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Josh Sigurdson reports on the inevitable fall of the global monetary system as governments around the world desperately attempt to convince people all is well.
With Deutsche Bank being one of the biggest dominoes to fall as it lays off 18,000 people in its so-called “restructuring,” the rest of the banking system is entirely insolvent according to their own balance sheets noting absurdly low cash to deposit ratios having never recovered from 2008. On top of that, Australia is desperately lowering interest rates while Britain and the Fed talk about doing the same. The bond market looks terrible and now on top of it all, as Treasury Secretary Steven Mnuchin has warned, the US could be out of money by early September as politicians call for the debt ceiling to be brought up before the summer break.
This is all happening as Trump praises the dollar and the record high stock market propped up on debt while calling out Bitcoin of all things.
Gold and crypto continue their leg up and it is concerning the establishment greatly, so they are doing whatever they can to step in and stop it and turn the tide, but people aren’t buying it… Literally…
We will continue to cover this story as it continues to elapse. Stay tuned for more from WAM!
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Video edited by Josh Sigurdson
Graphics by Bryan Foerster and Josh Sigurdson
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