Latest / Man in America Podcast / EMERGENCY ALERT: Bank Runs Are Starting & the Media Is Covering It Up w/ Dr. Kirk Elliott

Transcript

EMERGENCY ALERT: Bank Runs Are Starting & the Media Is Covering It Up w/ Dr. Kirk Elliott · Man in America Podcast

• 0:00
  Seth Holehouse: Ladies and gentlemen, welcome to Man in America. I'm your host, Seth Holehouse. So last week's show, talking about finance, we talked about the impending issues with the banks, March 11, the billionaires pulling their money out of the stock market, etcetera. Well, that is already accelerating. We're already seeing the beginnings of bank runs.
• 0:17
  A very large bank, New York Community Bank, has had its stock tank. They've lost $6,000,000,000 in deposits. CNN rushes to say, oh, it's not a bank run. What is it? So things are happening.
• 0:28
  Significant things are happening. Honestly, I think the next couple of weeks, we're gonna see major shifts happening in the banking industry. So, folks, this is gonna be a very important it's only about twenty minute interview, but we it's a hard hitting discussion on what's really happening with the bank. So please enjoy the interview. Kirk, as usual, it's great to have you on.
• 0:44
  How's it going?
• 0:46
  Speaker 2: I'm doing really well. How are you doing?
• 0:49
  Seth Holehouse: A lot of beautiful things in life. I mean, it really
• 0:52
  Speaker 2: There there really is. And you've got so much fun happening in this new chapter for you with I mean, just so awesome. But at least you're looking like you are getting a little bit of sleep. Am I right?
• 1:02
  Seth Holehouse: Yeah. I am. Yeah. We're we're figuring it out. We're figuring out the nursing schedule and everything.
• 1:08
  So it's it's going great. So you and I did a show that we just published last week, and then into this week about the March 11, and really about this lot of speculation that there's a lot of turmoil that's gonna be hitting for the banks. We talked about how all these different billionaire groups, whether it's the Waltons of Walmart or Zuckerberg or Bezos, Buffett, they're pulling billions out of the stock market. Banking news is looking bad, but as we were just talking about before we started recording, we're already seeing. So this whole idea that there's gonna be potentially another round of bank collapses and bank runs, it's already here.
• 1:48
  I'll I'll pull up this one article, which I think is funny to start with. So New York Community Bank has already started to have bank runs, and it's already starting to have some major issues. And this is a pretty big bank. So here, I I again, I pull up CNN intentionally. CNN's our headline, customers are pulling their cash from New York Community Bank, but it's no bank run.
• 2:11
  Like, how funny is that? Be good on the first paragraph here. It says customers of New York Community Bank have pulled $6,000,000,000 worth of deposits between February 5 and February and March 5, you know, which is 7%. So they've pulled $6,000,000,000 out of this bank, but it's not a bank run. Right?
• 2:32
  It it it's a mostly peaceful riot that's burning down the city. So we've got that, which I'll let you talk about that, but I also just wanna pull this other article up about how US bank profits have dropped 44% in q four as big firms cover failed bank costs. So there's a lot more to go on about this, but I just wanna hand it back over to you. And what do think about these two different articles juxtaposed compared to our recent discussions?
• 2:59
  Speaker 2: Yeah. So the recent discussions, I mean, to me, this is not rocket science, but I believe that a banking crisis is truly upon us. This is why we warned about it last week and the week before. It's like, this is gonna be Silicon Valley Bank times 10. This is going to be like bank runs on steroids.
• 3:20
  The fact that that first article that you mentioned said $6,000,000,000 exodus out of deposits in a month, But it's not a bank run? What? I mean, if it looks like a duck, quacks like a duck, walks like a duck, it's a duck. Right? So this is a bank run.
• 3:40
  And here's the problem. So you add that to the March 11 story that we discussed last week, where now emergency funding sunsets on March 11. So when you go back to Silicon Valley Bank a year ago, right, that's when this happened, was a year ago. To the day, literally, Silicon Valley Bank went down on March eleventh of twenty twenty three. Funding for the banks sunsets on March eleventh of twenty twenty four.
