Ripped From The Headlines, April 28, 2023
Feds: "We Didn't Act On #SVB Fast Enough," FBI: "Screw Americans!" Taiwan On The Brink - Read, Share, & Subscribe - SherlocExposes.com
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“The Federal Reserve’s banking supervisors failed to take forceful action to address growing problems at Silicon Valley Bank before it collapsed last month, the central bank’s top regulator said, signaling a broad push to toughen rules on the industry.
Michael Barr, the Fed’s vice chair for supervision, said supervisors didn’t fully appreciate the extent of the vulnerabilities as SVB grew in size and complexity. When supervisors did find risks, they didn’t take sufficient steps to ensure the firm fixed those problems quickly enough, he said in a report Friday.
Regulators took control of Santa Clara, Calif.-based SVB on March 10. The collapse sparked a panic that led to the failure of New York-based Signature Bank and an intervention by financial regulators to protect uninsured depositors at both banks.
The chaos has since quieted, but some banks still face concerns. San Francisco-based First Republic Bank faces significant challenges, and there are no easy options for stemming the crisis at the bank.
The Fed said that while supervisors had identified issues around interest-rate risk that contributed to SVB’s failure, the process was ‘too deliberative’ and focused on building evidence before it took action. The firm failed before the Fed completed a planned downgrade of one of its key regulatory ratings of the bank.
SVB had 31 open supervisory findings, or warnings from regulators, when it failed, which was three times the number at peer firms, the Fed said. They spanned everything from liquidity to technology.”
“More than one million secret searches of Americans conducted by the FBI were made erroneously, a watchdog testified to Congress on April 27.
Around 30 percent of the approximately 3.4 million searches were done in error, Department of Justice Inspector General Michael Horowitz testified.
‘It’s obviously very concerning that there’s that volume of searches,’ Horowitz told a U.S. House of Representatives subcommittee, adding that he was particularly concerned with the high error rate.
The searches in question were conducted by FBI personnel with authority under the Foreign Intelligence Surveillance Act (FISA). The bill enables U.S. authorities to gather information on U.S. citizens suspected of being involved with possible spies or terrorists.
Some 3.39 million searches were conducted by the FBI in 2021, U.S. intelligence officials have said. That was up from just 1.2 million in 2020.
Sharon Bradford Franklin, chair of the U.S. Privacy and Civil Liberties Oversight Board, told members that Congress should pass new legislation imposing greater safeguards into the system to protect Americans. That should include requiring probable cause or court review for each query of an American, she said.
‘Congress certainly has the authority to do that. And I think that’s one of the key issues for this committee in the Congress to consider,’ Horowitz said. Adding new requirements, though, could increase the FBI’s workload, he said.”
“Taiwan’s economy plunged into recession after shrinking at the fastest pace since the global financial crisis, a sign of how the dropoff in global demand for chips has showed little sign of abating.
Gross domestic product in the first quarter of the year plummeted 3.02% versus the same period a year ago, according to advance estimates released by the Taiwanese government’s statistics bureau on Friday.
The fall — the sharpest since the quarter ended June 2009 — was far worse than the estimated 1.25% drop in a Bloomberg survey of economists. It also marked the second straight quarter of declines, underscoring the difficult outlook for the trade-dependent economy as it grapples with wavering demand for its products from the rest of the world.
‘Taiwan is in a technical recession,’ said Ho Woei Chen, an economist at United Overseas Bank Ltd. in Singapore, adding that GDP was dragged down by export and investment figures. Even with a pickup in momentum over the next three quarters, she added that GDP will see ‘only marginal growth’ for the full year.’”
“Fumbling Friday,” Ripped From The Headlines. Things To Ponder:
“Sure We Knew… We Just Didn’t Do Anything About It, Peasant!”
How about that "stellar” work from the Federal Reserve?
Yes, we’re being sarcastic…
The Fed finally admitted to the world’s biggest open secret:
They are ignorant and complicit.
