Editor’s Note: Since the “red tsunami” didn’t materialize last November, we’ve seen central banks, states, and even entire nations quietly but rapidly buying up as much gold as they can. This is one of the reasons we’ve been strongly recommending Americans protect their life’s savings by working with an America First precious metals company. With Tucker Carlson, Glenn Beck, and other conservative show hosts now echoing the sentiment, it’s time to consider making the move. This article by Michael Snyder solidifies my view…
When it rains, it pours. On the exact same day that we witnessed the second largest bank failure in U.S. history, Wells Fargo experienced an unprecedented nationwide computer glitch that caused countless numbers of account holders to have “incorrect balances” and “missing transactions”.
This is yet another example that demonstrates why it is never wise to put all of your eggs into one basket. If you have all of your money in just one bank, you may wake up one day and find that you are suddenly not able to access any of it. For years I have been telling my readers to spread their assets around, because our banking system is far more vulnerable than most people realize.
In particular, I have never been a fan of Wells Fargo.
It has been embroiled in controversy for years, and now this massive “computer glitch” has happened…
A nationwide computer glitch at Wells Fargo left irate customers with incorrect balances and missing transactions Friday morning, sometimes dipping accounts into negative balances.
Funds remain available, even though some customers’ direct deposit transactions were not showing on their accounts, bank spokesman Josh Dunn said.
Dunn did not say how many customers were impacted by the problem and did not provide a time when customers can expect the issue to be resolved. But he said Wells Fargo was “working quickly on a resolution.” As of 4:30 p.m. Friday, Dunn could not say when the problem would be resolved.
The number one thing that you should want from any bank is security.
And right now Wells Fargo seems to be severely lacking in this area.
When users tried to log into their online banking apps, they received a very alarming message…
It’s not clear what might be causing the direct deposit issue or when it might be resolved, but Wells Fargo posted a message at the top of its online banking app saying: “If you see incorrect balances or missing transactions, this may be due to a technical issue and we apologize.”
Needless to say, a lot of account holders were not pleased.
Wells Fargo is further proof to keep cash on hand for use. In the blink of an eye, a computer glitch or whatever, your funds are inaccessible.
— Sam (@SDWilliby) March 10, 2023
i do not like to feel massive panic immediately upon waking but wells fargo decided to give me that gift this morning
— Katy Barber (@katy__kakes) March 10, 2023
I woke up to overdraft protection emails. @WellsFargo better have a good explanation because I had a paycheck yesterday
— 햇빛 ☀️ 🇵🇸 (@_hasesuns) March 10, 2023
Wells Fargo has me like this at 9am on payday. I will definitely be closing my accounts. #WellsFargo pic.twitter.com/qFGVpaWyFY
— 🐺 (@kingtravvv) March 10, 2023
Of course those that have their money in Silicon Valley Bank are in much worse shape.
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Rumors had caused a huge run on the bank in recent days, and regulators moved very quickly on Friday to permanently shut it down…
The Federal Deposit Insurance Corporation (FDIC) says it has seized control of Silicon Valley Bank (SVB), confirming the lender was shut down by California regulators amid a run on the bank.
The FDIC said in a press release that SVB was closed on Friday by the California Department of Financial Protection and Innovation, which in turn appointed FDIC as the receiver of all insured deposits of the bank.
Those that have less than $250,000 deposited with SVB will be covered by FDIC insurance.
But as I detailed in an article that I posted earlier today, the vast majority of the funds deposited with SVB are not covered by FDIC insurance.
Some depositors are literally in danger of losing millions of dollars, and that should deeply alarm all of us.
Don’t wait for a stock market crash, dedollarization, or CBDCs before securing your retirement with physical precious metals. Genesis Gold Group can help.
Meanwhile, there are now rumors that another major bank on the west coast may be in jeopardy…
Concerns have quickly shifted to other banks that might be in trouble. First Republic, another West Coast-based bank whose shares are down more than 30% since Wednesday, tried to reassure investors. In an unusual statement midday Friday, it said tech companies only account for 4% of its deposits and that less than 15% of its total assets are invested in securities like bonds.
Is this the start of a new financial crisis?
Some experts that were interviewed by CNN claim that this is not the case…
Mike Mayo, senior bank analyst at Wells Fargo, said the crisis at SVB might be “an idiosyncratic situation.”