• 4:13
  These people in charge, they're very symbolic with their numbers, and I think that this thing is really weird. Now, I'm not saying that every bank in the world is going to go under on March 11, but when you have banks like New York Community Bank that are going to need emergency funding, this is how they stopped bank runs after Silicon Valley, is with the bank temp funding program, the BTFP that we talked about last week. So people were applauding the Fed. It's like, look, whatever you guys did, this was amazing. You stop bank runs because we had Signature Bank and Silicon Valley and Silvergate and Credit Suisse and First Republic and then nothing.
• 4:55
  It's like whatever they did was amazing. Right? No, it wasn't amazing. But what they did do worked. It was emergency stimulus money that was being injected to cancerous toxic banks so it would stop a bank run.
• 5:09
  Now that that's gone, really now that that's gone, and you've got New York Community Bank, which why are they in trouble? We have to start asking why. So they're in trouble because they have way too much commercial real estate exposure. Okay, commercial real estate's hitting the skids. And B, they bought Signature Bank.
• 5:31
  They were the bank that basically consolidated Signature Bank when Signature Bank went under. So for them to think that they could buy a multibillion dollar bank when they're a multibillion dollar bank, it's not like they're that difference in size. So when you purchase toxic assets, to think that your balance sheet isn't going to become toxic, you're stupid. Right? I mean, it doesn't make sense.
• 5:57
  Now, if you're JPMorgan Chase and you bought out a $6,000,000,000 toxic bank, JPMorgan is so big, it dilutes it so much that it wouldn't really make a difference. Right? But if they bought 20 or 30 or 40 of those banks, well, now it would make a difference even with JPMorgan Chase. Right. So so this is the problem with New York Community Bank.
• 6:19
  So when the story broke that the emergency funding was going to end on March 11, they came out with this at the January. Prices share prices tanked down 70% in January alone. Now, what happened last Friday? You know, the news came out that, well, actually $6,000,000,000 left in the last thirty days. Well, their share price went down another 24% in one day on Friday alone.
• 6:50
  So this bank is in trouble. But to me, it's the it's the symbolic first sacrifice. Right. I think that what's coming is going to be all kinds of bank failures coming. There was a research article I was reading about the banking sector overall, and then I stumbled across an article from a real estate magnet, big, huge real estate company.
• 7:17
  He's expecting and when you're in the real estate business, you're getting lending all the time, especially when you're a national builder. When you're a national real estate investment trust kind of company, you're always getting lending for commercial real estate, for things of that nature. He's expecting 500 banks to fail or get consolidated in the next twelve months. And so it's like, well, good grief. What is going to happen here?
• 7:44
  So all it takes is one Doesn't take 500. It takes one bank to go under that's pretty big. And human nature is going to do what? It's going to tell you and me or whoever is seeing the story. It's like, I wonder if my bank is Okay.
• 8:02
  Right? Because if a big bank like New York Community Bank is hitting the skids, what about my bank? What about my credit union? And people are going to go in and probably not take all of their money out. That's unreasonable to think that.
• 8:16
  But even if they take some, and there's a lot of people at every bank taking some out, they are so undercapitalized that you will start to see runs on banks all over the country. But they're gonna spin it. New York Community Bank wasn't a bank run. Or was it? No.
• 8:35
  It was. $6,000,000,000 in a month. It it was.
• 8:39
  Seth Holehouse: What's it's crazy. Like, that's the headline. And you go read that first paragraph. It's like, it wasn't a bank run, but $6,000,000,000 ran out the door. Right?
• 8:49
  Like, that's that's Yeah. 10% of a bank's assets, That's a bank run. Like, that's that's pretty simple.
• 8:55
  Speaker 2: That's a bank run because so you you look back at what Basel III is now going to be requiring 0% reserve requirement. So most of these banks right now are 0%. Now, about a month or so ago, when it was coming out that they're going to start increasing the reserve requirement for banks and Citibank and Bank of America pitched a royal fit because they had to go to 3%. It's like 3% and they're pitching a fit. Basel III, the international accord is requiring 20%.
