We are in the midst of a system bank run, which is in the greater sense really a bank run on the United States of America, the issuer of the reserve currency of the world. The nations that are providing her with credit are increasingly viewing her as a greater credit risk, and this is reflected in the increase in interest rates on her treasury bonds. Her banking system is under pressure and this is likely to intensify until something much bigger breaks. The recent significant bank runs (or collapse) would not have been a surprise to those who have …
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