The Entire Banking System Is Shaking
(discernreport.com)
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Why are big banks suddenly rushing to shut down so many local branches all over the nation? As I have discussed in previous articles, U.S. banks are currently sitting on hundreds of billions of dollars in unrealized losses. When financial institutions get into trouble, they start getting really tight with their money and they start cutting costs. In addition to laying off workers, our banks have been cutting costs by permanently closing local branches. For example, between November 12th and November 18th, the sixth largest bank in the United States initiated filings to close 19 more local branches…
Assume the crash position ?
Crash position already assumed since Biden took office.
They are expensive and depend on deposits to write fractional.loans. people are not saving, there is no money to loan on so they are turning to savings devices that pay up to 5 percent. Then they bundle and invest. So if those branches aren't selling enough bank accounts they close them. I know the little cash I have is getting preserved the best I can.
Hope others are doing the same.