• 9:31
  So if they were pitching a fit at three, what's going to happen when it goes to 20? It means all these banks are going to have to come up with money out of thin air that they don't have because right now they have a 0% reserve requirement, meaning if you deposit $100 into your checking account, they can lend out $100 They don't have to keep anything on hand. Of course, there's going to be bank runs if they're undercapitalized that much. But so Basel III, in their weird globalist wisdom, is saying, hey, if we raise the reserve requirement enough, there's going to be enough capital there to start staving off bank funds. Right?
• 10:07
  So in theory, that makes sense. But in reality, where are these banks going to come up with that money? It's not there. It doesn't grow on trees. They don't have it.
• 10:17
  So therefore, they're going to be out of compliance. They're going to have to go out of business or they get bought out. That's what that real estate guy was talking about. There's going to be 500 banks that either get consolidated or fail because of these weird combination of events, increase in the reserve requirement, delinquencies that are increasing like crazy. I mean, look at the chart that you have on the screen.
• 10:42
  So that tells us something peculiar about the banking system. Large banks like your JP Morgan's, your Citi's, things of that nature, their delinquency rate's now 3%. It's like, well, what does that number mean, Kirk? It's like, okay, it's a big number. We haven't seen a 3% delinquency rate in large banks in over eleven years.
• 11:05
  So really since 02/2009 and that crisis. But the delinquency rate of small banks, banks with probably a billion dollars or less in deposits, I would consider that a small bank, 7.8%. That's the highest of all time in the history of banking in America, even during the Great Depression. So what's a delinquency? A delinquency is simply a late payment, right?
• 11:29
  So you're delinquent on your loan. You're late on your payments. And at some point, the bank cuts you off, cancels your loan, calls it, or you file for bankruptcy, right, because you can't pay the dumb thing off. So, a series of delinquencies end up in default. So, when we've got these delinquencies that are rising at the highest point in the history of our country, I think there's bank runs that are going to happen.
• 11:56
  I think there's going to be bank failures. And all of your audience that's listening to this, we've talked about this numerous times, but this is the big trigger, the spark that I think is going to cause massive financial mayhem in The US economy and ultimately global. Right? Because a lot of this is happening because of Evergrande. Evergrande defaulting, filing for bankruptcy, having their debt holders get only 1p on the dollar, 1 percent, and everything else vaporizes.
• 12:30
  But it's worse than that because the Hong Kong bankruptcy court said all Chinese citizens are going to get paid off first, international debt holders. Of course. Well, maybe not. Right? So they're taking care of their own.
• 12:45
  So what I would expect them to do, I would expect President Xi to take care of his own. I would expect Putin because they're nationalists. We might be the only country on the planet that doesn't have a nationalist as a president, which is all that a nationalist means is I am going to serve my country and I'm going do what's best for my country. If you're not that, you're a globalist, which means I'm going to do what's better for the world. Who cares about our country?
• 13:14
  Right? So of course, they're going to take care of their own. But that means over $350,000,000,000 of bad loans are going to have to be eaten by North American banks when they're already capital strapped. See these dominoes, when you start connecting the dots, these dominoes are going to start falling. And I do think that this is going to be the spring and the summer of massive bank failures because they're it it's not like I'm I'm trying to be a prophet of gloom and doom.
• 13:44
  It's just math. They don't have enough money, and they cut off the emergency funding. There's no money left to bail them out. So this is the problem.
• 13:55
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• 14:18
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• 15:03
  It is. And I'll throw a quick caveat because it's it's it's easy, I think, for someone to look at a show like this and say, well, you know, you're just what you just wanna sell silver and gold. So, of course, this is the news. But it's like, it has nothing to do with that. Right?
• 15:17
  Is Nothing. This is actually what's happening. Like, it's the same as me saying, hey. You should probably buy some storable food and stick it away in your basement because there's about a thousand indicators that the government's trying to create food shortages. It's pretty simple.
• 15:34
  Like, this is it's really cause and effect, and that's exactly what's going on here is that this is just the reality. And, you know, you're not gonna find this on MSNBC or, you know, through Jim Kramer because, well, they're they're had leverage heavy in the stock market, and they're not talking about these things. So these are the real issues. But something else I wanna pull up here, which is interesting, is this that, you know, while we're talking right now, gold let's see if I had the window open for that. I think I closed it.
