Ripped From The Headlines, March 17, 2023
Banks borrow $160B From The Fed, Janet Yellen: Fed Won't Bail Out Everyone, Humanoid Robots Are Coming! - #Read, #Share, & #Subscribe - SherlocExposes.com
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Banks borrowed a combined $164.8 billion from two Federal Reserve backstop facilities in the most recent week, a sign of escalated funding strains in the aftermath of Silicon Valley Bank’s failure.
Data published by the Fed showed $152.85 billion in borrowing from the discount window — the traditional liquidity backstop for banks — in the week ended March 15, a record high, up from $4.58 billion the previous week. The prior all-time high was $111 billion reached during the 2008 financial crisis.
The data also showed $11.9 billion in borrowing from the Fed’s new emergency backstop known as the Bank Term Funding Program, which was launched Sunday.
Taken together, the credit extended through the two backstops show a banking system that is still fragile and dealing with deposit migration in the wake of the failure of Silicon Valley Bank of California and Signature Bank of New York last week.
“Treasury Secretary Janet Yellen sought to reassure markets and lawmakers on Thursday that the federal government is committed to protecting U.S. bank deposits following the failure of Silicon Valley Bank and Signature Bank over the weekend.
‘Our banking system remains sound and Americans can feel confident that their deposits will be there when they need them,’ Yellen said in testimony before the Senate Finance Committee.
Under questioning, however, Yellen admitted that not all depositors will be protected over the FDIC insurance limits of $250,000 per account as they did for customers of the two failed banks.
‘I’m concerned about the precedent of guaranteeing all deposits and the market expectation moving forward,’ Sen. Mike Crapo, R-Idaho, the committee’s ranking member, said in his opening remarks.
Republican Sen. James Lankford of Oklahoma pressed Yellen about how widely the uninsured deposit backstops will apply across the banking industry.
‘Will the deposits in every community bank in Oklahoma, regardless of their size, be fully insured now?’ asked Lankford. ‘Will they get the same treatment that SVB just got, or Signature Bank just got?’
Yellen acknowledged they would not.
Uninsured deposits, she said, would only be covered in the event that a ‘failure to protect uninsured depositors would create systemic risk and significant economic and financial consequences.’”
Human-shaped robots with dexterous hands will be staffing warehouses and retail stores, tending to the elderly and performing household chores within a decade or so, according to a Silicon Valley startup working toward that vision.
Why it matters: Demographic trends — such as a persistent labor shortage and the growing elder care crisis — make fully-functioning, AI-driven humanoid robots look tantalizingly appealing.
Companies such as Amazon are reportedly worried about running out of warehouse workers, whose jobs are physically and mentally demanding with high attrition.
Driving the news: A heavy-hitting startup called Figure, which just emerged from stealth mode, is building a prototype of a humanoid robot that the company says will eventually be able to walk, climb stairs, open doors, use tools and lift boxes — perhaps even make dinner.
The company is the brainchild of Brett Adcock, a tech entrepreneur who previously founded Archer Aviation (a "flying taxi" maker that went public) and Vettery (an online hiring marketplace that he and a partner sold for $100 million).
He's assembled an all-star team of 40, including leading roboticists from Boston Dynamics and Tesla.
‘We just got done in December with our full-scale humanoid,’ Adcock tells Axios. ‘We'll be walking that in the next 30 days.’
Friday Madness, Ripped From The Headlines. Things To Ponder:
“We Just Need A Few Bucks Until Next Week…”
It feels like the federal government is a payday lender these days, doesn’t it?
A big issue with that is that it’s YOUR MONEY…
You’ll recall earlier this week, we told you that everything wasn’t “fine” - and that we were very close to the edge with our banking systems worldwide…
If things were fine, why would banks need to tap backstop funds?
What do they know that you don’t?
That the ride is going to be bumpy…
It’s like a bad game of musical chairs…
And when the music stops, you ain’t gettin’ a seat.
Don’t fall for the banana in the tailpipe:
Keep an eye on what’s going on. Stay vigilant, and stay prepared.
“I Didn’t Mean We Were Going To Bail Out EVERYBODY at ALL BANKS…”
…Of course not. Just the people that Janet Yellen is told to bail out…
Guess what?
That doesn’t include you!
As we mentioned on Monday, the bailouts you’ve seen were designed to keep you from running on banks for as long as possible…
And to keep the shell game going…
As long as people are somewhat calm, the hokum can continue…
See, if you make a run on your local bank, and it fails…
You’ll run to a big bank because you think it’s “safe…”
Then, they’ll lock you into a #CBDC…
And you’ll have no way out.
Know. Your. Foe.
“Check Out My I-Robot!”
The future is so bright, you gotta wear shades…
At least that’s what the creators of the humanoid robots think…
Sound great, and it’s coming fast…
Which can get VERY interesting…
If you have not seen the movie I Robot, we encourage you to watch it…
If you have, watch it again…
Then, watch this video from Boston Dynamics:
This stuff is coming for you.
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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