First Republic Bank customers lined up to withdraw their money Saturday as fears of a more significant banking crisis spread throughout the industry.
In what looks a lot like the lead-up to the 2008 banking crisis, trading in several regional US banks was halted on Friday amid a massive sell-off after the FDIC took over Silicon Valley Bank (SVB). Some of the regional US banks affected were First Republic, Signature Bank, PacWest Bancorp and Western Alliance Bancorp.
On Friday, the stock price of First Republic Bank fell nearly 50 percent following the collapse and FDIC takeover of SVB — the second-largest bank failure in U.S. history. Today, customers could be seen lining up at First Republic Bank branches across California in a desperate attempt to withdraw their money.
Today, billionaire investor Bill Ackman said he expects more bank runs starting Monday morning.
On Friday, Silicon Valley Bank branches called the police on customers who showed up and tried to withdraw their cash.
The overall economic figures are downright scary!
Preparing for an economic collapse
FDIC Insured means NOTHING!!!
There is over $22 trillion in the US banking system. The FDIC has just $124.5 billion on its balance sheet and a $100 billion line of credit from the U.S. Treasury. FDIC assets cover just 1.26% of US bank deposits – about the size of Silicon Valley Bank, which fell today. A bank! Are you starting to understand why we’ve been ringing the alarm bells?
Investment in long-term consumer goods.
Start stocking up on items you need and will use in the future, and start stockpiling items to trade in if the system fails. By filling up with food, water, survival equipment and suppliesand trade items, you’ll have a nice stockpile of supplies that will see you through the crisis.
Be prepared to feed yourself when the crash hits!
Merchant options that ship directly to your home:
Be prepared to defend yourself
To truly be prepared, you must learn to be 100% self-sufficient.