The combination of an economic downturn and rising inflation could trigger a banking crisis, leading to a major financial disaster.
and the March Federal Reserve meeting. During the conversation, Peter explained that everybody is going to pay for these bailouts because they will ultimately devalue the dollar as inflation skyrockets., Jerome Powell said the banking system is “sound and resilient.” Peter said it’s not sound at all.Peter explained how the banking system became so unsound.
. But virtually nobody in the mainstream is calling it a financial crisis. Peter compared the situation in 2008 with the situation today. In a nutshell, the 2008 financial crisis was about debt people ran up during a bubble and the inability of borrowers to pay when the air came out.I think people are reluctant to call it a financial crisis because they don’t want to evoke the memories of 2008 and they don’t want to make any comparisons. They don’t want to acknowledge that.
Peter said the big event that banks can’t handle is a major economic downturn coupled with a rise in inflation.Peter explained that with inflation devaluing everybody’s money, they will want to get it out of banks because banks won’t be able to pay an interest rate high enough to compensate for the loss.
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