In the midst of the ongoing economic crisis, it seems as if all the black swans have strapped on suicide vests. The CEO of Miles Franklin, Andy Schectman, recently joined me for an eye-opening interview in which he painted a grim picture of the future. Schectman predicts that we are headed into an insane combination of hyperinflation colliding and the Great Depression.
The current situation highlights a growing concern for the US dollar and the US banking system, with signs pointing towards a possible total collapse. Recent events have demonstrated a lack of leadership and expertise in finance, risk, economics, and banking policy, with even top officials such as bank managers, government regulators, and Treasury heads displaying a lack of interest in risk assessments or financial diversification. These individuals have been described as 100% woke clowns, seemingly more focused on their cult of wokeism than addressing the pressing financial issues at hand.
Summit.news writer, Steve Watson, highlights a striking irony that the individuals demanding diversity in skin color and sexual orientation within society have failed to diversify their asset classes for bank deposits. Recently, the videos created by signature banks have gone viral, showcasing their ‘woke’ stance; however, the lack of knowledge and competence displayed in these videos suggests that the individuals behind them are nothing more than incompetent and misguided individuals. Such individuals are seen as a reflection of the current societal state, where the quest for ‘wokeness’ has led to a state of idiocracy.
Is it surprising that Signature Bank failed?
Their executive team spent millions of dollars to produce music videos & TV shows about themselves
Try not to cringe as you watch this: pic.twitter.com/16K70FQq5o
— Genevieve Roch-Decter, CFA (@GRDecter) March 13, 2023
The cycle of financial doom is simple. Inflation leads to the Fed raising rates, which leads to banks collapsing, which leads to the Fed printing bailout money, which leads to even more inflation. This vicious cycle ultimately ends in a total collapse.
With the economy already on the brink of collapse, more banks are predicted to fail this year. The Fed will continue to raise rates, crushing banks and the economy on purpose.
Andy Schectman, discussed how hyperinflation meets the Great Depression. The end of the global reserve Petrodollar is nigh, and BRICS+ nations are accelerating de-dollarization. Schectman recommends that gold and silver are the best safe havens for holding assets as banks collapse. He also advises avoiding buying overpriced “proof” coins.
