After a string of bank failures in 2023 left many concerned that the American economy was on the verge of a total systemic collapse, things have been relatively quiet on that front – UNTIL NOW.
Just last week another American bank in Oklahoma was SHUT DOWN by the government after being caught failing to maintain its capital requirements and it could be just the first domino of many more to come if things don’t change soon.
The First National Bank of Lindsay (FNBL) was forced to close by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC).
According to reports, The First National Bank of Lindsay had been keeping “bogus and disingenuous” financial records to cover up a major deficiency at the financial institution.
In other words – the bank did not have NEARLY enough cash to support their obligations. This means that while account holders may have seen digits in their bank account, the bank was LYING about actually having the money. It was all a giant sham.
The Oklahoma bank is relatively small in terms of financial institutions but the real concern comes when you consider that many other larger institutions are likely operating the same exact way—lying to customers about having their money.
Last year when Silicon Valley Bank (SVB) collapsed in a similar manner, the FDIC covered 100% of uninsured depositors’ funds (accounts with funds in excess of $250,000) but this time around they’re only covering 50% of uninsured depositors’ funds – even though the actual dollar amount they would have to cover is much less than it was with SVB.
The FDIC’s coverage of the funds is a major problem for the Americans who had their accounts at First National Bank of Lindsay and worse even, it doesn’t exactly instill confidence in the American banking system, telling Americans that the government will only go out of its way to protect the rich and powerful like those who banked with SVB – but not the ordinary Americans of FNBL.
SVB had numerous billionaires and businesses with as much as $500 million on deposit and they were COMPLETLEY covered by the FDIC.
Now the government is apparently sending the message that they are unwilling to do that for regular Americans – that kind of special treatment is only reserved for left-wing billionaires over at SVB!
But it’s not just uninsured depositors that are at risk. If there is a wide-spread banking collapse, the FDIC does not have ANYWHERE NEAR enough money to pay back the insured deposits.
The total number of insured deposits in 2024 is estimated to be upwards of $10.5 TRILLION. The FDIC Deposit Insurance Fund, meanwhile, only has about $129 BILLION.
If the First National Bank of Lindsay really is the first domino to fall in a new wave of bank failures, then buckle up, because NOBODY’S money is safe.
There’s a reason why nobody is talking about this bank closure…
And if the last several years has taught us anything it’s that we CAN NOT rely on the government to look after us, we have to look after ourselves. Now may be the time to consider alternative ways to store your wealth like gold or crypto.
Remember, the Democrats have made it rather clear they would rather burn this country to the ground than let President Donald Trump back into the White House…
