Fed Prepares for Many Bank Failures

One of our heros, Monty Guild, is reporting,
“According to a contact of ours, the US Federal Reserve has hired 150 Bank Workout specialists. The reason: the recession that we have been calling for has been here for a few months. I know that the statisticians have not yet admitted it but everyone can see it, and many small banks will die or be absorbed by bigger banks in the coming months and years.”

You can track bank failures at the FDIC’s Bank Failures page. Douglass National Bank, Kansas City, Missouri, with approximately $58.5 million in assets, was the first failure this year.

You can look at your own bank’s most recent “Uniform Bank Performance Report” on the FDIC web site to see if they’re in trouble. 

Remember: I’ve reported that America’s banks already have ZERO cash reserves.

Please protect yourself:
Have a lot of money tied up in your bank? Get at it while you can. Get physical gold, get physical silver.

◊◊◊◊ Today: Gold @ $966.10, Silver @ $19.61, USDX @ 73.76  ◊◊◊◊