Of Bank Failures, Train Wrecks, and Broken Promises
Of Bank Failures, Train Wrecks, and Broken Promises
America the Unbeautiful
Bank failures are never encouraging, and the recent failure of Silicon Valley Bank points to the instability of our American moment. President Biden made a short speech to affirm depositors would get their money back, only to exit the stage without taking any questions from reporters. As Biden slowly walked away from the podium, closing carefully the door behind him, I couldn’t help but see the whole act as symbolic of a tired America that has lost its way.
Yes, Biden acted to reassure markets and to rescue affluent depositors, yet he hardly reacted at all to the recent train wreck that poisoned East Palestine, Ohio. If only the train wreck had struck a major bank …
Tallying up Biden’s broken campaign promises, another one, an especially egregious one, was announced with the plan to allow oil drilling in pristine wilderness in northern Alaska. Biden had promised no more drilling on federal lands. Period. And then he approved the massive Willow drilling project on federal land in Alaska, an act of climate terrorism, notes Rebecca Solnit.
Meanwhile, Biden released his proposed Pentagon budget for 2024. You won’t be surprised to learn it’s soared to $886 billion, an almost inconceivable sum, or that the Biden budget focuses most of its discretionary spending on weaponry, wars, security, police, and prisons. Here’s a handy diagram:
I suppose the government will need all those warriors and guards with guns to maintain order while banks fail and the environment is poisoned, whether from oil drilling or train wrecks.
Perhaps you’ve seen the Daniel Day-Lewis movie about oil drilling’s early days. Its title is suggestive to what is to come: “There will be blood.”
Obviously I jumped the gun posting this in your previous article in BracingViews.
Is the Oscar winner 'Everything Everywhere All at Once’ prescient and a SIGN of our Times?
With the WARS and rumours of WARS, potential environmental disaster worse than we’ve seen already, and now potential Economic collapse with Bank failures, what comes next? How will the not vigilant MASSES react, especially in the US with so many weapons in the hands of the MASSES with what we’ve seen so far?
Living on $1311 USD a month to pay for everything, I’m not too concerned with high finance, but I’m aware enough to know even that could disappear if the leading indicators of everything everywhere all at once continue as they are.
For those who do have substantial cash in the Banks, stocks, bonds and 401Ks, you will want to listen to Jim Rickards explaining the implications of what has transpired with the collapse of 3 Banks in the last week. He explains high finance those who don’t have it can understand.
https://d2z65klgtz99km.cloudfront.net/AWN/emergency_briefing_031323/index.html
Krystal Ball does a nice job comparing the rapid and generous response of the government to the banking crisis to the slow and ungenerous response to the train wreck in East Palestine
https://www.youtube.com/watch?v=Zb0-kHQEL1Q