I said last week, I don't think this is it. I want you to know, if you're a long-time listener, you know that I freak out about these things. You got all that happening, in the background of everybody telling you, that it is fine. Other credit extensions totaled 142.8 billion dollars. GLENN: The data also showed, 11.9 billion in borrowing from the new emergency backstop known as the bank term funding program, which was launched last week. STU: To be fair, with inflation, that number is 94 trillion today. So what? 41 billion more, than they did in 2008. Remember, we're not in a financial crisis. That was at the height of the financial crisis. And that's when the banks got together, and they borrowed $111 million. So they went from 5 billion to 152 billion, in a week. Then, they did a record high from 4.85 billion, the previous week. Last week, banks borrowed a combined $164.8 billion, from two Federal Reserve backstop facilities.Īnd so you know, data published by the fed showed 152.85 billion in borrowing from the discount window. And then we will end up with the fed.Īnd by violating the free market, everything went off the rails.
Credit Suisse just rolled into a big bank. At the time, in 2008, our banks were too big. Instead, we did not save the free market system. What I didn't foresee, was that the federal government, what was it that George Bush said? Violate the free market system to save the free market system. It stems back to 2008, which I thought at the time, back in 2006 and '7, I was telling you, this is a big one. GLENN: If you're a long-time listener of this program, you know I'm always concerned with the financial crisis. Transcript Below is a rush transcript that may contain errors He explains why bank failures could lead to a central bank digital coin and also why you MUST not panic: ‘Panic makes this whole thing happen… So, what’s next? In this clip, Glenn details several scenarios - like war and massive, civil unrest - that could occur if and when the banks collapse. And the numbers he shares in this clip at least show that the big banks aren’t looking good. Glenn doesn’t believe America’s recent banking crisis is the big one he’s been warning about…but that one still may be just around the corner.
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