“This is night and day versus the global financial crisis from 15 years ago,” he told CNN’s Julia Chatterley Friday. Back then, he said, “banks were taking excessive risks, and people thought everything was fine. Now everyone’s concerned, but underneath the surface the banks are more resilient than they’ve been in a generation.”
Similarly, former US Treasury Secretary Larry Summers told Bloomberg News Friday that he saw “no systemic risk” if the situation “is handled reasonably,” adding he had “every reason to think that it will be.”
You can believe them if you want.
But as I explained earlier today, SVB got into trouble because they were sitting on mountains of Treasury bills that rapidly lost value once the Fed started aggressively hiking interest rates.
Unfortunately, there are lots of other banks that are in the exact same position.
The financial day of reckoning that I have been warning about for a very long time appears to be rapidly approaching, and most Americans are not prepared for it at all.
If you have all of your money in a single institution, or if you have more than $250,000 in a single bank, I would encourage you to consider taking action while you still can.
Things are starting to get really crazy out there, and you don’t want to find yourself exposed when the music stops playing.
***It is finally here! Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.***
About the Author: My name is Michael and my brand new book entitled “End Times” is now available on Amazon.com. In addition to my new book I have written six other books that are available on Amazon.com including “7 Year Apocalypse”, “Lost Prophecies Of The Future Of America”, “The Beginning Of The End”, and “Living A Life That Really Matters”. (#CommissionsEarned) When you purchase any of these books you help to support the work that I am doing, and one way that you can really help is by sending copies as gifts to family and friends. Time is short, and I need help getting these warnings into the hands of as many people as possible.
I have published thousands of articles on The Economic Collapse Blog, End Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions.
I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is definitely a great help. These are such troubled times, and people need hope. John 3:16 tells us about the hope that God has given us through Jesus Christ: “For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.” If you have not already done so, I strongly urge you to invite Jesus Christ to be your Lord and Savior today.
Article cross-posted from End of the American Dream.
Five Things New “Preppers” Forget When Getting Ready for Bad Times Ahead
The preparedness community is growing faster than it has in decades. Even during peak times such as Y2K, the economic downturn of 2008, and Covid, the vast majority of Americans made sure they had plenty of toilet paper but didn’t really stockpile anything else.
Things have changed. There’s a growing anxiety in this presidential election year that has prompted more Americans to get prepared for crazy events in the future. Some of it is being driven by fearmongers, but there are valid concerns with the economy, food supply, pharmaceuticals, the energy grid, and mass rioting that have pushed average Americans into “prepper” mode.
There are degrees of preparedness. One does not have to be a full-blown “doomsday prepper” living off-grid in a secure Montana bunker in order to be ahead of the curve. In many ways, preparedness isn’t about being able to perfectly handle every conceivable situation. It’s about being less dependent on government for as long as possible. Those who have proper “preps” will not be waiting for FEMA to distribute emergency supplies to the desperate masses.
Below are five things people new to preparedness (and sometimes even those with experience) often forget as they get ready. All five are common sense notions that do not rely on doomsday in order to be useful. It may be nice to own a tank during the apocalypse but there’s not much you can do with it until things get really crazy. The recommendations below can have places in the lives of average Americans whether doomsday comes or not.
Note: The information provided by this publication or any related communications is for informational purposes only and should not be considered as financial advice. We do not provide personalized investment, financial, or legal advice.
Secured Wealth
Whether in the bank or held in a retirement account, most Americans feel that their life’s savings is relatively secure. At least they did until the last couple of years when de-banking, geopolitical turmoil, and the threat of Central Bank Digital Currencies reared their ugly heads.
It behooves Americans to diversify their holdings. If there’s a triggering event or series of events that cripple the financial systems or devalue the U.S. Dollar, wealth can evaporate quickly. To hedge against potential turmoil, many Americans are looking in two directions: Crypto and physical precious metals.
There are huge advantages to cryptocurrencies, but there are also inherent risks because “virtual” money can become challenging to spend. Add in the push by central banks and governments to regulate or even replace cryptocurrencies with their own versions they control and the risks amplify. There’s nothing wrong with cryptocurrencies today but things can change rapidly.
As for physical precious metals, many Americans pay cash to keep plenty on hand in their safe. Rolling over or transferring retirement accounts into self-directed IRAs is also a popular option, but there are caveats. It can often take weeks or even months to get the gold and silver shipped if the owner chooses to close their account. This is why Genesis Gold Group stands out. Their relationship with the depositories allows for rapid closure and shipping, often in less than 10 days from the time the account holder makes their move. This can come in handy if things appear to be heading south.
