US economy is in a financial crisis worse than 2008
VloĆŸit
- Äas pĆidĂĄn 3. 05. 2023
- Peter Schiff discusses the Jerome Powell, FOMC, interest rates, and the banking and financial crisis. Fox Business Claman Countdown w/ Liz Claman. Recorded 5/3/2023
#economy #banks #inflation
đŹ Join my Locals community to get The Peter Schiff Show ad-free! Plus get access to special live reports and Q&As. Visit schiffradio.com/premium/ to become a member.
đ Invest like me: schiffradio.com/invest
đŻ RATE AND REVIEW on Facebook: / reviews
đ SIGN UP FOR MY FREE NEWSLETTER: www.europac.com/
âïž Schiff Gold News: www.schiffgold.com/news
đ Book Store: schiffradio.com/books/
đ Follow Peter Schiff on Twitter: / peterschiff
đ Follow Peter Schiff on Instagram: / peterschiff
đ Follow Peter Schiff on TikTok: / peterschiffofficial
đ Follow Peter Schiff on Facebook: / peterschiff - ZĂĄbava
This global collapse might end up being a part of us for a very long time. With inflation currently at about 9%, my primary concern is how to maximize my savings/retirement fund of about $300k which has been sitting duck since forever with zero to no gains.
The stock market is a way to hedge against inflation. Most notably amidst recession, investors need to understand where and how to allocate funds to hedge against inflation and still make profits.
I agree, having a portfolio-advisor for investing is genius! Not long ago amidst the pandemic crash in March 2020, I was really having investing nightmare prior touching base with a license portfolio-advisor. In a nutshell, i've accrued over $550k with the help of my advisor from an initial $120k investment thus far.
Thatâs why I make it a point to speak with a financial advisor before choosing any investments. Iâve been using one since the pandemic, using profits oriented tactics and minimizing risks as a buffer against inevitable downtrends. In addition they have access to insider knowledge and analysis, making failure virtually impossible for them. Iâve made about $2M working with Deborah Jean Dykstra my advisor for over three years now.
out of curiosity i did a quick web search and i found Deborah, she's proficient, thanks for sharing
Physical Gold. You hold it you own it.
I used to think everybody went broke during the Great Depression and other major crashes but they didnât⊠Some made millions, I also thought everybody went out of business during these times but they didnât, some went into business, there's always depression/recession for some people and there's always a good time for others, it's all about perspective.
most of these strategies and loopholes are better managed by experts and pros in the market, the average Investor on the other hand are left to suffer during a crash.
The issue is people always have the âIâll have to do it myself mentalityâ Unapologetically, thatâs why the get heavily affected during a crash and coupled with the fact weâve had the longest bullrun ever in the American history, most folks arenât equipped to manaqe this crash and itâs impending opportunltles well enough, so it only makes sense to seek proper guidance during these times, thatâs what lnvestment-advlsers are for, been using one ever since the pandemc 2020 and Iâve been barely affected by crash, I have $850k in profit sitting in my portfolio and Iâm unbothered about the market outcomes.
@@martingiavarini Well if isnât that the hard truthâŠthis investment-adviser that guides you must really on to somethingâŠwho is he?
@@bob.weaver72 Itâs a She actually ,Catherine Morrison Evans, I initially came across her on a CNBC news report then on smartadvisors and I decided to hit her up. Best decision I made to stay afloat 2020.
@@martingiavarini Thanks for the contributions, I just skimmed through Christine Jane Mclean webpage, interesting stuff, wrote her an email.
The financial system has been artificially pumped for over a decade to ensure big pockets were lined; and now those same hands will make a fortune in the largest transfer of wealth in human history by shorting it on the way down. Inflation does have a roll, but that's to keep everyone panicked, and focused on their bills and expenses, rather than focus on the capital crimes of politicians and corporations, I'm still at a crossroads deciding if to liquidate my $338k stock portfolio, whatâs the best way to take advantage of this bear market??
Find stocks with yields that exceed the market and stocks that, at the very least, follow the long-term market trend. However, you should get guidance from a financial advisor if you want to create a successful long-term plan..
Trying times are ahead, and good personal financial management will be very important to weather the storm. It would be very a innovative suggestion to look out for Financial Advisors like " DEBORAH SUE BOHN, who can help shape up your portfolio
@@PhilipMurray251 Hello, please how do i find Deborah?
@@PhilipMurray251 Just copied and pasted Deborah's on my browser and her website popped up immediately, thank you for saving me hours of researching.
Major indexes booked their worst yearly performance since 2008 thanks to drivers like the recession, war, hiked interest rate and inflation which so far doesnât seem to be easing off, so Iâm left wondering what 2023 has in store for us investors, Iâve been sitting on over $745K equity from a home sale and Iâm not sure where to go from here, is it a good time to buy or do I wait?
Itâs a good time to buy in on the market, so seize the opportunity to purchase stocks on sales.
I think stocks will plummet further before actually experiencing steady growth and there are still quite a few stocks that makes for a good buy this season, you just have to do your research, but to be on the safer side and not second guess your market decisions, Iâd suggest you reach out to a proper investment adviser for guidance, theyâre better equipped at understanding market patterns/movements and adjusting portfolio to match up with these market trends.
