The Fed just issued a terrifying warning to the biggest bank in the country. They admitted that we just can’t take another hit without incurring an epic disaster.
The Federal Reserve Board of Governors just held an “expedited special meeting” on Monday in closed-door session.
The White House made an immediate announcement that the president was going to meet with Fed Chair Janet Yellen right after Monday’s special meeting and that Vice President Biden would be joining them.
The Federal Reserve very shortly posted an announcement of another expedited closed-door meeting for Tuesday for the specific purpose of “bank supervision.”
How does this affect you?
Prices will go up. We’ve seen an almost unprecedented increase in the price of food over the past couple of years, even as the quality of the food plummets.
Unemployment will go up. Those without jobs now are equal to the number of unemployed during The Great Depression.
Bail-ins could dip into your savings. Remember a few years ago when depositors in Cyprus could do nothing when the banks there helped themselves to their savings in order to “save” themselves? Do you really, truly, think it can’t happen here?
The bottom line is, income will remain the same, decrease, or even disappear entirely for many of us. Meanwhile, the price of darn near everything will go up. Expect to pay more for everything.
What you need to do
Take your money out of the bank ASAP. If you still keep your money in the bank, go there and remove as much as you can while leaving in enough to pay your bills. The banks will close and limit ATM withdrawals.
Stock up on supplies. Make sure you are prepped.
Load up on fuel. Fill up your gas tank and keep it filled. Buy and fill extra propane tanks.
Be prepared for the potential of civil unrest. Banks could close. Food Stamp cards could stop working.
I believe at this time it is not a question of, if the worst will happen, it is a just a question of when.