checks, lockdown and pay raises had people in really strong financial shape, with the highest personal savings rate on record. “But then 2022 starts and inflation doesn’t go down,” says Schlesinger. “And then we saw many people plow through those pandemic era savings, left with nothing… (Continue to full article)

[Got physical… close at hand?]

Let’s do something about that…

Click on IMAGE

Call Jeffrey Bennett (Kettle Moraine, Ltd.) who has over 64 years experience in the precious metals markets – first as an investor and subsequently – with over 30 years as a respected member of the industry for guidance and assistance with your needs.

Also, he invites you to tune in to and experience his nearly 28 years of broadcasting with his daily program, The Edge of Darkness at 8:00 p.m. (Eastern Time), each Monday through Friday on Republic Broadcasting Network. – and in addition to educational commentary regarding YOUR financial health and welfare, you will be introduced to a wide variety of subject including YOUR physical well-being and health, your Education (about many topics) … and sometimes just a bit of much needed satire.

Kettle Moraine, Ltd.
P.O. Box 579
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The government has 48 hours’
Billionaire investor Bill Ackman calls on Biden to bail out SVB by Monday MORNING or face catastrophic market meltdown and loss of tens of thousands of jobs

Billionaire hedge fund manager Bill Ackman is forecasting ‘economic meltdown’ within hours of the banks opening up on Monday morning following the failure of Silicon Valley Bank. Ackman is urging for the U.S. government to finally step in and protect all of the bank’s depositors, warning inaction could lead to a ripple effect across other smaller banks within the industry. The worry is that customers will rush to withdraw cash from their accounts fearing instability across the banking system with the very real possibility of a domino effect.

Ackman is urging the government to take action and fix a ‘a-soon-to-be-irreversible mistake’ by Monday morning, to prevent such a bleak scenario from occurring. His ominous warning came hours after Greg Becker, the chief executive of SVB Financial Group, sent a video message to employees of the bank acknowledging the ‘incredibly difficult’ 48 hours leading up to its collapse on Friday.

MORE TO COME – STAY TUNED TODAY!!! (Continue to full article)

Government Mint Faces International Crisis After Gold-Diluting Ruse Is Discovered
Perth Mint, one of the largest gold mints in the world, is facing an international crisis after a report that the company had been diluting gold bars with cheaper metals to increase profits sparked outrage among investors and governments around the world.

The news was first reported in an investigative report by the Australian news program “Four Corners.”

The report claimed that Perth Mint had been using a gold-diluting ruse for years, in which the company would mix cheaper metals into its gold bars to increase their weight and value… (Continue to full article)

Millennials are sinking under the weight of their debts
…adding a record $3.8 trillion to the pile last quarter

And it’s not just due to their long-abiding love for avocado toast and bougie coffee — although both of these things have certainly become more expensive lately, thanks to inflation.

Their demographic alone amassed nearly $4 trillion in debt in the fourth quarter of 2022, according to the Wall Street Journal‘s analysis of Federal Reserve Bank of New York data. This marks a 27% rise from late 2019 — the biggest jump of any age group — and it’s the fastest they’ve ever accumulated debt since the 2008 financial crisis.

The generational wealth gap is widening for these 30-somethings, and here’s why the occasional splurge at Starbucks isn’t to blame… (Continue to full article)

Federal Reserve could raise interest rates HIGHER and faster than expected to try and combat inflation, chair Jerome Powell warns Senators
The Federal Reserve could press on with rate hikes if inflation does not begin to fall faster and the economy doesn’t cool off, chair Jerome Powell told Senators on the Banking Committee on Tuesday.

He also warned that rate hikes could happen with greater frequency and claimed Congress’ spending had little to do with price rises.

In response to a line of questioning from Sen. John Kennedy, R-La., on what Congress could do to aid in fighting inflation, Powell said ‘I don’t think fiscal policy right now is a big factor driving inflation at this moment.’… (Continue to full article)

The FDIC Is Planning a Bail-In With Your Money
Things are rough in the US economy, and the FDIC seems to be making plans to handle further collapse.

How? By helping themselves to YOUR money that you have on deposit, safely (you thought) tucked away in your bank account. If I’m right, a lot of people are going to be financially devastated in the not-so-distant future.

Think I’m a crazy conspiracy theorist? Well, as we’ve seen, that often means you’re just ahead of the game. There are several reasons that I believe it may come to this, not the least of which is that there’s a publicly accessible video of their meeting in which they discuss how to do it, when to do it, and how to keep the public from freaking out about it… (Continue to full article)

Biden plans to raise taxes for Americans earning more than $400,000 and reduce Medicare payments for prescription drugs in a bid to fix funding crisis
Biden’s proposal would raise the net investment income tax , created by the Affordable Care Act, from 3.8 percent to 5 percent for all Americans earning more than $400,000 per year.

Biden, who will release his full budget proposal on Thursday in Philadelphia, said he will propose three key changes including the tax hike and new rules to reduce prescription drug costs.

