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05-01-2023, 09:38 AM
#881
Originally Posted by
jimmyb
This will likely continue to happen as the "small" banks face lessening deposits, caused by fears of the depositers and inflation and higher expenses for the people to leave their money in banks, which they will find is NOT a safe place for their money. Big banks will get bigger, until, ultimately, even they will get "nationalized" when the runs begin on them, too, because in truth, the depositers' money is NOT in them either. Nationalized CBDCs here we come! Nationalized until it becomes world wide? (Which does appear to be the mark of the beast, imho.)
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05-01-2023, 10:43 AM
#882
From the Epoch Times:
First Republic Bank has been seized by the Federal Deposit Insurance Corporation (FDIC), which announced on Monday morning that the beleaguered bank is being bought by JPMorgan Chase.
California financial regulators on Monday ordered First Republic Bank closed, with the FDIC appointed as receiver.
“To protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all of the deposits and substantially all of the assets of First Republic Bank,” the FDIC said in a May 1 statement.
The purchase and assumption agreement will see the FDIC contribute an estimated $13 billion from its deposit insurance fund to sweeten the deal, which was hammered out late Sunday and early Monday after several banks submitted last minute bids.
The Epoch Times has not been able to confirm other participants in the bidding, but the FDIC said that JPMorgan’s offer—which includes the assumption of all customer deposits and substantially all of its assets—fits the bill.
“The resolution of First Republic Bank involved a highly competitive bidding process and resulted in a transaction consistent with the least-cost requirements of the Federal Deposit Insurance Act,” the FDIC said.
This refers to the legal requirement for the FDIC to pick a form of “resolution”—or orderly liquidation of a failing bank—that results in the lowest possible cost to its deposit insurance fund and, indirectly, to customers of healthy banks that will eventually be encumbered by the cost of topping up the fund via a special assessment (or insurance premium) on banks.
The FDIC is also entering into a loss-share transaction with JPMorgan Chase on real estate loans purchased from First Republic, an arrangement meant to both minimize disruptions for loan customers and maximize recoveries.
“The FDIC as receiver and JPMorgan Chase Bank, National Association, will share in the losses and potential recoveries on the loans covered by the loss-share agreement,” the FDIC said.
First Republic Bank had approximately $229.1 billion in total assets and $103.9 billion in total deposits as of April 13, 2023.
Under the terms of the takeover, depositors of First Republic will automatically become depositors of JPMorgan Chase and will continue to have full access to their deposits.
On Monday, First Republic Bank’s 84 offices in eight states will reopen as branches of JPMorgan Chase, which will operate normally during regular business hours.
The transaction makes JPMorgan Chase—already the nation’s biggest bank—even more massive.
The announcement of the deal caps weeks of speculation about the fate of First Republic, which was tossed a lifeline recently in the form of a $30 billion injection of uninsured deposits by five of the nation’s biggest banks, including JPMorgan.
First Republic was, by July 2020, the 14th biggest bank in the United States and at the end of last year, it employed over 7,200 people.
The San-Francisco based lender was, like other regional lenders, squeezed by the Federal Reserve’s rapid rate hikes in a bid to quash soaring inflation. Rising rates made the bank’s portfolio of bonds drop in value, while the March collapse of Silicon Valley Bank (SVB) sparked what First Republic executives said was an “unprecedented” outflow of deposits, sparking a steep selloff of its shares.
People walk by the First Republic Bank headquarters in San Francisco, Calif., on March 13, 2023. (Justin Sullivan/Getty Images)‘Unprecedented Deposit Outflows’
An earnings report (pdf) released by First Republic on April 24 revealed it had experienced an “unprecedented” run on deposits following the collapse of SVB and Signature Bank.
“With the closure of several banks in March, we experienced unprecedented deposit outflows,” Neal Holland, First Republic’s chief financial officer, said in the earnings report.
On March 9, a day before SVB failed, First Republic’s deposits stood at $173.5 billion, down 1.7 percent from year-end 2022.
But on March 10, as SVB’s collapse grabbed headlines, First Republic began experiencing an unprecedented run on its deposits that saw $101 billion in savings flee the bank through April 21.
Word of the deposit exodus sent First Republic Bank’s stock to record lows.
In the run-up to the FDIC’s Sunday seizure of First Republic, there was speculation as to whether the bank would try and continue operating while taking steps to bolster its balance sheet.
That seemed to be the preferred course of action for First Republic CEO Michael Roffler, who said in the earnings report that deposits had stabilized and the bank remained “fully committed” to serving its customers.
“With the stabilization of our deposit base and the strength of our credit quality and capital position, we continue to take steps to strengthen our business,” he said.
At the same time, First Republic said in the earnings report that it was “pursuing strategic options,” which is Wall Street code for looking for a white knight to swoop in for a rescue.
Some analysts say that the failure of First Republic will put more pressure on an already battered financial sector.