@@georgebarret please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?
My advisor is ââJulie Anne Hooverââ sheâs highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
@@georgebarret Thanks for sharing this. I did my own little research, and your advisor looks advanced and experienced. I wrote her and dialed her twice but she didn't pick up so I scheduled a phone call.
Inflation hits people a lot harder than a crashing stock or housing market as it directly affects people's cost of living that people immediately feel the impact of. It's not surprising negative market sentiment is so high now. We really need help to survive in this Economy.
Your best option if you are unfamiliar with the markets is to seek advice or help from a consultant or investing coach. I know it sounds simple or generic, but talking to a consultant helped me stay afloat in the market and increase my portfolio to roughly 65% since January. For me, it's the best method to enter the market right now.
There are actually a lot of ways to make high yields in a crisis, but such trades are best done under the supervision of Financial advisor.
@@kenanporubsky2122 please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?
@@angelicaaquino4109 My consultant isââCatherine Morrison Evansââ I found her on a CNBC interview where she was featured and reached out to her afterwards. She has since provide entry and exit points on the securities I focus on. You can look her up online if you care supervision. I basically follow her trade pattern and haven't regretted doing so.
@@kenanporubsky2122 Thanks for sharing, I just liquidated some of my funds to invest in the stock market, I will need every help I can get.
With inflation running at a four-decade high, the Recession is now the âmost likely outcome for the economy and I cannot imagine being a victim of circumstances. My portfolio suffered a big hit, holding it further wonât be any good. I've heard of people netting hundreds of thousands this red season. How can I ensure this?
Indeed, you are correct! Economic downturns offer numerous prospects for ordinary individuals to create wealth from the ground up. Nevertheless, seeking guidance from an investment planner might be necessary if you desire a more assertive return.
The uncertainties accompanying this present market is more reasons I have my daily investment decisions guided by a portfolio-coach seeing that their entire skillset is built around going long and short at the same time, both employing profit-oriented strategy and laying off risk as a hedge against the inevitable downtrends, coupled with the exclusive information/analysis, it's quite impossible not to outperform. Netted over $800k in return on investment, since using a coach for about a year.
Colleen Rose Mccaffery is the coach that guides, you probably might've come across her before I found her through a Newsweek report, she's quite known in her field, look-her up.
Thereâs something fkked up about a boomer worrying about their portfolio, while I and my entire generation struggle to get a PLACE TO LIVE
It is a government inspired crisis this time. The Treasury have to sell Bonds to cover the trade imbalance and the government spending imbalance. In order to sell them they have to raise interest rates and the old long-term, low risk, low interest, AAA investments (including Treasury Bonds), held by the banks (often due to government regulatory policy), become next to worthless. The next milestone is soon, when the government issue a new batch of Bonds. I have approximately 350k stagnant in my portfolio that needs growth. What is the best way to take advantage of this downturn?
Indeed, you are correct! Economic downturns offer numerous prospects for ordinary individuals to create wealth from the ground up. Nevertheless, seeking guidance from an investment planner might be necessary if you desire a more assertive return.
In the world of fina-nce, rece-ssions are prime opportunities for wealth creation. When my port-folio suffered a significant loss in April of last year, I realized the need to enlist the expertise of a financial consultant. With her guidance, I have not only recovered from my losses but also generated a profit of 450k. The knowledge and skills I have acquired through this experience have been inval-uable in my journey towards finan-cial success.
@@joshbarney114 I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
@@harwellron1289 They are truly top-notch in their profession; I had the pleasure of working with one and it proved to be immensely advantageous as they helped me restructure my entire portfolio. My advisor is none other than âColleen Janie Toweâ , a renowned figure in her line of work.
@@joshbarney114 Thank you for this tip , I must say, Colleen appears to be quite knowledgeable. After coming across her webpage, I thoroughly went through her resume, educational background, and qualifications, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.
My main concern now is how can we generate more revenue during quantitative times? I can't afford to see my savings crumble to dust.
It's a delicate season now, so you can do little or nothing on your own. Hence Iâll suggest you get yourself a financial expert that can provide you with valuable financial information and assistance
Very true! I've been able to scale from $70K to $210k in this red season because my Financial Advisor figured out Defensive strategies which help portfolios be less vulnerable to market downturns
How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings?
The advisor that guides me is âHelene Claire Johnsonâ most likely the internet is where to find her basic info, you can run a quick research with her name. She's established...
I just Googled her name and her website came up right away. It looks interesting so far. I'm going to book a call with her and let you know how it goes. Thanks.
The market and the Fed consistently underestimate the sticky nature of inflation. The markets are still unsure if the Federal Reserve will continue to its plan to raise interest rates until inflation is under control, despite the fact that bond yields are rising while stock prices are falling. What is the greatest strategy to take advantage of the current bear market while I'm still deciding whether to sell my 401k worth of stocks?
Even though there will probably be more pain in the future, invest-ors should look for stocks like Roy-al Philips NV and Alstom SA that have been sufficiently battered down to be a bargain or get a great po-rtfolio manager.