Lots of Potable Water
One of the biggest shocks that hit new preppers is understanding how much potable water they need in order to survive. Experts claim one gallon of water per person per day is necessary. Even the most conservative estimates put it at over half-a-gallon. That means that for a family of four, they’ll need around 120 gallons of water to survive for a month if the taps turn off and the stores empty out.
Being near a fresh water source, whether it’s a river, lake, or well, is a best practice among experienced preppers. It’s necessary to have a water filter as well, even if the taps are still working. Many refuse to drink tap water even when there is no emergency. Berkey was our previous favorite but they’re under attack from regulators so the Alexapure systems are solid replacements.
For those in the city or away from fresh water sources, storage is the best option. This can be challenging because proper water storage containers take up a lot of room and are difficult to move if the need arises. For “bug in” situations, having a larger container that stores hundreds or even thousands of gallons is better than stacking 1-5 gallon containers. Unfortunately, they won’t be easily transportable and they can cost a lot to install.
Water is critical. If chaos erupts and water infrastructure is compromised, having a large backup supply can be lifesaving.
Pharmaceuticals and Medical Supplies
There are multiple threats specific to the medical supply chain. With Chinese and Indian imports accounting for over 90% of pharmaceutical ingredients in the United States, deteriorating relations could make it impossible to get the medicines and antibiotics many of us need.
Stocking up many prescription medications can be hard. Doctors generally do not like to prescribe large batches of drugs even if they are shelf-stable for extended periods of time. It is a best practice to ask your doctor if they can prescribe a larger amount. Today, some are sympathetic to concerns about pharmacies running out or becoming inaccessible. Tell them your concerns. It’s worth a shot. The worst they can do is say no.
If your doctor is unwilling to help you stock up on medicines, then Jase Medical is a good alternative. Through telehealth, they can prescribe daily meds or antibiotics that are shipped to your door. As proponents of medical freedom, they empathize with those who want to have enough medical supplies on hand in case things go wrong.
Energy Sources
The vast majority of Americans are locked into the grid. This has proven to be a massive liability when the grid goes down. Unfortunately, there are no inexpensive remedies.
Those living off-grid had to either spend a lot of money or effort (or both) to get their alternative energy sources like solar set up. For those who do not want to go so far, it’s still a best practice to have backup power sources. Diesel generators and portable solar panels are the two most popular, and while they’re not inexpensive they are not out of reach of most Americans who are concerned about being without power for extended periods of time.
Natural gas is another necessity for many, but that’s far more challenging to replace. Having alternatives for heating and cooking that can be powered if gas and electric grids go down is important. Have a backup for items that require power such as manual can openers. If you’re stuck eating canned foods for a while and all you have is an electric opener, you’ll have problems.
Don’t Forget the Protein
When most think about “prepping,” they think about their food supply. More Americans are turning to gardening and homesteading as ways to produce their own food. Others are working with local farmers and ranchers to purchase directly from the sources. This is a good idea whether doomsday comes or not, but it’s particularly important if the food supply chain is broken.
Most grocery stores have about one to two weeks worth of food, as do most American households. Grocers rely heavily on truckers to receive their ongoing shipments. In a crisis, the current process can fail. It behooves Americans for multiple reasons to localize their food purchases as much as possible.
Long-term storage is another popular option. Canned foods, MREs, and freeze dried meals are selling out quickly even as prices rise. But one component that is conspicuously absent in shelf-stable food is high-quality protein. Most survival food companies offer low quality “protein buckets” or cans of meat, but they are often barely edible.
Prepper All-Naturals offers premium cuts of steak that have been cooked sous vide and freeze dried to give them a 25-year shelf life. They offer Ribeye, NY Strip, and Tenderloin among others.
Having buckets of beans and rice is a good start, but keeping a solid supply of high-quality protein isn’t just healthier. It can help a family maintain normalcy through crises.
Prepare Without Fear
With all the challenges we face as Americans today, it can be emotionally draining. Citizens are scared and there’s nothing irrational about their concerns. Being prepared and making lifestyle changes to secure necessities can go a long way toward overcoming the fears that plague us. We should hope and pray for the best but prepare for the worst. And if the worst does come, then knowing we did what we could to be ready for it will help us face those challenges with confidence.