SVB (Silicon Valley Bank) logo and decreasing stock graph are seen in this illustration taken on March 19, 2023. (Dado Ruvic/Reuters)‘Credit Shocks’ Coming?
The banking crisis is expected to cause “credit shocks,” which would drag down economic growth, according to Morgan Stanley.
“Disruption in the financial system will leave its mark on the real economy,” Morgan Stanley economists wrote in a recent note. “Our banking analysts see permanently higher funding costs for banks going forward, and the disruption to funding markets will likely lead to a tightening in credit conditions.”
The manufacturing, commercial real estate, and technology sectors are the most vulnerable to a pullback in bank lending, according to Goldman Sachs.
A reduction in lending will result in lower business investment in these industries, Jan Hatzius, chief economist of Goldman Sachs, wrote in a recent note.
“We also expect slowing job growth in the leisure and hospitality and other services industries, as diminished loan availability dissuades restaurant operators and other smaller businesses from hiring new workers and opening new establishments,” Hatzius said.
While deposit outflows have stabilized in recent weeks after an initial surge in the wake of the SVB collapse, the banking sector is not yet out of the woods, experts say.
“The U.S. banking sector continues to have fundamental weaknesses that have been contained due to liquidity injections and short term loans,” Daniel Lacalle, chief economist at hedge fund Tressis, told The Epoch Times in an emailed statement.
“But the core problem remains: the profitable asset base has been destroyed by years of negative real rates,” Lacalle added.
Negative real rates occur when nominal interest rates—those typically quoted by banks on loans and other financial products—are lower than the rate of inflation. Banks have a harder time turning profits when interest rates are low.
Before soaring prices forced the Fed to start hiking interest rates last March, there was a period of over a decade where the central bank expanded its balance sheet by buying government securities, driving interest rates to near zero, and flooding the economy with cheap money.
Analysts say many banks took added risks to increase investment returns during years of very low interest rates and some may have failed to hedge against the risk of rising interest rates.
“Deposit outflows have also forced banks to sell assets at a loss that they had intended to hold to maturity in order to generate the cash required to cover deposit withdrawals,” Ben Johnston, chief operating officer of Kapitus, a provider of financing for small and medium-sized businesses, told The Epoch Times in an emailed statement.
“These losses have reduced the equity value of the banks, weakening their ability to withstand future losses, and worrying their customer bases. While fear in the banking system has subsided, these risks have not gone away,” he added.
Investor Warren Buffett predicted recently that “we’re not through with bank failures,” while JPMorgan CEO Jamie Dimon wrote in a letter to shareholders that even when the current crisis is behind us, “there will be repercussions from it for years to come.”
Liam Cosgrove and Emel Akan contributed to this report.
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05-05-2023, 09:34 PM
#883
Biden regime official says forcing Americans into poverty by getting rid of jobs is a GOOD thing to save planet from “climate change”
https://www.newstarget.com/2023-05-0...te-change.html
They swore, if we gave them our weapons, that the wars of the tribes would cease.
“As a general rule, the earlier you recognize someone is trying to kill you, the better off you’ll be.”
"You think a wall as solid as the earth separates civilisation from barbarism. I tell you the division is a sheet of glass."
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05-09-2023, 03:52 PM
#884
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05-23-2023, 03:33 PM
#885
Tic-toc....False Flag in 3...2...1
https://100percentfedup.com/wow-30-t...r-with-mexico/
WOW! 30-Ton Shipment of Chemical Explosives Traveling By Rail From WY to CA Have DISAPPEARED—With an Unknown Number of Illegals From Terror Nations Crossing Into the U.S. Through Our Open Borders, What Could Possibly Go Wrong?
By Patty McMurray | May 22, 2023
ETA: Related Article
https://conservativebrief.com/probe-...m=ProTrumpNews
California Officials Investigating Loss of 30-Ton Shipment of Explosive Chemicals
Jon Dougherty
May 23, 2023
Remember the Prepper's Motto: "Panic early and avoid the rush!"
Everything I post is Fiction and shouldn't be taken seriously by anyone.
88 = Heil Hitler
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05-23-2023, 03:41 PM
#886
And then there's this:
https://nypost.com/2023/05/23/pandem...ing-warns-who/
The next pandemic ‘even deadlier’ than COVID is coming, warns WHO
By Marc Lallanilla
May 23, 2023
Remember the Prepper's Motto: "Panic early and avoid the rush!"
Everything I post is Fiction and shouldn't be taken seriously by anyone.
88 = Heil Hitler
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05-24-2023, 05:59 AM
#887
I wonder is any of those 18-34 single chinese men pouring into the country had anything to do with the theft of 30 tons of explosives? Naw, they just want to be free! no connection there. red dawn is already here, they just haven't picked up their weapons yet. you better have. never leave the house unarmed, never go into a store unarmed. you never know when someone with a grudge or a political agenda will poke their head out of the hole and squeeze off a round or ten. prep and pray, the end has arrived.
