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Is Stage II Here?
Either a single bank failure or a systemic crisis could happen at any moment. The actual trigger is a bit mysterious and mostly psychological because the fundamental problems have been there all along.
Well, it seems that the quiet period is over and we are entering Stage II of the banking meltdown.
According to the latest data from the FDIC, many banks could be at risk of failure as unrealized losses reached $517 billion in the first quarter of 2024, up from $478 billion in the last quarter of 2023. 40 banks with over $1 billion in assets have already reported unrealized losses higher than 50% of their equity capital. Over 200 smaller banks with lesser assets have issued the same reports.
The bottom line is Stage II of the crisis is here, and the effects will be devastating to financial institutions and the stock market as a whole.
We may not be able to prevent the crisis, but we can see it coming and prepare accordingly to preserve our wealth. Step one is to get gold. That will see you through the storm.
85,000 Users locked out of savings accounts at “YouTube Bank” as fears over bank failure grow
06/13/2024
America’s next big bank failure is only a matter of time, and the current problems of the so-called “YouTube Bank” should serve as a reminder to everyone with savings accounts that their money isn't as safe as they'd like to think.
The "YouTube Bank" is not really a bank in the technical sense, despite the nickname. Instead, it is a savings application that numerous YouTubers promoted heavily to their audiences known as Yotta.
Now, CNBC is reporting that the accounts of 85,000 Yotta users have been locked and they are unable to withdraw any of their money.
According to the company, there is an issue between two “middlemen providers” and they are not going under or insolvent.
However, the fact that very similar events unfolded shortly before the crypto brokerage Celsius went under has many observers holding their breath. Just hours after Celsius announced a “glitch” with withdrawals, they had completely collapsed.
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