The very design of banks ensures failure: Fractional reserve banking.
Essentially, banks don't have enough assets on hand to lend. Technically, this makes every bank insolvent.
Ardoino warned that banks would fall short of cash
They already are.
We are just exporters of what we believe to be the best product the United States ever created — that is, the US dollar
The dollar was only good until the Federal reserve act in 1913. President Nixon put the last nail in the coffin in 1973 when he disconnected gold from the currency, making it a derivative of nothing. The Bretton woods accord propped up the dollar for a long time.
If you have not already. It might be a good idea to remove your money from most if not all banks.
When they can't pay their bills, they wont pay you back and if they get a bailout you wont be the one getting it.
You are correct.
(post is archived)