That's why I'm creating more income streams that I have complete control over. These will take me places that my day job never could. The earlier you start investing your money and putting it to work, the more time compound interest has to work its magic on your portfolio. This is how I'm going to achieve early retirement and it's possible for everyone. understand , know the path needed and stay committed to the craft
How are we going to achieve all that given that the market has being a mess most of the year seems farfetched. I keep hearing that the market is pricing in a 60% probability of a 75 hike. But isnât it also pricing in a dovish fed thatâs going to pĂvot relatively quickly?
My advisor Kate Elizabeth Amdall is highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thanks, I just goo-gled her and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.
I wonder if people that experienced the 2008 crash had it easier because this market conditions are driving me to insanity, my portfolio has lost over $27000 this nov. alone my profits are tanking and I'm don't see my retirement turning out well when I can't even grow my stagnant reserve
Even in this whirlwind, there are chances to be had, thus an increase in volatility is not always a bad thing. You have an opportunity to rebalance thanks to volatility. In order to help you diversify your portfolio, you must hire a financial counselor or broker.
I'll suggest you create a diversification strategy because building a good financial-portfolio has been more complex since covid. Recently my colleague advised me to hire an advisor, surprisingly I have accrued over $120K under the guidance of my coach during this crash. She figured out Defensive strategies to protect my portfolio and make profit from this roller coaster market.
@@HarrietBemish Iâm new to all this, heard it's a good time to buy and basically I've just got cash sitting duck in the bank and Iâd really love to put it to good use seeing how inflation is at an all time-high, who is this coach that guides you, mind I look them up
@@EllenAbrex Christine Jane Mcleanâis the coach that guides me. Sheâs a verified coach and she helped me see that returns can be made in both bull and bear markets. She covers things like investing, insurance, making sure retirement is well funded and looking at ways to have a volatility buffer for investment risk, look - her up .
@@HarrietBemish thanks for sharing this, I googled the lady you mentioned and after going through her resume, I can tell she's a pro. I wrote her and I'm waiting on her reply
America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun.. Lloyd Bernard
Collapse is generous 1st time in our history with a full generation that wasn't taught financial literacy, civics, Google fixes their problems if their parents don't do it for them. Reckoning for participation trophies is incoming.
@@chrismillson2779 The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
@@tradekings5433 Hi Mate, please how can i reach this CFA of yours?
@@emilybrown2719 I personally work with ''Christine Marie Rocke'' she covers things like investing, insurance, making sure retirement is well funded, going over tax benefits, ways to have a volatility buffer for investment risk. many things like that. Just take a look at her full name on the internet. She is well known so it shouldn't be hard to find her.
@@tradekings5433 Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
The teachings on this channel are always top notch so informative and easy to understand, it's very hard to find good content online these days
I agree with you on everything, these days finding a financial mentor is a tough challenge which is why I am happy and grateful to have been introduced to my mentor Larry Kent Nick by a friend. I made a lot of money in just two months working with him for just a small investment
Who exactly is this Mr. Larry? what does he do? And how can I take advantage of him
@@barbaragimbel3646 He is a financial advisor and investor, he helps people to better understand the financial markets and he also does trading and investing on your behalf.
He's on Instagram
@ Larry Kent Nick Trading
According to certain economists, it's possible that the U.S. and certain parts of Europe might experience a recession at some point in 2023. Although a global recession, which is characterized by a decline in annual global per capita income, is relatively uncommon due to the faster growth rates of emerging markets like China, in comparison to developed economies. I have pulled out more than $340k from my bank. After all, the FDIC covers only up to $250,000, and the implosion could have bad effect. Looking to invest into the stock market now. Does anyone know how I could go about it?
Currently, my primary worry is how to increase revenue during periods of quantitative easing. I cannot afford to witness my savings dwindle away.
It's a delicate season now, so you can do little or nothing on your own. Hence Iâll suggest you get yourself a financial expert that can provide you with valuable financial information and assistance.
How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings, IRA and 401k accounts.
Lisa Angelique Abel is my portfolio-coach, I found her on Bloomberg where she was featured, I looked up her name on the internet. Fortunately I came across her site and reached out to her, you can verify her yourself.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
The best way to describe the present economy is 08' 2.0. Yes stocks are at a discount and things will eventually get better but my monthly living expense is up $37500 from $16000 and I'm left wondering what retirement have in store for me 5years down the line, I'm ill-prepared tbh, my 401k worth about $320k gains are zero-nothing and my stock portfolio?...OH WELL!
The uncertainties accompanying this present market is more reasons I have my daily investment decisions guided by a portfolio-coach seeing that their entire skillset is built around going long and short at the same time, both employing profit-oriented strategy and laying off risk as a hedge against the inevitable downtrends, coupled with the exclusive information/analysis, it's quite impossible not to outperform. Netted over $800k in return on investment, since using a coach for about 2years.
@@TeresaBrickle I find your situation fascinating. Would you be willing to suggest a trusted advisor you've worked with?
Renowned for her proficiency and expertise in the financial market, âSTACIE KRISTAL WEBERâ my financial advisor, holds a broad understanding of portfolio diversification and is recognized as an authority in this domain.
@@TeresaBrickle I discovered her, reached out via email, and scheduled a call, anticipating her response. My goal is to commence 2023 on a positive financial trajectory.
