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"A society grows great when old men plant trees whose shade they know they shall never sit in." -- Greek proverb
A full guarantee of all bank deposits would spell the end of moral hazard and mark the final chapter of the dollar’s multi-decade debasement.
It’s said the cover-up is worse than the crime. With the latest banking crisis in the US, it’s the clean-up that could end up doing far more lasting damage. The failure of SVB et al prompted the FDIC to guarantee that all depositors will be made whole, whether insured or not.
The precedent is being set, with Treasury Secretary Janet Yellen commenting on Tuesday that the US could repeat its actions if other banks became imperiled. She was referring to smaller lenders, and denied the next day that insurance would be “blanket”, but given the regulatory direction of travel over the last forty years, this will inevitability apply to any lender when push comes to shove.
This marks the end of moral hazard and, ultimately, the final desecration of the Fed’s balance sheet.
We never thought we’d write that headline. But on Sunday the Federal Deposit Insurance Corp. announced that New York Community Bancorp’s Flagstar Bank will assume all of Signature Bank’s cash deposits except for those of crypto companies. This confirms Mr. Frank’s suspicions—and ours—that Signature’s seizure was motivated by regulators’ hostility toward crypto.
Mr. Frank alleged last week that regulators seized Signature, whose board he served on, “to send a message to get people away from crypto.”
CoinDesk reported last week that crypto firms were looking for bank accounts off-shore such as at FV Bank in Puerto Rico, Jewel Bank in Bermuda, and Tether and FTX-tied Deltec in the Bahamas. Moving dollar deposits of U.S. crypto companies and their customers offshore will make them less safe and potentially more vulnerable to money laundering.
An MSNBC panel has told viewers that criticizing radical billionaire George Soros is a “dog whistle that is dangerous.”
During MSNBC’s “The Reid Out,” host Joy Reid and her three guests were discussing Democrat Manhattan District Attorney Alvin Bragg’s politically-motivated efforts to indict President Donald Trump.
Like many of the top prosecutors in America’s most crime-infested cities, Bragg was installed in the DA’s office by Soros.
As Elon Musk has pointed out, Soros, the Democrats’ largest donor, has discovered that investing in smaller local election campaigns gives a much greater return on investment than pumping cash into national candidates.
The EU is sending one million artillery shells to Ukraine at the eye-watering price of two billion Euros, meanwhile the United Kingdom has confirmed it would be sending depleted uranium anti-tank rounds along with the main battle tanks it is donating to the country.
A long-anticipated arms procurement deal by EU members-plus-Norway through the European Defence Agency to procure and send one million 155mm artillery rounds [pictured, above] to Ukraine has been agreed, ending months of discussion.
The €2 billion ($2.15 billion) price tag will be divided in two tranches, the EU said, with the first billion used to compensate European Union nations for releasing shells from their own military stocks, with an aim to send these within two months. The second round of funding will be paid to armaments factories in European nations to make new shells for shipment.
Belarusian President Alexander Lukashenko today warned the UK 'will see a fearful response' that will be a 'lesson for the whole planet' if it sends depleted uranium tank munitions to Ukraine.
The dictator, a loyal ally to Vladimir Putin, said Russia would retaliate against Britain's decision to supply Ukrainian forces with ammunition containing depleted uranium by sending Belarus weapons containing 'real uranium' - used in nuclear weapons - in a sombre threat.
'We need to step back from this madness. As soon as this ammunition explodes on Russian troops' positions, you will see a fearful response, it will be a lesson for the whole planet,' Lukashenko, who allowed Russian forces to use Belarus as a launch pad for their attack on Ukraine, said.
Former New York City Mayor Rudy Giuliani told Newsmax on Tuesday that Manhattan District Attorney Alvin Bragg has a history of playing favorites in his prosecutorial role.
While appearing on "Eric Bolling The Balance," Giuliani, Donald Trump's one-time attorney, highlighted Bragg's controversial tenure in the backdrop of a potential looming indictment against the former president.
As mayor, Giuliani said there were five district attorneys in New York City, and "some were a little more liberal than others. But they all were within the bounds of lawful district attorneys who followed the law."
On the contrary, Giuliani noted that soon after being sworn in as Manhattan district attorney, Bragg signaled "he wasn’t going to enforce half the laws in New York, including armed robbery, resisting arrest."
Giuliani continued: "Even with some of the modifications that [Bragg has] made, he's downgraded 52% of the felonies that police bring in. And now, he wasn't to take a sort of made-up misdemeanor and upgrade it to a felony for a case that the federal government turned down.
Alina Habba, attorney to former President Donald Trump, told Newsmax that if the Manhattan District Attorney's Office indicts Trump on Wednesday, he will take it head on and move forward.
At the same time, when speaking to "Eric Bolling The Balance" on Tuesday, Habba said "a couple of things are gonna happen" if an arrest occurs in New York.
"Number one, I know my client. He's not afraid. [Trump] hasn't been afraid since 2015 ... He'll face the music, and he'll go through this the way anybody else would that has done nothing wrong," said Habba.
After that, Habba predicted that Trump "will get his team, go to trial, and be vindicated. And then [Manhattan DA] Alvin Bragg will be known as the DA that put politics above his office.
Sen. Tommy Tuberville, R-Ala., doesn't believe that words like "chaos" or "disaster" do enough justice, when describing the Biden administration's lax attitude toward patrolling the United States-Mexico border.
"It's not just a disaster down there, it's a crisis. Day by day, and I've been down there several times. It's embarrassing what this country is going through right now because of this administration," Tuberville told Newsmax Tuesday evening, while appearing on "Eric Bolling: The Balance."
Tuberville and other congressional Republicans have introduced the Border Security and Safety Act, which, in a nutshell, gives Homeland Security Secretary Alejandro Mayorkas full responsibility to secure the southern border.
At the same time, as Tuberville notes, this bill also puts full accountability onto Mayorkas' office.
Crowds of Donald Trump's strongest supporters assembled outside the former president's Mar-a-Lago residence Tuesday ahead of his possible indictment.
Palm Beach, Florida, issued notices regarding increased traffic from 11 a.m. to 5 p.m. Eastern Standard Time as cowboy hats, American flag suits, and signs reading "Drain the Swamp Vote Trump 2024" could be seen.
"They don't want him to run," a Trump supporter told NBC's WTVJ 6. "They're scared of what he's going to do, which is going to get our country back the way he had it before."
It comes after Trump predicted over the weekend that he would be arrested Tuesday, as a New York grand jury probes his connection to a hush-money payment to adult film actress Stormy Daniels.
President Donald Trump saw another big boost in support amid the rumors of a looming arrest, according to the latest Morning Consult survey.
Trump now has 54 percent support, up from 52 percent last week.
Meanwhile, Trump’s potential competitor Florida Gov. Ron DeSantis dropped two points from 28 percent to 26 percent.
In the last week, support for Trump jumped from +24 to +28, meaning the arrest rumors are just making him stronger.