Bank Failures Top 100 for Year, Most Since 1992
The number of banks that have failed so far this year topped 100 on Friday -- hitting 106 by the end of the day -- the most in nearly two decades.
WASHINGTON - It's a big number that only tells part of the story.
The number of banks that have failed so far this year topped 100 on Friday -- hitting 106 by the end of the day -- the most in nearly two decades. But the trouble in the banking system from bad loans and the recession goes even deeper.
Dozens, perhaps hundreds, of other banks remain open even though they are as weak as many that have been shuttered. Regulators are seizing banks slowly and selectively -- partly to avoid inciting panic and partly because buyers for bad banks are hard to find.
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THE SLOW BURN
People often ask whether I am concerned about inflation, deflation, peak oil, or a global financial meltdown. My answer is as follows.
The future is something to be created, rather than feared. Allocating our time, networks, and resources to deal with a variety of high-risk scenarios frees us to become proactive and to build positive futures instead of negative ones. I like to understand what these scenarios mean in terms of managing risk and to know how we can succeed within all possible futures.
But my business is investment, not prophecy.
The risk scenario I weight most heavily is not listed above. I call it the “Slow Burn.”
The “slow burn” is a political culture and economy managed through principles of economic warfare in which insiders systematically protect themselves and centralize control and ownership of resources by using:
- Central banks
- Currency and lending systems
- Taxation
- Regulatory and enforcement policies
- Controlled media and entertainment
Insiders use these means to drain the time, resources, and life of people on the outside. Although insider cartels compete and jockey for power, they are able to settle their squabbles by increasing control and draining everyone and everything else. This is why the bubble economy continues to deplete the real economy. It is likely the reason why Dick Cheney said, “Deficits don’t matter.”
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Solari Blog
Rockefeller & Co. CEO Dies From Gunshot Wound
James McDonald, chief executive officer of New York investment firm Rockefeller & Co., died Sunday, apparently from a self-inflicted gunshot wound, according to the Bristol County district attorney’s office in New Bedford, Massachusetts.
McDonald was found in a car behind an auto dealership in Dartmouth, Massachusetts, said Gregg Miliote, a spokesman for the district attorney’s office. He appeared to have shot himself, though the matter is still under investigation, Miliote said.
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