Amidst the current worldwide economic crisis, it is crucial for individuals to focus on diversifying their income streams to reduce dependence on the government. Investing in various avenues such as stocks, gold, silver, and digital currencies would be a wise move during this time.
I'd be retiring or working less in 5 years, and I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around
$250K per year but nothing to show for it yet.
Youâre right! I diversified my $200K portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $650k in net profit across high dividend yield stocks, ETF and bonds in few months.
The idea of a portfolio-coach used to sound generic, but a new study by investopedia actually found that demand for portfolio-coaches sky-rocketed by over 41.8% since the pandemic and based on firsthand encounters, I can say for certain their skillsets are topnotch
@Anna Baisley Sure, the investment-advisor that guides me is Laura Marie Ray, she popular and has quite a following, so it shouldn't be a hassle to find her, just search her
@@ZITABELCOMEDY-xf1ws I just looked up Laura online and researched her accreditation. She seem very proficient, I wrote her detailing my Fin-market goals
The pandemic has shown us just how quickly decades of planning, investing and saving can be completely upended. This could mean your current financial plan might leave you without enough money to last your retirement. A recent Vanguard study found that, on average, a hypothetical $500K investment would grow to over $3.4 million under the care of an advisor over 25 years, whereas the expected value from self-management would be $1.69 million, or 50% less.
In other words, an advisor-managed portfolio would average 8% annualised growth over a 25-year period, compared to 5% from a self-managed portfolio
I agree; for over 17 months, I've maintained regular contact with an investment advisor. Nowadays, it's really simple to invest in trending stocks, but the challenge is knowing when to sell or hold. To support me with entry and departure points, my advisor steps in. Within 18 months, I've accrued almost a million dollars from an originally stagnating reserve of $300K.
Having a counselor is essential for portfolio diversification. My advisor is âSharon Louise Count'' who is easily searchable and has extensive knowledge of the financial markets.
What should be on everyone's mind currently should be to in vest in sectors with guaranteed projected growth. Hard truth is that you can't always win with the market, just make sure your W's are more than your L's
Fvck recession, it's def happening. My total PNL last year was quite awful, my earlier days were better, my strategy is solely based on technical analysis. I thought once you are well grounded in TA you would always be more profitable.
@@callumfrank Not necessarily, TA relies too much on past performance and may not really be an indicator as to how well a stock will perform in the future. My technical analyst uses all tools including fundamental analysis. My wins outweigh the losses with great margin. Let's put it this way.
Initial capital: 24k
~PNL in 2 years: 167k
~during this time I made up to 220k but I fell back to 167k. Still I gained way more.
@@annMarien True, technical analysis doesn't take fundamental factors into consideration like earnings reports and macroeconomic trends, that can have a significant impact on stock prices.
@@annMarien Alright thanks duly noted đđ», who's your technical analyst though?
@@callumfrank Klaus Cassius
Did 2008 really ever end?
Its Obama 2000 laws for the United nations org is gutting America.
no put a bandaid on a internal wound.
It won't end until people stop trusting banks, buy your own safe and precious metalsđđ»
@@JustSomeGoy the bankâs are regulated and run by the global elites they own you from the food and water you drink to the air you breathe
No. It's still ongoing and worsening. But it's All going to be over very soon!
Lets throw corporate puppet Republicans and Democrats in jail.
Lets dig a big hole and call it a jail.
@Jason Smith absolutely no need to even joke about something so horrific. White Collar crime has been around since you were in daddyâs ball bag in Baghdad, and I hate to break it to you Donny but itâs going to be here well after your gone. The standard you walk by is the standard you leave for your kids.
So just about all of them? Iâm good with that. The whole system needs a flush and do over WITHOUT corporate interests
Too late to do it ! Everything is collapsing. Instead of sending them in jail , send them to work to construction or restoring railroads.
No jail the crime is treason. Hanging
Didn't you hear Powell? The banking system is sound and resilient.
Thats when you đââïž đââïž ,!!
like 2008? sheep
đ„Ž
@@gungadin1389 I think he's being sarcastic. Yes Powell is saying that but everyone on here knows he's dead wrong.
This ends in war guys
I think that must be common knowledge in DC about know. Look at whatâs going on globally
This isnât like any other close call, we are all watching it happen in real time.
Yes, reckless government spending is the problem as Peter Schiff rightly pointed out. We have too many criminals in Washington D. C. (District of Criminals!)
Doll House Republic, and a compromised leader (communists) spell disaster.
Start with the military budget, after 4 failed audits we need to figure out where that money is going.
@@jmacomber86 yep
Yes the DOD can certainly endure a cut. But I think it's important to understand that if you zero-fund the Pentagon we would still have a deficit.
@@cf2851 a budget deficit? Or do you mean debt?
The federal government has never had a REVENUE problem but has always had a SPENDING problem. Something that politicians and bureaucrats can't seem to comprehend.
Defense budget is insane. Theyve failed audit and after audit. Where is that money? And why do we keep increasing their budget?
They understand it. It's how you buy votes and get promoted. That's the system we've built.
@@jmacomber86 Black projects, and they increase the budgets so they can continue making money off the same companies that profit off it. Corruption from the top down at its finest!
