Revelations 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”
Important Takeaways:
- $30,000,000,000 Exits US Banking System in One Week As Deposit Flight Grows
- According to stats compiled by the Federal Reserve Economic Data (FRED) system, depositors yanked $30 billion out of American bank accounts from May 10th through May 17th.
- That represents an increase of more than $4 billion over the previous week.
- The US banking system now has a total of $17.15 trillion in deposits, compared to $18.03 trillion one year ago.
- The deposit flight follows the failures of three large regional banks – Signature Bank, Silicon Valley Bank and First Republic.
- According to a Federal Reserve report, more than 700 American banks are considered to be facing “significant safety and soundness risk” due to unrealized losses that exceed 50% of their capital.
- In the report, the Fed calls out its own interest rate hikes as the core reason those banks are now in a precarious position.
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