Jim’s Daily Rant. The Three Too Big Banks That Are, Aren’t Any More.
I couldn’t sleep and dream last night because I was very cold. I thought perhaps I had a fever. I retrieved a blanket and fell asleep. In the dreamworld I discovered why I was cold – it was from the $Billions of dollars flying out of those three banks last night! Poof, just transferred out leaving a cold breeze behind.
Here’s what happened. Last week Moodys degraded the Corp United States government credit rating to garbage. Then yesterday, they did the same to BOA, JP Morgan and Wells Fargo, the three "Too Big To Fail" banks. But here’s the kicker. In their downgrade announcement, they added that (paraphrasing here) the banks are so insolvent that the insolvent US Government can no longer save them from bankruptcy.
Keep in mind that back in March Janet Yellen, of the Treasury, promised all the big people holding their billions in those banks, that the U. S. would still insure those deposits even though they were above the FDIC’s 250k max limit. Well yesterday Moodys also downgraded Yellen to “Liar” status, resulting in the rich bank runs.
Thus begins the giant depositors fleeing to anywhere else – a rich mans' run on the banks by wiring cash out. But let’s look at Moody’s motives for doing so. Did they finally step up and do their duty to investors? I don’t believe so because what they did was suicide. They killed themselves by betraying their biggest benefactors – the fat banks. No, I believe the White Hats forced them to declare the Central Banking System dead on arrival.
I believe sometime between today and Monday those banks will put a limit on the rich folks' withdrawals of say $25,000 per day. Now this is how to get a rich man’s attention.
Recall that JP Morgan was the bank that has been most responsible for fraudulently suppressing the gold and silver prices over the years. Also recall that it’s CEO, Jamie Dimon, ten days ago sold a million of his personal stock in Morgan. This means two things to us. First he knew the end was near. And secondly, the laws of physics are about to be broken when instantly the metal in gold and silver coins will be changed into unobtainium. This is the start of the rocket ride stackers have been awaiting.
P. S. The late and great Jimmy Buffett predicted this.