Heresy Financial
May 8, 2023
Today we’re going to talk about something that’s been on many people’s minds lately: the state of the banking industry. Specifically, how bad do we think this crisis is going to get? The only thing we have to compare it to is the global financial crisis, which we all know was pretty catastrophic. But will this one be worse? Or not as bad? That’s the million-dollar question.
So, I came across a recent report from the Federal Reserve that revealed 722 banks were bankrupt with losses exceeding 50% of their capital by the end of the third quarter of last year. And things have only gotten worse since then. So where does this leave us now? What’s the endgame here? Because to some, it looks like controlled demolition and consolidation at the biggest banks, leading to centralized control.
But is that really the case? Let’s discuss and try to make sense of it all. So, stay tuned till the end, and let’s get started!
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