• 16:00
  Gold prices are at a record highs. I think we're approaching $2,200 an ounce. Silver is approaching $25 an ounce. And there's an interesting article that that I came across, which was how gold's new high signals central bank, you know, banks fear inflation. So here's just a little note here where they say that gold's new high signals that global central banks are likely accumulating in the precious metal in an effort to diversify away from the dollar as persistently large fiscal deficits threaten to further erode its value and lead to more inflation.
• 16:38
  And so but if you scroll down, they've got a bunch of really good charts here. There's one chart I wanted to show you in particular, which is this one right here, which is showing that central banks are buying gold while investors are selling gold. So you can see that the as the the gold ETFs, like the the way how investors are investing in gold, those are dropping, yet you're seeing that the increase in the central bank gold holdings. And so to me, when you pull us together, I like the perspective they took with this article is that basically that the the central banks, they see the writing on the wall. So they're moving assets out of stock market, out of other places into precious metals, and then we have this other article, which we just got so much to go through here quickly, talking about how Gold Rush, Mark Zuckerberg among millionaires, doomsday prepping by hoarding gold as election and sell outages spark end of times fear.
• 17:34
  So it's not just the central banks. It's not just it's like what we're seeing is this massive movement from whether it's the central banks, the billionaires pulling money out of stock markets, people like Zuckerberg moving their assets into gold, the the banks buying gold. We're seeing the these are the indicators. It's like the guy that's sitting on the dock that knows how to read the waves and read the tide. He knows when a tsunami is coming.
• 18:01
  So when he sees that little bit of water going out, he says, okay. I'm getting my family out of here. No one else is paying attention. Everyone else is swimming on the beach or playing with their iPhone. They're, you know, taking pictures and selfies.
• 18:12
  They're the ones that are gonna get killed by the tsunami, but the people that see it, they see what and so, like, if you're smart, you're watching the guy that's always sitting there watching the water, and you're following what he does. And and in this in this ocean of, you know, global economics, it's the billionaires, it's the elites, it's the central banks. They're all telling us what's coming, whether we wanna listen to it or not. I I thought just what a crazy narrative to piece together.
• 18:39
  Speaker 2: It is so crazy. And and so, you know, Mark Zuckerberg, I don't I don't like his politics. I don't like what he does. I don't like how he sold our information on Facebook. Right?
• 18:48
  I don't
• 18:48
  Seth Holehouse: like Light way of putting it.
• 18:50
  Speaker 2: Yeah. But but he sold half a billion dollars worth of of Meta, his own shares. And what's he doing with it? Well, a, he he built the Taj Mahal of bunkers at his house. Right?
• 19:03
  He he's buying mountains of gold, you know? So so he's actually telling us and telegraphing whatever these people do when they get together, meet at World Economic Forum, Builder Burger meetings, whatever. Right there. The globalists are getting together, talking about how they want to control the world and how they're going to shape the world's future. Right?
• 19:23
  And they're all getting out of Dodge at the same time. Literally. The Waltons, four and a half billion dollars worth of Walmart shares that they're selling. Zuckerberg, half a billion. You look at Jamie Dimon at JPMorgan Chase, one hundred and fifty million.
• 19:39
  You look at Jeff Bezos, ten point five billion. So they're all getting out of shares. Bill Gates, like we talked about last week, selling almost everything for philanthropic causes. Okay, that's a nice thing, but I don't believe it for a second. But what didn't he sell?
• 19:54
  His land. Still largest landholder in North America as a person. He didn't sell any of that. Why? Because they know that there is food shortages coming, that there is going to be a food crisis.
• 20:08
  They know that there's going to be a banking crisis, which is the market crisis, which is why they're selling their stuff while they're hoarding gold, while central banks around the world are buying gold. I mean, what is so look at cryptocurrency like Bitcoin. Okay, so so I read this article yesterday that Bitcoin is like an all time high. It's it's cruising up there. It was up at 69,000, and now it corrected some.
• 20:36
  But there's a whale investor that nobody knows who it is. Nobody knows who it is. But they now own $3,100,000,000 worth of Bitcoin. They're buying it in chunks of 100,000,000. And the research is showing that even though they don't know who it is, they can follow IP addresses.
