Silver is too volatile. Booze always goes up in value. 
It’s never too late … unless YOUR bank has failed. Then you’re hosed.
When the banks start to go down like dominos due to all of the off-balance-sheet derivative exposure / counterparty-risk failures and the bail-ins start, you likely will not have time to act. That’s why they always announce bank failures on Fridays – to keep everyone locked in for a bank holiday while they reshuffle the bank’s assets over the weekend.
I wouldn’t want to be holding a receipt for a bank deposit or stocks in street name at a brokerage. It’s common knowledge that the FDIC and SIPC don’t have enough reserves to insure everyone’s accounts when the banks and brokerages fail. If there is contagion then your sweep deposit account at your brokerage ends up being nothing more than a liability on the balance sheet of a failing bank … the same with the securities that you think you own but are actually held in street name. Those are actually owned by the brokerage on your behalf in street name and owed to you as a brokerage liability. Dodd-Frank has made it clear that when the banks reorganize the banks’ liabilities will be converted to investment shares in failed banks.
There’s a reason that most brokerages have silently raised the fee for issuance of stock certificates from $50 to $500. They don’t want you holding stocks directly. They want you to allow them to hold your stocks on their books in street name, to assist in their solvency when the time comes.
Having booze for trading is a bit of a double-edged sword – I had laid in a case of The Macallan 12 for bartering … but then I drank it. 
edit: fixed a typo
Be aware that if you EVER purchased a firearm with a Bank of America credit card you are in an FBI database as a potential “extremist”.
I suspect the feds have been sucking up credit card info for many years.
Cash remains king.
Yes!!! I’m an extremist!!!
BoA has woke political objectives. They were the first bank to push the creation of the ESG scores (environmental/social/governance) to rank both companies and customers. Their brokerage arm (Merrill Lynch) imposes an ESG score on every company, as well as assigning an ESG score to every customer account based upon their investment and spending habits. They mine every customer’s data, and now it appears that they’re reporting customers to government when the customers engage in activities that don’t match the bank’s political objectives.
If I’m not mistaken, ALL CC transactions are sent to the FTC anyway as part of the 911 surveillance act/law/overreach.
Whole lotta distractions right now. Opening bell’s gonna be interesting tomorrow.
Fed, Treasury, FDIC Joint Announcement:
FULL BAIL-OUT of SVB.
The funny thing, they’re giving $25B to the bank, but they claim that no part of the bail-out will be borne by American tax payers.
Rhetorical Question: If the taxpayers aren’t paying for it, then where does the money come from?
Washington, DC – The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg:
Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.
After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.
We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.
Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.
Finally, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.
The U.S. banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry. Those reforms combined with today’s actions demonstrate our commitment to take the necessary steps to ensure that depositors’ savings remain safe.
FDIC insolvent with their first move.
And there you have the house of cards.
We’re living in a period where the Rule of Law is being ignored in the Federal oversight of the banking industry. Dodd-Frank, as enacted by Congress, requires a bail-in to occur, such that depositors with funds on deposit in excess of the FDIC limit of $250,000 shall receive a haircut.
In keeping with the law, at 07:00 this morning on Face the Nation Janet Yellen stated unequivocally that there would be no bail-out for the SBV failure: “We’re not going to do that [Lehman Brothers is too big to fail] again.”
By supper time she did a complete about-face and the Fed, Treasury and FDIC issued a joint statement approving a complete bail out at 18:15:
Dodd-Frank was specifically drafted to compel bail-ins to occur. The problem with Dodd-Frank is that it became public knowledge, as did the viral video from the FDIC’s Systematic Resolution Advisory Committee meeting on December 13 where the directors laughed as they said that the rules for the bail-ins should not be made transparent to the American people (who had more faith in the American banking system than the SRAC committee members themselves) so that they would continue to have unjustified faith in the American banking system:
That segment at 18:00 is very disturbing.
When that video went viral everyone learned the plan, and in recent months everyone has learned that no bank is safe. Because of the massive number of off-balance sheet complex derivatives between banks, when one bank fails an associated bank is made likely to fail due to counterparty risk (aka: contagion). The house of cards will come falling down. To the best of my knowledge, everyone in the USA has been planning on making a run on their banks when they open on Monday morning. With The People being aware that contagion and the resulting bank runs would likely wipe out everyone’s accounts, every bank was at risk of being subject to a run-induced failure on Monday morning. That would result in a crash like 1929.