@@jmacomber86 cause china badđ
You guys would have enough to pay for a basic universal health care, get rid of atleast half of students debts and fix the homeless and drug addiction issues with some pocket change if you guys werent so busy bombing other countries all the time continuously one after another, achieving nor earning nothing from doing so.
Matter of fact, increasingly fewer and fewer look up to America for the way forward.
One of the last ones who are doing so seems to be the EU.
Saudis half a foot out the door.
India has explicitly told American leadership they prefer to chart their own way.
Latin American countries?
Good luck.
TY Peter for making sense out of all this - listening to you for 20 years has been a Godsend.
đ đ
đŻđ
Inflation has torn into global markets, with investors ripping up their forecasts for further rises in interest rates and dumping bank stocks around the world. I'm at a crossroads deciding if to liquidate my dipping 200k stock portfolio, whatâs the best way to take advantage of this bear market?
The situation is a reminder that Fed hikes are having an effect, even if the economy has held up so far,â Itâs precisely at times like these that investors need to be on guard against the next certainty. You donât have to act on every forecast, hence i will suggest you get yourself a financial-advisor
@@roseroland1998 I agree, having a brokerage advisor for inveesting is genius! Amidst the financial crisis in 2008, I was really having inveesting nightmare prior touching base with a advisor. In a nutshell, i've accrued over $850k with the help of my advisor from an initial $120k investment.
@@lisaollie4594 I need tips so i can salvage my portfolio cause of the volatility in the market and engage better strategies needed how can i reach this analyst?
@@Curbalnk Haha. I definitely share your sentiment about these markets. When I was starting out, I checked out a couple of freelance investors online, so you could do the same. I personally work with KAITLIN ROSE STERNBERG, and she's really good.
@@lisaollie4594 i would never take advice online but i curiously looked this person up on google and reached out to her for assistance, and scheduled a call already, she seem proficient and
There are a lot of strategies to make tongue-wetting profit that the average joes don't know. . Personally, the financial-market for me seems the only way forward with my long time horizon (accrued roughly $457k in gains since Mid 2021 ) but if you donât have that fortune of time itâs a tough market out there almost nowhere feels safe!
@Sheri Swink I've wanted to start investing for a while, but I haven't been bold enough to do it yet because of the market's performance this year. It's difficult to take the plunge and put the $60k I have into an S&S ISA. $457 is a significant achievement. Please describe your plan. I would adore some insight.
@Sheri Swink Word of the day: fiduciary. do not talk to anyone who is not a fiduciary to you, who explains everything.
@Sheri Swink Kathleen Carole Yanelli really seems to know her stuff. I looked her up on the web using her full name and found her page, read through her resume, and qualifications and it was really impressive. So, I just messaged her now, hope she replies me soon
scam ads Are you gonna send your life savings to a sus bitcon spambot who hides behind a fake name & a fake STOLEN avatar & an obfuscated WhatsApp/telegram number? A bot that suspiciously chops their WhatsApp/telegram phone number into little pieces to evade CZcams's algorithms that weed out such sus spam? Well then you're gonna enjoy going broke and being spectacularly poor
I don't watch Fox anymore, not even CZcams replays...but for you, I broke my rule -- nice job!
Peter is my favorite economist of all time!
why? He says the same thing over and over for many many years. He will be right one day LOL.
broken clock is right twice a day.
Kaveeer ALMIGHTY God đđđđ
@@chrism6195 he's been right consistently. Go troll somewhere else
@@chrism6195 That's the problem. He makes a lot of sense (sometimes) but either he's short or a one message pony.
How long can we be lied to before we wake up
Well, they've been doing it for 60+ years already and more people are asleep now than then.
@@neilreynolds3858 you are correct but this is the first time itâs collapsing by design
Is SHTF officially here now that mainstream media is now addressing our financial woes?
Here we go people! Buckle up!
Recession is most likely the result of an external factor. For the first time in decades, the United States is losing its clout as a federal reserve currency. They don't have any more economies to use to control inflation, and less money is being spent on stock and oil trading than in the past. They all lend support to the idea that a new multilateral world order is in the works.
Keep this in the back of your mind. There are good days and bad days. It's a zero-sum game, but keep this advice in mind: spend wisely, invest wisely, and diversify your holdings so that when one performs poorly, the others do as well. This can be accomplished by hiring a knowledgeable specialist whose platform provides a wide range of investment options. By doing so, you leave little room for regrets and may even gain more.
With the assistance of an investment advisor, I was able to diversify my $401k portfolio across multiple markets, earning over $980k in net profit from high dividend yielding stocks, ETFs, and bonds in just a few short months.
@@joesphcu8975 That's fascinating. How can I contact your Asset-coach as my portfolio is dwindling?
My Financial adviser is ââHelene Claire Johnsonââ sheâs highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
Thank you for this Pointer. It was easy to find her handler, She seems very proficient and flexible. I booked a call session with her.
4:43 to 4:59 I clapped after that. Thank you Peter!
I sacrificed the last 7 years of my life solely focused on financial freedom. I've worked 72+ hours a week, tons of overtime, cut back on expenses in every way, and moved multiple times all over the world in order to get ahead in life. Although I am doing better than the average American, I still feel like I'm broke as hell. All I have are numbers on a screen.
