Andrew Henderson, the founder of Nomad Capitalist, informed Michelle Makori, the Lead Anchor and Editor-in-Chief at Kitco News, that U.S. banks do not rank in the top 10 or even the top 40 list of the world’s safest banks. Henderson elaborated on the reasons behind this claim and shared a list of the safest banks globally. Additionally, he delved into the Nomad Capitalist philosophy and discussed the optimal strategies for diversifying with a global citizen portfolio.
Epic Economist reports on the closure of a 10-billion-dollar bank by U.S. regulators, marking the first significant bank failure of 2024. The Federal Deposit Insurance Corporation disclosed the downfall of yet another major financial institution just a few days prior, making it the sixth such incident in the past year. This development has sparked concerns of a domino effect in bank failures, as economists caution against escalating risks and growing strain on nearly 300 institutions. With economic uncertainty casting a shadow over financial markets and exerting pressure on the commercial real estate sector, many banks deemed “too big to fail” are now confronting unprecedented losses that could lead them down a perilous path, according to experts.
Precious metals have experienced a significant increase in value this year, indicating a decline in public confidence in the financial system. John Rubino, in a discussion with Liberty and Finance, points out that this outcome was foreseeable since 1971 when the gold standard was completely abandoned. Governments, institutions, and individuals are struggling with overwhelming debt, leading to the deterioration of the financial system and societal values as bankruptcy and debt forgiveness emerge as the sole solutions. Despite uncertainties about the future, Rubino suggests that there are practical measures individuals can implement now to enhance their readiness for potential crises.
Clem Chambers, the Chief Executive Officer of Online Blockchain, participates in a discussion with David Lin to share his perspectives on gold, Bitcoin, stock markets, and monetary policy.
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Kitco NEWS
May 4, 2024
Is your money really safe in the U.S. bank? Andrew Henderson, founder of Nomad Capitalist, tells Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, that U.S. banks are not in the top 10 or even the top 40 list of the world’s safest banks. Henderson explains why and provides a list of the safest banks in the world. He also dives into the Nomad Capitalist philosophy and the best ways to diversify with a global citizen portfolio.
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Epic Economist
May 4, 2024
A 10-billion-dollar bank was just shut down by U.S. regulators in the first big bank failure of 2024. The Federal Deposit Insurance Corporation announced the collapse of another major financial institution just a few days ago, the sixth of such kind over the last 12 months. The event has triggered fears of cascading bank failures, with economists warning about rising risks and mounting stress for almost 300 institutions. As economic uncertainty continues to weight on financial markets and add pressure on the commercial real estate sector, many banks that seem too big to fail are now facing unprecedented losses that could put them on a very destructive path, the experts say.
In the final days of April, Republic First Bank, a Pennsylvania-based financial institution has collapsed. Earlier this week, the FDIC issued a note saying it had stepped in to protect $6 billion in assets and $4 billion in customer deposits. The federal agency transferred the deposits to another regional bank after an agreement was reached.
Struggling under the regime of higher interest rates, Republic First Bancorp suffered painful losses due to its high exposure to the commercial real estate market. The bank’s fourth quarter report cited “serious difficulties amid an elevated interest rate environment,” with executives noting last year that the Fed’s monetary policy to curb inflation “severely hurt” its commercial real estate portfolio.
The sector, which has been facing numerous challenges since the C***D-19 pandemic, accounted for nearly half of Republic Bank’s loan book. The institution was also facing other significant problems, including low liquidity and battles with activist investors. In October 2023, Republic Bank managed to secure $35 million in funding from a group of investors led by George Norcross, but that plan fell apart in February.
Now, another regional lender has come forward to rescue the bank’s assets. Fellow Pennsylvania-based bank Fulton Financial Corp has agreed to acquire all of Republic’s assets and over $5.3 billion in liabilities. On Saturday, Republic Bank’s 32 branches in New Jersey, Pennsylvania and New York will reopen as branches of Fulton Bank, reports say.
The move represents the latest c***k – and the latest bandage job – in the distressed regional-banking industry. The failure marked the first major bank collapse of this year, following five that occurred in 2023, as the Fed’s rate hikes destabilized the balance sheets of big financial players. When Silicon Valley Bank (SVB) collapsed last spring, many economists warned that more could follow – and their predictions have been proven accurate. Signature Bank, First Republic Bank, Heartland Tri-State Bank, and Citizens Bank, all collapsed in the succeeding months, as a result of the financial instability caused by policymakers.
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Liberty and Finance
Premiered May 4, 2024
Precious metals have increased substantially this year and are signaling that the public is losing confidence in the financial system. John Rubino (https://rubino.substack.com) says, “This was predictable from day-1 back in 1971 when we got rid of the last vestiges of the gold-standard.” Governments, institutions, and individuals are drowning in debt. This debt-based system is destroying the financial system and even the moral fabric of society as bankruptcy and debt cancellation become the only options. “I don’t have the slightest idea how this plays out exactly.” However, he notes there are actionable steps people can take today to be more prepared for crisis.
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David Lin
May 4, 2024
Clem Chambers, CEO of Online Blockchain, gives his outlook for gold, Bitcoin, stock markets, and monetary policy.
*This video was recorded on April 26, 2024
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