Craig Hemke – Are People Losing Faith In Central Banks?
Craig Hemke, Founder and Editor of TF Metals Report joins us to discuss the notion that there is a gradual loss of faith in central banks tied in with the banking system issues. The concept is that people will start taking their assets out of the banking system looking to other areas to store value. The possibility of central banks launching digital currencies is also discussed
A good discussion about these issues is a recent interview of Steph Pomboy by Adam Taggert on Wealthion.com.
They approach the economic situation as the “everything bubble” and don’t give The Fed much credit for anything productive.
Love Craig’s down to earth analysis. He speaks truth and we need that these days.
Craig is a sharp guy with a great sense of humor. He is very good writer and was successful in drawing the attention of Eric Sprott because of his unique ability to see reality. As a result, Craig fits in with our outstanding moderators, Cory and Shad. Together they produce some quality shows.
Thanks for those comments 4 oz and Lakedweller2, as they are appreciated.
Yes agreed — Craig is a very sharp guy and breaks up the financial madness with a good sense of humor and keeps us laughing. We have a blast talking with Craig, before/during/after each of these segments.
Fed Emergency Bank Loans Soared As Money Market Inflows Continue To Surge
Thursday May 11, 2023
“After last week’s massive non-seasonally-adjusted deposit outflows (and shrinking Fed balance sheet), all eyes will be back on The Fed’s H.4.1. report this evening for signs that the regional banking crisis is accelerating even further (as PacWest’s statement and regional bank shares suggest).”
“The answer is not a good sign for the bulls as Money Market Funds saw $18.3 billion of INFLOWS, pushing the aggregate to a record high of $5.328 trillion. That is almost $120 billion of inflows in the last three weeks… Retail funds saw over $12 billion in inflows while institutional was just $6 billion…”
“This surge in money market fund inflows strongly suggests tomorrow’s H8 deposit report will show the bank run is accelerating…”
PacWest Stock Plunges 23% After Losing 9.5% Of Deposits Last Week
Dan Fitzpatrick · Yahoo Finance – Thu, May 11, 2023
“Regional bank stocks fell again Thursday after troubled California lender PacWest (PACW) disclosed it lost 9.5% of deposits last week on a wave of new pessimism surrounding the industry.”
Deposits at JPMorgan Chase, Bank of America and Wells Fargo Shrank by $465 Billion Y-O-Y; More than Twice the Total of 4,000 Small Banks
Pam Martens and Russ Martens – Wall Street On Parade – May 8, 2023
“Since the banking crisis began making headlines at expensive media real estate, the narrative has been that deposits are fleeing the small commercial banks and flooding into the biggest banks that are perceived as too-big-to-fail and thus offer a safer venue for deposits.”
“Because these mega banks are the same ones that the Fed has been bailing out since the financial crisis of 2008, that narrative requires believing that our fellow Americans are dumber than a stump.”
“We decided to check out that narrative for ourselves. Not only is that scenario wrong, but it is so decidedly wrong, and it’s so easy to get the accurate figures, that from where we sit it looks like there might have been an agenda by someone to harm smaller banks. (Since it’s short sellers who have benefited to the tune of more than $7 billion from this misinformation, the Securities and Exchange Commission should find out who the public relations firms are who placed this erroneous information, and who paid them.)”
Jamie Dimon wants everyone to quit shorting the banks. Think we can trust him if he agrees to have JPM stop shorting the metals, if everyone else agrees to stop shorting the banks. Time is up: No
+1 Great point. What is good for the goose is good for the gander…
Even the prolific contributors have gone silent.
Surprising what less than 1% gold selloff had on most sector equities. Same old, same old pattern of over performance on the downside, opposite with upside.