As we shared with you last month, all the banks have the virus… it’s just a matter of who dies first…
Here’s a great example of how sick most of them are:
SVB had 31 open supervisory findings, or warnings from regulators, when it failed, which was three times the number at peer firms, the Fed said. They spanned everything from liquidity to technology.
Yikes.
And, while the report from the Fed was happening, this happened, as we predicted, earlier this week:
If you want to know where things are going, we strongly encourage you to take 30 minutes and listen to SHERLOC and their insights from last month on the banking system:
Your future depends on it.
“Hey! You’re Living In A Totalitarian Nightmare We Created… Give Us More Money!”
You can’t make this stuff up…
The FBI is saying that they spied on Americans… by accident…
A LOT…
Just let this sink in:
The searches in question were conducted by FBI personnel with authority under the Foreign Intelligence Surveillance Act (FISA). The bill enables U.S. authorities to gather information on U.S. citizens suspected of being involved with possible spies or terrorists.
Some 3.39 million searches were conducted by the FBI in 2021, U.S. intelligence officials have said. That was up from just 1.2 million in 2020.
If the FISA Act sounds familiar, it’s because it allowed hundreds of millions of dollars to be wasted laundered in pursuit of a vendetta against a sitting president…
Which yielded nothing.
It should really scare you that bills like FISA get passed, given that many of our agencies are weaponized…
Why are they keying on hiring armed agents again?
Oh yeah… they want to make sure you remember who’s boss, peasant.
Sadly, the best that the FBI can do, is let you know that “additional oversight would increase their workload.”
Know Your Foe.
“Hey… The People That Make Important Things Are In Trouble… But Who Cares!”
The situation with Taiwan’s economy is an interesting one…
There’s the issue with China and the heightened potential for WWIII and all…
But it’s strange that we’re being told Taiwan’s economy is hurting because of slowing demand for semiconductors…
But JP Morgan is telling us a different story:
So which one is it?
Maybe it’s both…
And someone has a vested interest in Taiwan hurting because it’s advantageous for them…
Always remember: In the shell game, the ball is never where you think it is… because you’re distracted by a sleight of hand…
This is no different.
Whenever you see a nation’s economy “put into play,” somebody is trying to get paid.
And where’s China’s involvement in this? Things to consider…
Know Your Foe.
You need to be prepared… there’s just too much crazy stuff happening.
We’ve found the 4Patriots solar generators to be light and easy to use. Plus, they are quiet and don’t require fuel.
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What does this mean?
The economy Your future is hanging in the balance… literally.
The people running things have no clue how to fix the problem… Even if they did, it’s too big to fix now.
They’ll be using any assets you have left in their hands (i.e.: pensions, 401k’s), and rob you blind to try and “fix” the problem.
You’ll be less wealthy, with fewer supplies, and less freedom to speak your mind.
Those aren’t good things.
Why should I care?
There’s so much to unpack…
Your wealth…
Your legacy…
Anything you plan to leave for future generations…
Getting the basics to live…
All of these things are teetering on the edge.
You should REALLY care.
What Should I Do?
Start thinking about the basics that people will need, and look at those things as potential avenues to protect yourself and as an investment.
Do you know why Berkshire Hathaway’s stock is so expensive?
They touch 90% of your life every day, and you don’t even realize it. That’s inflation/deflation/recession/depression insurance. You’ll still need toilet paper and toothpaste.
You should also tell as many people as you can about what’s happening. Don’t leave people behind, while we still have a window to help them.
A quick way to do that: Share this newsletter… heck, take from it, and do your own. We give you permission…
Take the time to learn more about Parallel Economies, and find alternatives to the things you use today… food, money, and transportation.
GET MOVING ASAP.
James Wesley, Rawles, publisher of SurvivalBlog.com has put together a “bookshelf” list of key things you should have. CLICK HERE to access the list.
Plus a recap of the 50 things you should have handy to barter.
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