Jim Willie Confirms Monetary Reset 100% on the Horizon?!?! Get Ready - Video
Published on May 10, 2019
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Jim Willie: The Trigger Event That Will Cause Bank Breakdowns Has Occurred [transcript]
Banks are dangerous places to hold your money these days. Their reserves are a fraction of their deposits and the FDIC doesn’t even have 5% of the money to bail out your deposits. Additionally, legislation was written last year to declare bank deposits property of the bank, labeling all depositors as creditors, subject to bailing out the failing bank in which their money is held.
Top that off with the fact that you don’t even make any interest on your money, and one wonders why anyone would keep any money in a bank at all. But worse than that, the banks, which are actually insolvent right now, are poised to fail and impose some or all of the above-mentioned drastic measures.
When will this happen? Jim Willie thinks that the triggers have been shot and the process has been started.
In an November 2015 interview with Finance and Liberty, Jim Willie says, “The trigger event for the Western banks breakdown will be emerging market debt default. There’s between $ 5 and $10 Trillion of it and it’s already started.
When the dollar has to be replaced, a lot of big banks are going to be in dire-straits, and I think it’s going to start on the domestic side with the oil hedging and the emerging market debt that’s collapsing.
The prices in the Dominican Republic, for example, prices are 25% higher. I found out that 18% of that is due to currency and the rest was due to sales tax. The emerging market nations are raising their taxes while they are seeing everything cost more, due to the ‘dollar structure’ on their costs.
I think it’s an absolute ‘lock’ we’re going to see a couple trillion dollars in defaults from emerging market nations in the next several months.
The Fed is going to be in a very difficult position along with Bank of England to cover the failed emerging market debt, just like they covered the Wall Street …mortgage bonds.
I think the domestic trigger in the US will be the failures from oil hedges. Outside the US will come from emerging market debt default. The combination is going to put tremendous pressure on the “dollar managers”.
Banks are Insolvent and Hiding Losses
The banking industry’s grotesque insolvency is becoming known. The Lehman Brothers incident exposed the big bank insolvency. Insolvency means your debts are bigger than your assets.
If you have more debt than you have assets, you are not going to want to lend any more.The banks are tall, hollow towers.
What are they doing inside these banks? They are managing their derivatives. They are dealing with the horrific nightmares of their energy sector portfolios going to shit, which are multi-trillion dollar losses.
They are doing their level best to hide their insolvency and hide that their portfolios are deeply in the red. And what they show to you is some of their profits.
I contend that their profits are not just ‘down’, but that their profits are overwhelmed by losses ten times larger – but hidden.
We’ve got a new sub-prime problem that’s going to hit the banks. It’s for car and student loans. The student loans are now up to a Trillion and a Half Dollars, and a remarkable statistic is out there…something like 30-40% of graduates are not finding a job, so they’re facing default…following their graduation from the schools.
When you don’t liquidate a sick, insolvent bank, don’t expect it to make good money in the following years. Instead of stopping the bad sub-prime lending, their doing it more and bigger.”
It sounds as if a banking collapse is not too far away.
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