• 20:53
  It's not America. They don't think it's a it's a person. It's probably a central bank. Okay. So that's that's the theory that it's a central bank.
• 21:01
  I don't care what the central banks are buying. Central banks around Asia are buying gold. They're obviously, it looks like they're buying cryptocurrency now. Looks like they maybe they have real estate. I don't care what they buy.
• 21:13
  The bigger story is what are they not buying? They're not buying their own treasuries, which is interesting. They're buying all these other alternative investments, gold and everything else. But the only central bank that I can see that's buying treasuries is the Fed because they have to. Nobody else wants the US dollar.
• 21:33
  The BRICS nations where everybody's wanting their currency because they're trading in their own currency with each other and it's 70% of the world's population, it appears they're buying other stuff like gold and crypto. But we are the buyer of last resort, the Fed is, for U. S. Treasuries because it's the only thing keeping our economy afloat. So to me, when you look at the rest of the world, the bigger story is not is it what are they buying?
• 21:59
  What are they not buying? And see, I think that's all pointing towards and signaling towards market collapse, kind of a system change coming, change in money, change in currency, way a change in the way banking is done globally. And that's what we're trying to protect ourselves from, which is why we shout it from the rooftops about silver, about gold. It's not that I want to use some kind of a fearful story to actually sell silver gold. I don't care.
• 22:33
  As crazy as that sounds, it's a mission for me. I want to help and protect people. I happen to be in this business. That's great. But but I would do it even if I if you're just a news commentator, it's like you have to get out of harm's way.
• 22:47
  You have to allocate into something to protect and preserve and to thrive. This is why the billionaires are doing what they're doing. We should do something similar as well. Whether you get your gold or silver from me or whether you get it from somebody else, you should get some and start allocating into it because I think it's what's going to save your bacon.
• 23:08
  Seth Holehouse: And and that's an important point just to to finish up on is that this system is so full of risk and so full of cracks. It's it's kinda fall. And I think the the key is that don't be so say it's a boat. Like, this boat is so full of cracks that it's gonna be it's gonna sink. Probably within the next couple of months, we're gonna see, like, the real signs of this.
• 23:30
  And we're already seeing them now. And so idea is is that, well, if if the Titanic is there, which the deep state sunk the Titanic, so it makes sense that they're sinking all this stuff too. Right? If you see that, and there's this other boat that's not gonna be sinking, it's like, get your family over onto that. And again, whether it's through you, whether it's through that your local guy that you know and trust, whatever it is, it's not just gold and silver.
• 23:51
  It's seeds and food and ammo, etcetera. Like, now is the time. The window's closing, and and so I I implore people, if you've been considering, you've been thinking about doing something with this, doing something with your assets, you've got money sitting in a four zero one k, etcetera. Again, doesn't have to be with Kirk. Whatever you're comfortable with, like, don't just sit there.
• 24:12
  Don't just sit there idly and think maybe it'll be okay. I I watched my dad lose his entire four zero one k during the .com crash because he was working with AT and T, Lucent Technologies, had his entire portfolio in, I think, Lucentstock,.comcrash, and he lost almost everything. And every day, he kept saying, well, it's gonna get it's gonna get better. It's gonna get better, and it didn't until he lost everything. So let's not be that.
• 24:38
  So Kirk, let me pull up our website goldwithseth.com. If you want to work with Kirk, that's who I trust. Obviously, you're you're a big part of what I do, and I appreciate you greatly. But you've got my trust. You've got my vote of confidence.
• 24:52
  If you wanna work with Kirk, gold with seth dot com. Phone number, (720) 605-3900. Get an appointment set up. If you've got someone else you work with, great. That that's good.
• 25:04
  You know, it's more power to every everybody that can take control of these things. So, Kirk, it's always a pleasure. Thank you so much for coming on the show. Have a wonderful rest of your week. I'm sure we have a lot of big updates coming in in the coming weeks as well.
• 25:17
  Speaker 2: I think there's some big ones coming. It's gonna be a wild year, but look forward to talking next week.
• 25:22
  Seth Holehouse: Alright. Take care. God bless, Kirk.
• 25:24
  Speaker 2: Bet. God bless.