"Just as in 2008, the bankers lied.
This time, the central bankers, the banks, and the bank regulators have lied to all dollar holders and depositors.
This isn't your typical fractional reserve situation. The problem is that there isn't enough in the banks on a mark-to-market basis to cover withdrawals. They knew this through all of last year, and communicated it internally in their coded language.
It's obvious from the graphs. The central banks, the banks, and the banking regulators all knew a huge crash was coming — the phrase is "unrealized losses". But they never notified you, the depositor.
Instead the regulators allowed banks to hide their literal insolvency in footnotes, until one guy figured it out.
It's Uncle Sam Bankman Fried. Just like SBF used your deposits to buy shitcoins, using accounting tricks to fool himself and others into using the money, so too did the banks.
They all used the deposits to buy the ultimate shitcoin: long-dated US Treasuries. And they all got rekt at the same time, in the same way, because they bought the same asset from the same vendor who devalued it at the same time: the Fed.
Specifically, as NYT admitted, banks "binged" on enormous amounts of Treasuries and other long-term bonds in 2021 when the flood of printed money cut off their typical demand for loans, and because they thought the Fed would keep interest rates low forever.
And they had good reason to believe this. Powell said he'd be "patient" on rate hikes as late as Nov 3 2021. Then he got renominated on Nov 22 2021, and hiked rates much faster than anyone had expected — which even Yellen and the FDIC admit caused the current banking crisis."
(source)Rumble: https://rumble.com/v2e7g5g-bitsignal-hyperinflation-in-90-days.htmlYouTube: https://youtu.be/b3NQ_TtBx-g