Feel you.
I'm 2 years from an early retirement, probably not gonna happen now. And I'm debating free except mortgage.....
Buy some gold and silver
When you buy gold, silver and platinum, it feels real. They are the only assets that are not simultaneously someone else' liability.
same here
US Bancorp is HIGHLY leveraged in commercial real estate loans so if people start losing faith in that bank and pulling their money it is going to fall like a stone!
YUP! Give it a few weeks. They are in trouble. No bailouts!! Let them all fail. This is gonna be 2008 2.0
â@@nattyrebel29yep and make sure you have food for 3-6 months. If you can find a way to save every penny during these times you might be able to find some great deals on all the toys people are gonna have to sell.
@@Yakuzachris10yep. .boats, classic cars, motorcycles. Look at Bring a Trailer recently 50%-70% of the cars donât sell
In 2008 the total assets of the 157 bank failures was 373 billion dollars. In 2023 the total assets of just SVB and Signature is 319 billion. Add in First Republic and we're now at 500 billion dollars and just getting started. Which is already worse than 2008 in terms of total assets.
You are not adding inflation in your calculation
Whats truly terrifying is that Derivative Gambling back in 2008 was measured in Trillions, now its in the Quadrillions.
@@gauravsingh199 It's a feedback loop. Inflation is helping to cause the amount of money that's involved in bank failures to grow so how do you adjust for inflation?
A better question is *why* do we adjust for inflation? A silver quarter is still worth more than a gallon of gas.
printed paper anyway, what do the figures matter
I'm wondering if folks who went through the 2008 financial crisis had it easier than me right now. The market conditions these days are really causing me a lot of stress, with my portfolio taking some big hits over the past few months and my profits dwindling. I'm worried that this could put a wrench in my retirement plans, since I can't seem to boost my stagnant reserves.
Even in this whirlwind, there are chances to be had, thus an increase in volatility is not always a bad thing. You have an opportunity to rebalance thanks to volatility. In order to help you diversify your portfolio, you must hire a financial counselor or broker.
I'll suggest you create a diversification strategy because building a good financial-portfolio has been more complex since covid. Recently my colleague advised me to hire an advisor, surprisingly I have accrued over $120K under the guidance of my coach during this crash. She figured out Defensive strategies to protect my portfolio and make profit from this roller coaster market.
@@Kaito_Hiroto Iâm new to all this, heard it's a good time to buy and basically I've just got cash sitting duck in the bank and Iâd really love to put it to good use seeing how inflation is at an all time-high, who is this coach that guides you, can I look them up?
@@Phoebe_Michael Mariam is known for her proficiency and expertise in the financial market, âMARIAM SANDRA MILNERâ is my financial advisor, she holds a broad understanding of portfolio diversification and she's recognized as an authority in this domain.
Scammer
And yet 90% of the people have no clue whats coming.
Better be outside of the big metros when this collapses.
It's always better to be out of a big city even in good times.
Inflation is dilapidating. Quite sad what's happening in the market. Although, even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. The market circumstances are driving me insane, my portfolio has lost almost $13K this month alone, my earnings are tanking. I'd appreciate some financial advice from anyone who knows more going forward.Inflation is dilapidating.
There are good days and bad days. It's a zero-sum game, but keep this advice in mind: spend wisely, invest wisely, and diversify your holdings so that when one performs poorly, the others do as well. This can be accomplished by hiring a knowledgeable specialist whose platform provides a wide range of investment options. By doing so, you leave little room for regrets and may even gain more.
@@mcginnnavraj4201 People do downplay the importance of expert counselors up until they experience the consequences of their errors. I wanted to stay afloat between the COVID outbreak and my early 2020 layoff, so I started looking for license advisors. My previously stagnant $325K reserve has so far created significant returns from subsequent investments owing to expert leadership by my FA, who can be found online. I was fortunate to come across someone with her level of practical knowledge and years of experience, and she helped me.
@@graceocean8323 Weâre only just an information away from amassing wealth, I know a lot of folks that made fortunes from the Dotcom crash as well as the 08â crash and Iâve been looking into similar opportunities in this present market, could this coach that guides you help?
My Financial Advisor is JEANNE LYNN WOLF. I found her on a CNBC interview where she was featured and reached out to her afterwards. She has since provide entry and exit points on the securities I focus on. You can run a quick online research with her name if you care for supervision. I basically follow her market moves and havenât regretted doing so.
Right now, I'm literally hanging on by a straw, so your advice couldn't have come at a better time! I'll look her up on the internet and then give her a call.
Thank you for not interrupting.
I've heard Peter say that we would have to cut government spending by 50% in order to even start addressing the debt. This problem will break the country.
It will certainly take much more than what Congress is willing to even consider, yes.
In 2022 the government collected $4.9T in taxes and spent $6.37T, leaving a deficit of $1.37T. Interest on the debt is about $640B so that has to get paid to avoid a default. So a 25% cut across the board would balance the budget and at least stop the problem from getting worse.
