Revelations 18:9-11 “The kings of the earth who committed fornication and lived luxuriously with her will weep and lament for her, when they see the smoke of her burning, 10 standing at a distance for fear of her torment, saying, ‘Alas, alas, that great city Babylon, that mighty city! For in one hour your judgment has come.’ 11 “And the merchants of the earth will weep and mourn over her, for no one buys their merchandise anymore
Important Takeaways:
- US Banking Crisis Worsens With Half Of America’s Banks On the Verge Of Failure
- The recent sharp decline in shares of major U.S. regional banks has sparked fears of another banking crisis. The collapse of First Republic Bank, the largest U.S. bank failure since 2008, has sent shockwaves through the financial sector, prompting experts to warn that a “confidence crisis” could happen to any bank in the country.
- Investors have reacted quickly to the news, with shares of PacWest Bancorp, Western Alliance Bank, and KeyCorp plummeting by as much as 30%, 21%, and 10%, respectively. The KBW Regional Banking Index has also taken a hit, falling by 5.2% and its lowest since December 2020.
- Mario Nawfal, a renowned financial expert, has expressed concern over the recent plummeting of bank shares in major U.S. regional banks, signaling a deepening banking crisis in the country.
- Nawfal warns that if a confidence crisis can happen to the First Republic, it can happen to any bank in the country. He attributes the current state of the US banking industry to “insatiable greed and reckless” money printing, which have had dire consequences. The collapse of First Republic Bank is just the tip of the iceberg, and things could get much worse if the Federal Reserve doesn’t pivot, Nawfal claimed
- Furthermore, according to The Telegraph, The US Federal Reserve has begun a two-day meeting to determine whether it should raise its benchmark lending rate for the tenth time.
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