Former Treasury Official Says US Banks On Verge Of ‘Nationalization’

Communist America. Catastrophic.

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Former Treasury Official Says US Banks On Verge Of ‘Nationalization’

By: Harold Hutchison, Daily Caller, March 14, 2023:

A former Treasury Department official said Tuesday that American banks were on the verge of being nationalized following the Friday collapse of Silicon Valley Bank and the government’s response.

“What the authorities did over the weekend was absolutely profound. They guaranteed the deposits, all of them, at Silicon Valley Bank. What that really means — and they won’t say it, and I’ll come back to that — what that really means is that they have guaranteed the entire deposit base of the U.S. financial system. The entire deposit base,” Roger Altman, a former deputy Treasury secretary in the Clinton administration, told CNN host Kaitlan Collins. “Why? Because you can’t guarantee all the deposits in Silicon Valley Bank and then the next day say to the depositors, say, at First Republic, sorry, yours aren’t guaranteed. Of course they are.” (RELATED: Biden Admin Shot Down Purchase Attempts For Failed Bank, Former Trump Official Says)

WATCH:

Federal regulators shut down Silicon Valley Bank Friday after its stock price collapsed and customers began a bank run following the financial institution’s disclosure of a $1.8 billion loss on asset sales due to high interest rates, CNBC reported. Depositors who had accounts at Silicon Valley Bank and Signature Bank, which was shut down by regulators Sunday, will be able to fully recover their funds, the FDIC announced Sunday in conjunction with the Treasury Department and the Federal Reserve.

“So this is a breathtaking step which effectively nationalizes or federalizes the deposit base of the U.S. financial system. You can call it a bailout, you can call it something else, but it’s really absolutely profound,” Altman continued. “Now, the authorities, including the White House, are not going to say that because what I just said of course implies that they have just nationalized the banking system. Technically speaking, they haven’t. But in a broad sense, they are verging on that.”

When Collins called Altman’s statements “remarkable,” Altman emphasized that he had not said the banks had been nationalized.

“I said they are verging on that because they have guaranteed the entire deposit base. Usually the term nationalization means that the government takes over the institution and runs it and the government owns it,” Altman explained. “That would be the type of nationalization we have seen in many other countries throughout the world. Obviously, that did not happen here. When you guarantee the entire deposit base, you have put the federal government and the taxpayer in a much different place in terms of protection than we were in a week ago.”

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Chris Wolf

1 year ago

Biden needs to be taken into custody along with “obama” and the whole Communist cabal.
Then we need a Nuremberg Trial.

13

Pray Hard

1 year ago

They’ve been nationalized for decades, at least, since the 1988 collapse and bail out.

11

D

PatD

1 year ago

The morons in DC and the government screw up everything that they touch so yeah let them take over the banks.

9

danknight

1 year ago

Well … to be fair … the banks are effectively nationalized – or to be clear – the too big to fail banks are nationalized. And they have been since the Depression.

The Fed was created in 1913 to protect the big banks – and socialize the risk – but the plan put in place in 1913 was not executed until the 30s.

Likewise are all of the deposits guaranteed? … I seriously doubt that. I’m certain all Demokkkrat millionaires and money launderers and other criminals will be made whole …

… but I’m also 100% certain that MY money would not be returned if I had any funds in a failed bank – which is why I keep my accounts as low as possible to avoid fees and maintain access.

Other than these minor quibbles – I agree with all my fellow outraged Geller readers. The whole economic mess is evil.

I highly recommend Mike Maloney’s Hidden Secrets of Money video series. As a middle aged fart, I’ve read enough Austrian economics to know all of it, but I still found this video series to be helpful and informative. It would be an excellent start for a high school student – or anyone recently red-pilled. And anyone who has been reading on Austrian economics for awhile will find it to be an excellent summary and refresher – even if it seems a bit ‘simple’ after reading Hayek etc. Just search for “mike maloney hidden secrets of money episode 1” on Youtube.

G-d bless everyone here – and protect Pamela and her helper elves …

7

D

Algorithmic Analyst

1 year ago

Reply to  danknight

Thanks Dan!

2

Hello Hello

1 year ago

Reply to  danknight

It is truly a “Dark Night.” For those who study and read, they know what that means.

1

D

ed

1 year ago

Reply to  danknight

Thank you, Mr. Knight, and good to see you back here again !! And may G-d bless you and your family as well, Sir !!

1

Jay

1 year ago

Soon we’ll be saying, “Phew, my worthless fiat currency is completely safe.”

4

D

ed

1 year ago

Can someone please stop this ride ??? I wanna get off.

4

w, a, carr

1 year ago

It looks bad but it is all more nails in the Democrats’ coffin

1

BobV

1 year ago

Repeated stolen elections have catastrophic consequences. I pray, someday soon, the thousands of traitors in DC, and specifically in the Pentagon, meet a painful, lingering demise. How any American can join today’s storm troopers is beyond me.

1

Gerald Mucci

1 year ago

Banks are so regulated already they may as well be state owned. Fraud and deceit and corruption will continue whether private or state owned.

1

Walter Sieruk

1 year ago

Karl Marx with his COMMUNIST MANIFESTO an long with his three volume THE CAPITAL in which he explained his economic political/philosophical scheme for a “classless and stateless society “ in which “Everyone works according his ability and receives according to his needs.’’ has many times over by refuted and discredited by genuine economists, sociologists and historians. These scholars have thoroughly exposes the many economic fallacies and flaws of Marxism way before the collapse of Communism in Russia and the Eastern bloc nations in 1992. Therefore even the recent history of the early 1990’s disproves Marxism as extremely erroneous. So it’s Adam Smith with his THE WEALTH OF NATIONS that is valid and in contrast Karl Marx with his written nonsensical a full of folly and invalid.

So it’s highly unlikely that Communist rulers [dictators] really believe in the obvious flawed economic fallacies of Karl Marx. Nevertheless, they all still need to publicly stand firm on the teachings, principles and precepts of Communism as laid down in the many writing of Marx. This is because evil is always looking for an excuse. Therefore, Marxism is the excuse to set up and up hold tyrannical red regimes. As if those Communist dictators actually believe that in the future a “pure perfect Communist society “ will come from their tyranny . As in the saying “Being cruel, brutal and deadly for the greater good” What nonsense! Thus to uphold the ideals of Marxism, Communist tyrants as Kim Jong Un of North Korea cruelly persecute Christians. For Christians believe in the Bible and Marxism is so very weak and fragile in its nature and because it lacks sound logic and rational arguments based on reason to uphold it , the whole Marxist system collapse down to the ground In the light in information of the Bible. Since Communists don’t have a firm foot based on reality and reason to base Marxism on in which is the foundation for the heinous rule. They resort to extremely harsh severe, malicious and murderous persecution against Christians and burn their Bibles.

-3

Walter Sieruk

1 year ago

Most historians agree that Karl Marx had good intentions when he labored so many hours writing his books .Such as the COMMUNIST MANIFESTO along with his long volumes which are entitled THE CAPITAL. Those volumes and his other written works were intended to remedy the terrible social conditions of the oppressed and exploited working class.

The reality was the only further tyrannical oppression and cruel exploitation came upon humankind as a result of his error filled philosophical economic political thesis. First, this awful disaster is what may be called “The law of unintended consequences.” Second, as already mentioned above Karl Marx had “good intentions.” So this serves a proof that the old saying must actually be true. Which is that “The road to hell is paved with good intentions.”

-3