One bank to rule them all and in the darkness bind them…
America’s regional banking crisis continues to gather momentum as hundreds of billions in deposits were pulled out of small- and medium-sized banks across the country over the last two weeks.
Stocks of larger banks are tumbling also as the financial contagion spreads.
Almost unmentioned by the establishment media, the second-largest bank failure in US history occurred last week when First Republic Bank went under. Although considered a smaller regional bank, the institution had $229 billion under management.
That’s nearly 20% of Australia’s total GDP gone with just one bank failure. First Republic was the fourth American regional lender to collapse since March, when the money power which controls the global financial system began this controlled financial demolition of the American retail banking system.
So far, four regional banks with assets under management greater than half a trillion dollars have been sacrificed, with many more on the way.
Shareholders in regional banks have been the biggest losers so far, but of course, the fat cats always win. In this banking crisis so far, the winners have been Wall St behemoths Bank of America, Citigroup, Wells Fargo and JPMorgan Chase.
JPMorgan acquired First Republic Bank in a firesale for pennies on the dollar. From CNBC:
JPMorgan is getting about $92 billion in deposits in the deal, which includes the $30 billion that it and other large banks put into First Republic last month. The bank is taking on $173 billion in loans and $30 billion in securities as well.
The Federal Deposit Insurance Corporation agreed to absorb most of the losses on mortgages and commercial loans that JPMorgan is getting, and also provided it with a $50 billion credit line.
The bank is booking a one-time gain of about $2.6 billion and expects to spend about $2 billion on integration costs over the next 18 months.
Furthermore, the acquisition will add over $500 million of profit annually to JPMorgan, excluding the one-time costs. As part of the transaction, JPMorgan said it was making a payment of $10.6 billion to the FDIC.
The bank said that First Republic branches will operate normally Monday, though it plans on retiring the First Republic brand.
Shares of JPMorgan rose 3.3% at midday.
I bet they did. JPMorgan already has 10% of all US bank deposits. As the crisis intensifies across America’s regional banks and the dominos continue to fall, the Wall St superbanks will further centralise control of America’s financial system into fewer and fewer hands.
All of this is happening because the Federal Reserve decided it was time for it to happen. The Fed signalled a directional change in interest rate policy at the end of 2021; Fed Chair Powell told the world that central bankers were about to begin raising interest rates after 13 years of holding them near zero.
It was at that moment that the clock began ticking on the global economy. Countless businesses, mortgage holders and small borrowers were about to find out that the money may have been easy to get, but it was never free. The other central banks of the world, including the RBA here, followed suit.
The central bankers are saying that it’s necessary to raise interest rates to fight inflation. This assertion is based on out-of-date, debunked economic theories. Inflation has only gotten worse since rates began rising. There is clearly another agenda here.
The Federal Reserve is a network of central banks across the United States. It is a private entity, and no-one is allowed to know who its shareholders are. You can bet that it’s the same small group that owns majority shares in the Wall St megabanks and private equity funds such as BlackRock and State Street.
116 years ago J. P. Morgan, namesake of JPMorgan, used his own private funds to bail out the American financial system. While hailed as a hero by the fake news of the day, in reality, Morgan used the 1907 banking panic as a way to scoop up assets cheaply and further consolidate his financial power. Morgan was able to use that power and, along with support from European financial interests, was able to get the 1913 Federal Reserve Act passed.
World War I began the next year.
We are seeing the same thing again today, however on a vastly greater scale. Unlike in 1907 America, along with most countries in the world thanks to America, has a central bank. Perhaps not coincidentally, the Fed also recently announced that in July this year, it will roll out its new FedNow payment facility.
FedNow is a payment system which lays the foundation for the Central Bank Digital Currency system the elites plan to roll out as a solution to the imminent financial crisis their actions precipitated. Central Bank Digital Currencies will permit governments to implement a Western form of China’s social credit system.
Like to post memes against wokeism on social media? No bugmeat burgers for you this week, comrade. If you don’t love Big Sister, your ability to buy and sell will be severely curtailed.
The RBA has admitted it is actively investigating how a CBDC would be implemented in Australia and has run pilot programs. Why would they need to do so unless they know the current currency system is unsound?
The ongoing banking crisis in America is spreading. Some commentators believe that the purpose of this crisis is to consolidate financial power in the few Wall St megabanks. That may well be. Another hypothesis is that the central bankers will let all the private sector banks go under and blame them for the financial devastation this controlled demolition unleashes on the world.
In that scenario, the central banks could well use the CBDC system they’ve prepared to take over all economic activity. A fusion of government and central bank power would provide the ultimate solution to the ‘problems of capitalism’ – total economic control of the planet.
Perhaps this is why Karl Marx included the requirement for a central bank in his 1848 Communist Manifesto. The final communist synthesis at the end of history.
A century ago, shortly after the founding of the Federal Reserve in the United States, Norman Dodd was a man with a promising career in banking on Wall St. He’d even been hired by J.P. Morgan himself at one stage. When the 1929 crash hit, Norman was tasked by the leadership of the New York bank he worked for to find out how such a catastrophe could be avoided again.
Norman’s investigation of debt-based money creation under the central bank financial system we have today led him to one conclusion: banking needed to be re-established upon the principles of sound money.
When Norman submitted his report to the bank leadership, he was eventually shown the door. He found that no bank in America would hire him after that.
Who could have the power to enforce such a prohibition, and why would they do it?
Norman eventually found his way to become a congressional investigator in the 1953 Reece Committee into the anti-democratic influence of tax-exempt foundations in America. Norman and his fellow investigators discovered documentary evidence that organisations such as the Carnegie Endowment and the Rockefeller Foundation were working to undermine American capitalism and replace it with a globalist fusion of Soviet-style central planning and American plutocracy.
The elites need us proles believing that events just randomly emerge and there was never any other way that things could have been done. The evidence clearly indicates otherwise. The Western debt-based monetary system that is now unravelling and leading us into economic totalitarianism and World War III was always going to collapse. The events we will see transpire this decade have been long-planned. The same people who ended Norman Dodd’s career can now see their final objective within reach.
You can watch the 1983 interview that Norman Dodd gave outlining his experiences below.
This article was first published in Historiology