The Democratic president outlined his plan in a guest essay in The New York Times on Tuesday, writing that ‘Medicare is more than a government program. It’s the rock-solid guarantee that Americans have counted on to be there for them when they retire.’

Biden’s proposal would raise the Medicare tax rate, created by the Affordable Care Act, from 3.8 percent to 5 percent for all Americans earning more than $400,000 per year, including salaries and capital gains… (Continue to full article)

Despite high inflation, Americans are spending like crazy — and it’s kind of puzzling
Something unexpected is going on in the U.S. economy.

Inflation remains high, yet many Americans went on a spending spree last month, eating out at restaurants and shopping for cars. In ordinary times, that additional spending would be welcome news to an economy that’s heavily dependent on consumer dollars.

But there’s a catch: All that spending threatens to put more upward pressure on inflation at a time when the Federal Reserve is raising interest rates aggressively to keep prices in check.

That makes it critical to gauge how long that consumer spending can last… (Continue to full article)

A LITTLE GOOD NEWS TODAY!: 8-Year-Old Arkansas Boy Raises Nearly 90k to Help Waffle House Server Living in Motel with Family
An eight-year-old Arkansas boy helped raise tens of thousands of dollars for his favorite Waffle House server after finding out the man lived in a motel room with his family.

Kayzen Hunter, 8, often dines at a Waffle House restaurant in Little Rock, Arkansas. That’s where he met a friendly server named Devonte Gardner.

“I come with a positive attitude. I treat everybody with positivity. I love to see everybody smile,” Gardner explained to the outlet.

TODAY reported when Hunter learned Gardner had been living in a motel room with his wife and two daughters for eight months due to unsafe living conditions at their previous home. Gardner said… (Continue to full article)

Walmart to shutter Portland locations just months after CEO’s warnings on crime
The one thing a depositor never wants to hear from a bank that is holding his or her life savings is that it has doubts about its “ability to continue as a going concern.” Unfortunately, those very words appeared in a filing made yesterday by Silvergate Capital with the Securities and Exchange Commission – which pretty much guarantees that the ongoing run on deposits at Silvergate will continue with an added sense of urgency.

“We have nearly 5,000 stores across the U.S. and unfortunately some do not meet our financial expectations,” Walmart said in its announcement, according to KPTV. “While our underlying business is strong, these specific stores haven’t performed as well as we hoped.”

Both Walmart locations at Hayden Meadows and East Port Plaza will officially close on March 24.

The employees at the locations will have the option to transfer to Walmart locations outside the city, KPTV reported. Pharmacy staff will also work with customers on transferring their prescriptions to nearby Walmarts… (Continue to full article)

It HAD to be YOU!…

Joe Biden to Fight for Tax Hikes in 2024 Budget: ‘I’m Gonna Raise Some Taxes’
Biden will fight to force taxpayers to pay even more corporate taxes in next week’s 2024 proposed budget, which is likely to impact both large and small businesses.

Although the business term “corporation” is widely associated with large companies like Chevron, Berkshire Hathaway, and McDonald’s, C-corporations can be both large and small businesses.

According to the Small Business Administration (SBA), 31.7 million small businesses exist in the United States. Eighty-one percent, or 25.7 million, have no employees (run and operated by a single person) and 19 percent, or 6 million, have paid employees.

The SBA also estimates that small businesses account for 65.1 percent (10.5 million) of net new job created from 2000 to 2019 and comprise 99.7 percent of firms with paid employees… (Continue to full article)

Discover Card to Begin Tracking Gun Purchases in April
Beginning in April 2023, Discover will become the first credit card issuer to track gun purchases made by their cardholders.

On September 11, 2022, Breitbart News noted that Visa caved to pressure from gun control groups and New York Democrats, agreeing to flag gun and ammo purchases via a new sales categorization. The Associated Press observed that Mastercard and other major credit cards also agreed to flag gun sales.

On March 2, 2023, the Independent Journal Review (IJR) reported that Discover will be first among credit card companies to track gun sales, inasmuch as the company will begin doing so in April… (Continue to full article)

Earning a paycheck could stop your Social Security benefits. But that could be a good thing
Could it really benefit you to stop your Social Security checks from coming?

When you file for Social Security benefits, you’ve made a choice that will affect how much income you receive for the rest of your life. If you filed for benefits before your full retirement age (FRA) – which is determined by your birth year – you may have permanently shrunk your monthly benefit.

There’s one situation where your benefits may stop after you start them, though – and this could actually be a good thing. It could happen if you’re working while getting benefits and you haven’t hit your FRA yet. Here’s how this could happen, and how it could benefit you… (Continue to full article)

BidenCash criminal market releases over 2M credit card numbers free for the taking

A criminal site known as BidenCash, which uses the president’s name and likeness to trade in stolen data, has just leaked 2,165,700 credit and debit cards online.

In a brazen one-year celebration of its first anniversary of operating its illegal marketplace that trades in stolen data and financial credentials like credit cards, it advertised its massive leak on an underground cybercrime forum.

Check to see if any of your credit cards are exposed by this dark underground market… (Continue to full article)