Discussion: Economic, banking and financial market disruptions

  • Chuck Pierce “We have a golden calf in NY”
  • What’s wrong with the USA’s financial, banking and economic system today?
  • Is it time for a “new breed” of banking/financial system using biblical principles?
  • Unprecedented debt levels
  • Fed Reserves’ actions Sunday March 15th, 2020 unprecedented and what it portends for future failures and bank runs.
  • 0% bank reserve requirement (banks can lend with no vault cash – hides which banks are technically insolvent)
  • 0% fed funds rate
  • 0% discount window rate (hides which banks are technically insolvent)

While it’s expected to taper, the Fed is on pace to own 100% of US debt, public, private, real-estate backed, etc. inside 12-24 months at this rate of purchase


VIX (fear index) all time high of 82 next day, equity markets reach new lows

  • President Trump and Secretary Mnuchin recently stated: Small Business is the backbone of the American economy
  • Is it anymore? And what does the decline of small business mean for the future of the US economy?

Many large publicly traded companies got caught taking the PPP SBA loans (Shake Shack $10m, Ruth Chris $20m, Autonation $77m)