â@@derrick2181 they put us in this situation by design
Politicians care about their pockets not about working class
Its all going according to the planđđ»
The biggest misunderstanding is that people do not realize that monetary policy is a major cause of the increase in inflation. The Federal Reserve has kept its interest rate - the federal fund rate - much lower than in other recent years. It is even lower, at 2.33% than the inflation rate, which is over 7 or 8%. We have not seen such a large discrepancy since the 1970s when inflation also picked up. This extra low-interest rate, which is due to monetary policy, has been a key reason for the higher inflation rate. Stanford Economist John Taylor
People do not realize it because they're lied to. It's a feedback loop of ignorance and lies that make people feel good.
Why is it different from me to invest in cryptocurrency, I think this will be the future trend
I was really hopeful of my investments this year, but all my plans have been disoriented, I've been studying the market crashes and I realized some investors made millions from the recent 2008 recession and I was wondering if such success rate could be achieved in this present market. and the Federal Reserve taking a more hawkish approach to interest rates and bond purchase tapering, a correction is underway.
I keep buying my targeted stocks on low days. If you go long against the market you'd make such success.
Retired with a 7 figure portfolio and Receiving about 30k in dividends. I buy quality firms, anticipate to hold them regardless of what happens, pay up but not too much, keep track, sell only when necessary, and be ready to course correct. also ignore the forecasts and market views which are at best entertaining but completely useless. Major thanks to Trisha Jean Webb my F.A...
@@RandyPelletier I just looked up your FA and found her web page. she has a pretty decent bio , left a mail after going through her resume.
The current economic situation in the United States is not optimistic. We must pay attention to inflation, financial market turmoil, and regional banking crises. You have to know exactly what you're doing, but it sounds like you're about to take a big gamble, which I wouldn't recommend because investing is not the same as gambling. You need to master a correct investment method that belongs to you. Maybe this will help you. I am currently looking for my way. Maybe we can exchange some ideas with each other. What do you think?
Peter says, âYou canât fix stupid!â
He's right.
Geez, I remember watching Liz Clayman and Peter Schiff back in 06. These two have a lot of history.
They go back to high school
The US national debt is more than $31 trillion, with 38% of it held by foreign entities. The US also has $38 trillion in unfunded Medicare liabilities and $17 trillion in unfunded Social Security liabilities
The US dollar is the dominant reserve currency, backed by its perceived strength, allowing the US to print unlimited dollars as long as the world maintains trust in it. The US dollar is the backbone of US power, and any actions that undermine confidence in the currency threaten to destabilize its position of dominance. Each unilateral sanction imposed by the US risk damaging the stability and credibility of the US dollar, leading to dire consequences for the nation's power and influence. The US is the only country actively undermining the strength of the US dollar. The freezing of Russia's $300 billion currency reserve by Western governments may lead countries to reconsider investing their funds in US Treasury bonds.
A significant portion of US dollars is held outside the US, estimated at 60-70% of all US dollars in circulation, due to its status as the dominant reserve currency and wide use in international trade and finance. The one trillion dollar trade deficit of the US is a consequence of being the reserve currency, as a strong dollar makes it difficult for US businesses to export goods and services while simultaneously making it easier for other countries to sell to the US. Countries are shipping goods to the US in exchange for green pieces of paper.
The US budget deficit is $1.38 trillion in 2022 which must be paid for by selling more Treasury bonds. The interest on this debt is greater than the military budget. To pay the interest on its debt, the government sells more Treasury bonds, leading to a cycle of increasing debt. The US printing of dollars has been exporting inflation in other countries for decades, but will eventually increase US inflation. Raising interest rates to fight inflation decreases consumer and business spending, increases the trade deficit, and higher interest payments on government debt. Other countries will respond to the US raising of interest rate by raising their interest rate, risking global recession. The Plaza Accord addressed this issue in the past, but it will be challenging to implement such measures now.
A well-run country collects taxes to fund essential services and infrastructure. In the US political system, wealthy corporations and individuals can lobby for tax breaks. The shortfall in funding for the US government has reached $31 trillion. Instead of collecting taxes from wealthy corporations and individuals, the government pays interest to them.
Banks hold Treasury bonds for their safety, liquidity, regulatory compliance, and potential profitability. When interest rates on Treasury bonds rise sharply, the decrease in bond values reduces liquidity and makes it harder for banks to raise cash quickly. This causes depositors to lose confidence, triggering a bank run. In response to the current bank run, the government is issuing Treasury bonds to raise funds to compensate depositors for any lost funds. There are $19 trillion in deposits in US banks. The estimated unrealized loss on these treasuries is $1.7 trillion. The total size of US banks' equity is $2.1 trillion.
The new Bank Term Funding Program (BTFP) help prevents discounted bondholders from taking losses when they have to sell them urgently. The BTFP accepts discounted bonds at face value to be used as pledges for loans to inject more money into the economy. More inflation.
It's a Ponzi scheme.
That's pretty much all true but nobody is willing to give up any of their share in dividing up the loot. Why would they? They didn't cause it, they just let it happen while it was looking like it was good for them even though it was bound to crash at some point. When people live in an economic cloud-cuckoo-land, things go to hell. We were just the right generation to make it happen.
