Socio-Economics History Blog

Socio-Economics History Blog

Bank Failures – A Push For CBDC?

by mosesman

  • Bank Failures – A Push For CBDC?
    by Tyler Durden, https://www.zerohedge.com/
    Update (1700ET): Shortly after writing this, Florida Governor Ron DeSantis issued a public statement basically saying that Florida would prohibit any Federal action to impose a CBDC on its citizens…
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    Authored by Martin Armstrong via ArmstrongEconomics.com,
    Monday saw the largest banking failure in the US since 2008 after First Republic went under, marking the third death of a US bank this year. Regulators took possession of the bank this Monday and JPMorgan Chase will acquire the majority of the bank’s assets and remaining deposits worth around $92 billion. First Republic Bank’s stock fell nearly 50% after reporting a significant drop in deposits in the first quarter of 2023.
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    First Republic’s stock value tanked 97% on Friday due to fears of a bank run or failure, and the executives were silent on the health of the bank because they knew they were doomed.
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    JPMorgan Chase coming to save the day is not a good sign. All of these small and mid-sized banks are struggling with liquidity. The larger banks are gaining more power and influence. JPMorgan Chase’s CEO is nothing like the man who founded his company and actually saved the US from a banking disaster. 
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    read more.

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