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05-31-2023, 10:46 PM
#888
https://www.thegatewaypundit.com/202...rth-korea-its/
World Health Organization Elects Communist NORTH KOREA to its Executive Board
by Jim Hoft May. 31, 2023
Communist North Korea, a regime notorious for starving its own people while investing heavily in nuclear weapons, has been elected to the Executive Board of the World Health Organization (WHO).
Under the leadership of Kim Il-sung, the country’s founder, North Korea adopted a socialist and communist system.
The communist country has been widely criticized for its human rights record, and there have been reports of severe punishments inflicted on its own people for various reasons. (It is important to note that information about the country’s internal workings is limited due to its isolation and strict control over information.)
Some of the reported methods of punishment in North Korea include:
- Forced Labor: The government has been accused of using forced labor, including in prison camps known as “kwanliso,” where detainees are subjected to harsh conditions and forced to perform hard labor.
- Political Prison Camps: North Korea operates a network of prison camps where individuals deemed to be enemies of the state, including political dissidents and their families, are imprisoned. The conditions in these camps have been described as inhumane, with reports of torture, starvation, and other forms of abuse.
- Arbitrary Detention: The government has been known to detain individuals arbitrarily, often without due process or access to legal representation. Detainees can be held for extended periods without any formal charges or trial.
- Public Execution: North Korea has been reported to carry out public executions for offenses such as espionage, political dissent, and even for actions deemed as disobedience to the regime. These executions are often meant to instill fear and maintain control.
- Restrictions on Freedom of Expression: The regime tightly controls the flow of information and restricts freedom of speech and expression. Possessing or distributing unauthorized materials, including foreign media, can lead to severe punishment.
- Collective Punishment: The government has been accused of implementing a system of collective punishment, where the family members of individuals deemed disloyal or engaging in dissent can also face punishment, including being sent to prison camps.
North Korea’s regime, led by Kim Jong Un, has long been accused of gross human rights abuses and negligence toward the basic needs of its own citizens.
Despite this, the World Health Organization elected North Korea to its Executive Board.
“The Executive Board is composed of 34 persons who are technically qualified in the field of health, each designated by a Member State that has been elected to serve by the World Health Assembly. Member States are elected for three-year terms,” according to WHO.
Dr. Jong Min Pak, Director of the Department of External Affairs, Ministry of Public Health in Pyongyang, has been elected as one of the executive boards.
Critics argue that this move undermines the credibility and effectiveness of the WHO, which is already facing scrutiny for its handling of global health crises.
International human rights lawyer Hillel Neuer has more on this story.
What this means is that one of the world’s most horrific regimes is now a part of a group that sets and enforces the standards and norms for the global governance of health care. It is an absurd episode for a key U.N. agency that is in much need of self-reflection and reform.
North Korea’s regime allows its people to die of starvation while they spend billions on nuclear weapons.
As a member of the WHO Executive Board for the next three year, Kim Jong Un will help set the agency’s agenda and implement its policies. (See: North Korea Suffers One of Its Worst Food Shortages in Decades)
North Korea was elected, in a slate with the other nominees, by a secret ballot: 123 nations voting yes, 13 abstentions and 6 spoiled ballots; 35 countries were absent. Normally the elections are by consensus, but Russia challenged Ukraine’s nomination, and so a vote was held.
The right signal from the U.N. to the North Korean regime would be an overdue referral to the International Criminal Court, not an election to an organization that sets the standards for global health.
The truth is that scores of North Korean regime actors, from Kim Jong-un to low-level guards, should be investigated and prosecuted for committing some of the most heinous crimes against humanity ever documented in modern times. This is what the U.N. should be advancing.
Remember the Prepper's Motto: "Panic early and avoid the rush!"
Everything I post is Fiction and shouldn't be taken seriously by anyone.
88 = Heil Hitler
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06-03-2023, 10:00 PM
#889
Down is up and up is down
https://www.thegatewaypundit.com/202...ictims-father/
Judge Upholds Disorderly Conduct Charges for Rape Victim’s Father for Calling a Taunting Leftist Activist “B*tch” That “Incites Her to Violence”
by Jim Hoft Jun. 3, 2023
Remember the Prepper's Motto: "Panic early and avoid the rush!"
Everything I post is Fiction and shouldn't be taken seriously by anyone.
88 = Heil Hitler
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06-04-2023, 09:33 AM
#890
hey fellow truth followers, best pay attention to two separate events ongoing. first Israel is on alert and prepping for war with hezbolla and in turn, Iran. It would not surprise me if they go to war before the 9th of aviv--July. the other is a serious refinery fire at a plant in Lake Charles--about 90 mi west of me. Lake Charles is a major distribution point for LNG. don't know exactly which refinery is burning but its a big blow. best get ready. temps are up, gun play increases and the big heat hasn't hit yet! prep and pray, the end has arrived.
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