So the Fed got together with Treasury, FDIC and the Fuhrer, who made a group decision that they weren’t going to follow Dodd-Frank as it was enacted by Congress. Instead, the Fed and our Executive Branch personnel decided to set aside the Rule of Law, ignore Dodd-Frank, stop the bail-ins, and create a $25,000,000,000 bailout. [that’s a lot of zeroes].
They recognized the problem with Dodd-Frank – it’s a plan that relies upon depositors not seeing what is coming, but thanks to the Internet everyone now knows about it. It would have worked as long as it was kept secret, but it’s a plan that will never work once people realize that they can make a run on the bank to protect themselves. Dodd and Frank imagined that banks would fail one at a time and that their bail-in penalties would be workable as small groups of people got wiped out one at a time. They failed to realize that as soon as any large bank failed and presented the risk of destabilizing the entire system, The People would respond by synchronously acting to protect themselves by causing a run on every bank at the same time, which would result in instant collapse of the entire American banking system. The Fed and the Executive Branch have realized that Dodd-Frank bail-ins can never work, as when threatened with loss of their savings, The People will create contemporaneous runs on every bank at once. The Administration’s only hope is to ignore the Rule of Law and to defer enforcement of a bad law that could actually induce the total systemic collapse that it was intended to prevent.
Dodd-Frank is a poorly conceived law. It is based upon the premise of punishing the innocent investor rather than those persons who were responsible for a bank’s failure – the bank’s management. By not placing responsibility upon the reponsible party for mis-managing the bank, Dodd-Frank facilitates moral hazard on the part of bank executives.
And if that’s not bad enough, not following Dodd-Frank creates an even greater moral hazard by advising banks that the law won’t be followed and bail-outs will happen no matter how irresponsible investors or bank management may have been. To protect banks the bail-out money will have to be created out of thin air and distributed to depositors thereby worsening inflation.
Signature bank fell as well, oh, and Mexico is talking about joining the brick pact
Is this the year?!?
Woof Woof
I’m watching the news, and I saw a clip of President Biden telling America that he would do whatever it takes to stabilize the SVB banking crisis.
“Whatever it takes” sounds good on the surface because a banking crash would be a rough ride for everyone – but what it means is that we’re making the problem much worse in the long-term to avert a short-term crisis.
It should come as no surprise that the Silicon Valley venture capitalists, billionaires and tech companies (like Roku who could have lost $500,000,000 in cash on depost in SVB) are being bailed-out by the American people. Biden is telling us not to worry – that the American taxpayer won’t foot the bill – and that the bail-out will be paid for through increased FDIC fees that will be assessed to all FDIC insured banks. Of course we all realize that the banks pass these fees along to their customers, and the bill will be footed by everyone who performs any transaction with an FDIC insured bank, irrespective of whether it be holding a checking account, having a car loan, or a mortgage. The insurance premium for having FDIC insurance at your local bank has just gone up. Everyone who uses a bank is going to pay for this in the form of increased banking fees. It’s hard to understand how the American Taxpayer isn’t paying for this. You still pay, they just hid the bail-out tax in the form of bank fees and give it a different name.
I guess it’s not surprising that the cost of saving billionaires is being spread across everyone who has a bank account in America. Personally, I’d rather see venture capital firms fail, billionaires take a hit on their bad investments, and zombie tech companies go out of business, but once again WE end up paying to stabilize their investments and supporting companies that should be allowed to go out of business.
Is this the year? Probably not. Instead of allowing a crisis to happen, we keep propping up bad investments and kicking the can down the road – so that when the bust comes it will be bigger than it could have been if we’d just allowed a lot of little busts to happen along the way.
Tax us more
Evidently you didn’t understand it when Biden made it clear that the American Taxpayer will NOT foot the bill for the SVB Bailout (aka “Backdoor QE4”.)
Or maybe you just knew better than to believe him. 
In case you missed it. I did. 10 months ago. Battery powered bus:
I seen that when it happened. Teslas go up like fireworks as well. There’s a few videos of those out there also. These clowns want electric school busses. Imagine what happens when those start exploding.