America’s Quiet Banking Collapse

It’s under reported because depositors don’t care unless it’s their bank that is shuttered. The consequence of currency debasement through protection of the banking system by the FDIC is not well understood by the public. Besides, social order is maintained as long as no more than ten failures a week are announced late on Fridays.

The Federal Deposit Insurance Corporation (fdic) announced that it had seized the assets of seven additional banks, on Friday. During 2010 so far, 103 banks have gone bankrupt, putting the nation on pace for the most bank failures since the Savings and Loan crisis during the 1990s.

America’s quiet banking collapse may be one of the most underreported stories of the year.

Source: thetrumpet.com