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Looming banking calamity

Bill Sardi paints a pretty bleak picture of America's banking health. The devastating S&L crisis of the 80s and 90s will be dwarfed by what is coming. Article is best read with an adult beverage in hand.


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New Hampshire and Ecuador.

Friday Fails

Which banks will fail today? Doesn't really matter, as the FDIC is now out of cash, and they will NOT be able to cover any deposits. They may go begging to the FED for more, but the law states they must pay out from their existing funds, and those are now *poof!*

When this report comes out, those who didn't see the writing on the wall last month may be too far up the creek.

Even if you feel things are doing fine, and your bank is a good one, etc... take out enough cash to hold you over for a few weeks. Others may choose to remove almost all of their cash and convert to a *true* global currency like silver or gold. Look at recent history: Zmibabwe, Argentina... think about what could happen if you wake up one morning very soon and your $1,000.00 worth of FRN's in the bank are now worth only $180.00 or less.

3:09 AM ET

What difference does the FDIC make?

Congress will just keep giving them $500B every time they need it. What's a little more inflation? What I want to know is when is all this inflation going to start showing itself in the market?