Andy Schectman: Why the Fed Secretly Wants the Banks to Implode
Stansberry Research, Released on 5/19/23
"This is a trend that is just beginning. It almost as if the Fed wants this to happen," says Andy Schectman, president and CEO of Miles Franklin Precious Metals. He believes that the Fed wants all the money to leave regional banks because, "they could just disallow the ability for the money market to park their money inside the overnight repo market." He explains that when President Joe Biden nominated Jared Bernstein, who previously supported de-dollarization, it made the role of the U.S. dollar as world reserve currency vulnerable. Plus, he argues that instead of tackling the massive debt issue, the U.S. tends to find an unrelated "villain" to blame. "It's almost as if you're looking for a villain such as Putin, Xi Jinping, OPEC, and all the countries moving away from the dollar," he exclaims. "But you have to give them reason to de-dollarize, to move away from the system because how do you pay this off? There's no way out of this mess. It's either inflation or default," he concludes.
00:00 The end of regional banks10:26 De-dollarization13:45 Countries dump dollars18:15 Why does the U.S. let this happen?20:14 Gold26:10 Silver premium28:50 Final takeaway
Andy Schectman is the President and CEO of Miles Franklin Ltd. Precious Metals. Prior to starting Miles Franklin, Ltd. in 1989, Andrew became a Licensed Financial Planner, specializing in Swiss Franc Investments and alternative investments. At Miles Franklin Ltd., a company that has eclipsed $5 billion in sales, Andrew has developed an operation that maintains trust, collaboration, and ethical behavior, superior customer service and satisfaction to better serve their clients. He is responsible for overseeing the firm's operations and business functions; including strategy and planning, account management, finance, and new business.
Andy Schectman: Why the Fed Secretly Wants the Banks to Implode added by Herman James on 05/18/2023View all posts by Herman James ?+'