“Unsustainable” would be the term to describe the banking system and financial bubble we have inherited as a society. The Bank of World Settlements estimates $1 quadrillion in global derivatives. Global debt is at $230 trillion, which is up $60 trillion since 2008.
Abysmal economic growth, weak corporate earnings, and the risk of a massive correction in the stock market are all reasons for the economic wealth circling around the global economy to contract, wiping away a massive amount of value. In the event of a panic, people are going to want their cold hard cash.
It’s hard to imagine the money that you’ve deposited in the bank not being available upon request. After all, when you log in to your online banking, you see it all there. The fact is if everyone went to their bank and brokerage houses at once and withdrew their cash in a panic, depositors would be greatly disappointed. Only 6 cents out of every $100 you have in the bank would be immediately available.
Mike Maloney, of GoldSilver.com, clearly shows how unsustainable the banking situation is and how little cash is actually available for depositors in the event of a massive bank run.
This is eye-opening… Get some metal!
R.I.P. Jim Comiskey
I was informed this week that a friend of mine, Jim Comiskey, passed away. He was becoming a regular guest on our show and unfortunately, our time with him got cut too short. He was a man who had a passion for people and the markets, pouring himself into the people he educated.
He will be Greatly Missed!
In total Jim Comiskey fashion, here he is in my last interview with him discussing the global derivatives bubble!