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Banking Crisis Continues Into 2010
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By Peter Costa
The banks in recent times have become a black hole sucking away any chance of dollar recovery in the United States. Since 2008 we have seen the banking crisis unfold and snowball into a colossal mess. As 2010 starts to unravel we need to keep an eye on the banking crisis because it will be an indicator of where things are heading financially. Banks are a crucial part of our financial system and if they continue to fail the green back will not be far behind.
From 2008 to 2009 we have seen 195 banks fail leaving over 500 on the troubled list. Regulators closed 140 banks last year, the highest level since 1992 when officials were still cleaning up from the savings and loan crisis. Community banks are facing persistent pressure from deteriorating loans, many tied to commercial real estate projects that have collapsed or are in decline. With only six weeks into 2010 the banking crisis is compounding from the prior year with over 15 bank seizures as of January. The last Friday of January saw 6 banks fail in a single day this is the exact same number of bank failures that happened in the entire month of January for 2009. The banking crisis is only escalating from last year and projections for the future seem grim. In 2008 we saw 1 bank fail in the month of January; in 2009 that number quintupled to 6 and now over 16 banks have failed for January 2010 leading us down a road of no return. With statistics like this hyper inflation is inevitable and could start to rear its ugly head shortly.
FDIC Chairman Sheila Bair has said in the current banking crisis that bank failures will peak in 2010. FDIC expects the insurance fund’s balance will remain negative until 2013 but says it has plenty of access to cash, including the ability to tap a $500 billion line of credit with Treasury. Ronald Fricke president of Regal Assets stated last week that the FDIC is down to less than a billion in their insurance fund promising to insure over $6.3 trillion in assets and will have no choice but to tap into their credit line with the Treasury.
Hyper inflation at this point it is an unavoidable reality. The dollar is only growing weak and the US economy is demanding more and more of it. The banks are the back bone of our financial system and if they start to give out we will all face an undesirable circumstance. With the banking crisis leading the way for financial meltdown the time to move your money into a tangible asset is now. Never in the history of the United States have we been faced with such a crisis and those who do not protect themselves properly will end up getting pennies on the dollar. Gold is an asset that has been used for centuries to protect people from the greed and manipulation of money supplies. With gold prices where they are currently you could not be in a better buying opportunity.
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