July 22, 2024

Has the 2024 Banking Crisis Already Started?

Has the 2024 Banking Crisis Already Started?

The following article was written by Michael Snyder discusses the financial troubles facing New York Community Bank, which has seen its stock price plummet due to the deteriorating quality of commercial real estate loans [Also read this article for the mainstream coverage of this issue].

Snyder says that the bank’s situation reflects broader issues in the commercial real estate market, with predictions of massive losses totaling in the trillions. Despite securing a billion-dollar capital raise, doubts remain about the bank’s long-term survival, as similar challenges loom for many other banks across the country. This comes amidst broader economic concerns, including expectations of layoffs and economic turmoil exacerbated by inflation and political uncertainty.

Synder warns of significant economic turbulence ahead.

Editor’s Note: 2023 was difficult for the US economy, what with the Banking Crisis and its promise to fund the war in Ukraine [read Should the US Banking Crisis of 2023 Be a Footnote? to understand the Banking Crisis and How the US keeps funding Ukraine’s military — even as it says it’s out of money].

But 2024 is no easier. In an article written for The National Interest, Desmond Lachman warned of a full-blown financial crisis before the middle of this year if the US does not reassess its monetary policy. Some speculators are actually wanting to crash the economy saying that it could be a “blessing in disguise”. That the US economy is about to crash is no longer a question of “if”, but of “when” [Read US regional bank sell-off a cautionary sign of more pain to come].

This, plus the crisis at the US border and the increasing distrust social discord is pushing the US beyond breaking point.

So why then, is Joe Biden pushing for a bipartisan bill that will put money outside of the US? [Read US Senate unveils $118 billion bill on border security, aid for Ukraine, Israel].

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