by Stefan Stanford, All News Pipeline:
The story over at the Daily Mail (saved here at Archive) on Thursday asked a great question in reference to their title: “What will you do if your bank closes?” With that full story title being “US Bank, Wells Fargo, Bank of America, Citizen, Chase and PNC are shutting hundreds of branches a year – here is what to do if your bank closes,” we’re warned that in the last 10 years, American banks have shuttered 13,000 branches for good, including the fact that in the month of January of 2024, 41 closures were announced in a single week and among those affected were nine US Bank locations.
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And while the shuttering of individual bank branches is a much different ‘bear’ than entire banks failing, we’re reminded in this December of 2023 story by MN Gordon of the Economic Prism that three out of the biggest four bank failures in US history happened in 2023, signifying a worsening of the entire system and while most Americans believe if their bank somehow gets wiped out, they’ll be able to get their money back from the FDIC, as Gordon warned us within that story, “In a real panic, FDIC reserves would be vaporized in less than a day.”
With the US govt under Joe Biden continuing to create more worthless money, while racking up more and more debt for future generations of Americans, just more proof these psychopaths in Washington DC couldn’t give a damn about the American people who pay their salaries, this new story by Michael Snyder over at the Economic Collapse Blog warns that homelessness in America is up a whopping 48% since 2015 while the number of Americans laid off in 2023 jumped 98% compared to the year before, proving there is a very real bloodbath going on right now and ‘the American People’ are the ones doing the hemorrhaging.
And as we learn in this new story over at the website 100% Fed Up, one reason the warning lights are flashing bright red is the fact that the emergency FED program that put a stop to that ‘great banking collapse’ back in March and April of 2023 is coming to an end on March 11th of 2024.
With the Bank Term Funding Program being an emergency lending program created by the Federal Reserve to provide emergency liquidity to US banks back in 2023, it doesn’t take too much of an imagination to see what could happen when all of that ’emergency’ money suddenly dries up in just 5 weeks. From that 100% Fed Up story before we continue.:
Remember the Banking Crisis of 2023?
Back in March/April of last year, when 4 banks failed all within a few weeks of each other?
Well, it turns out what helped stop that contagion from spreading was something known as the Bank Term Funding Program.
Don’t worry, you don’t need to be a banker or expert economist to understand this, I’ll make it simple for you.
The Bank Term Funding Program (BTFP) is an emergency lending program created by the Federal Reserve in March 2023 to provide emergency liquidity to U.S. depository institutions. It was established in response to the sudden bank failures of Signature Bank and Silicon Valley Bank, which were the largest such collapses since the 2008 financial crisis.
The program offers loans of up to one year in length to eligible borrowers pledging collateral eligible for purchase by Federal Reserve Banks in open market operations. The program started on March 12, 2023, and is scheduled to end on March 11, 2024. The Federal Reserve has announced that the program will cease making new loans as scheduled.
The ending of the BTFP might create chaos and even a banking crisis or bank crash because it has provided an additional source of liquidity for financial institutions with an asset-liability duration mismatch relating to high-quality collateral. The program’s goal was to provide banks an alternative to quickly selling off high-quality collateral at current discounted market values to fund liquidity needs.
And while the Fed has said this program ending was a ‘planned measure,’ as we hear in the alarming first video at the bottom of this story, the Fed just pulled the Banks ‘safety net’ out from under them.
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