World's Central Banks also held JGB Japan Government Bond which is still at negative 0.1%. I believe this is the last frontier after the Swiss lifted it's positive interest rate in 2022.
Banks should not lend out demand deposits only time deposits and time should not be insured. Problem solved. But banks, the fed and the govt want banks to laundry the fed debt and act as money lenders to govt elites.
Worse than a ponzi scheme. At least in the beginning of a ponzi scheme there was some sort of tangible value or assets.
Well said.
Let's go Brandon!
Dont worry we have a drak queen as ambassador in the US Navy. Its gonna be ok. ...
Whatâs a drak Queen?
The Fed is like a Ponzi Scam đđđ
Social Security is a Ponzi Scheme so why wouldn't they turn the rest of the government into one?
Its worse than 2008, which was going to be worse than anything ever, but we had one of the most astounding bull markets in history.
And next year will be the end of life as we know it.
I hope he's not right.
I truly believe that it was fixed so that JP Morgan Chase could take over that bank. Business under the table between investors?
Business under the table by our "two" political parties.
This fall commercial realestate starts to tank dragging down the remaining banks. Value of Commercial R has to come down as the vacancies increase, combine that with rising interest rates and I see a lot of turmoil yet to come.
Thank you for your video with Jordan Peterson, it was extremely insightful
Thank you, Mr. Schiff!
Definitely worse than 2008. Fortunately for me, I followed Peterâs advice back in 2006 and invested in physical gold and silver. I am doing just fine now, thanks Peter.
That's fine, so did I, but I'm wondering how I'm going to pay bills if my bank goes belly up. Should I take a roll of buffalo rounds to all the utilities and the grocery store? Ultimately, yes, but for now it's kind of hard to do transactions without a bank.
If you had bought good stocks in 2006 instead of gold and silver, you would have done 10x better.
â@victor toombs How are these good stock companies going to sell there products as the dollar collapses?
@Joe Schmo from Kokomo Well, first off, you didn't pay attention to what I wrote. A person wrote that they listened to Peter Schiff and bought gold and silver in 2006. Since 2006, gold has basically tripled, and silver has doubled. Pretty subpar returns for a 17-year time period. If you had bought NVDA in 2006 you would be sitting on 33,000% return. TSLA would have given you over 10,000% return, and AAPL would have returned over 50,000%. So what's better, a triple in gold, a double in silver, or 100x in one of these stocks? Peter Schiff is and has always been a gold bug and perma-bear. Eventually, he will be right, just like a broken clock is still right twice a day. Companies will still continue to sell their products no matter what. If they didn't, the world would stop functioning, and society would come to a screeching halt and collapse. That's not going to happen anytime soon.
@victor toombs Thank you for your reply. I have no doubt you did really well with your stock purchases. The dollar has been losing value for more than 50 years. The worst case scenario you described in your second to last sentence is happening on a global scale. Wealth preservation is what Peter is talking about. This planet is on fire.
3:25 Their aim is clealy to tighten credit to starve small businesses out of existence.
Great Insights !
What everyone fails to address is that we can't always expect growth in our economy, population, and PROFITS! It's not that it's collapsing, it's that ownership and executives can't maintain the same profit margins they've become accustomed to. One philosophy that could help our economy almost immediately ... Business have to pay employees enough to live in the same city and afford whatever your selling.
Love you, Peter â€
"Nancy Pelosi stated on Friday (2022-03-11) that inflation was solely Vladimir Putin's fault and insisted that their multi-trillion dollar deficit spending is "reducing the national debt" and "not adding to inflation."
The President, meanwhile, has blamed inflation on "greed", while the Federal Reserve insists that higher prices are a result of supply chain dysfunction.
Not one of these institutions-- Congress, the White House, or the Fed-- seems capable of looking at their own actions.
1. The Fed refuses to consider that inflation is due to their dizzying expansion of the US money supply; the largest since 1943.
2. Congress refuses to consider that inflation is due to their insane deficit spending; the largest ever in US history.
3. The White House refuses to consider that inflation is due to its fetish for anti-competitive regulations and constant attacks on capitalism.
So, when the three key institutions charged with keeping inflation in check refuse to understand why there's a problem, it's hard to imagine they're going to fix it.
There are plenty of other lingering inflation factors as well; geopolitical conflict is obviously inflationary. COVID-19 continues to be very inflationary. Environmental fanaticism is inflationary."
-- Simon Black
True. Haven't they thrown him in jail yet? He must be on a list somewhere at the DOJ.
SCHIFF GOLD! Peter for Fed chair
THANK YOU SO MUCH BRIAN TUTTLE.
Well it's been fun
When a senior government official says something is fine, be very very sceptical and worried. It is usually the opposite case.
Andy has changed his tune đ¶đ¶
Inflation is still here. It's around 16% but these people still use the Government numbers, when they know it's manipulated. Government can't afford to give out a 16% increase in social security and etc, because it is broke. They have to keep the numbers down, therefore the manipulation. People still don't get it.
It certainly looks like 16% or so on the ground, doesn't it?
16 percent isnât much when your rent gets raised $400 a month and gas groceries car insurance has gone up since 19/20 20-50 percent.
Im with Peter on this
Peter is spot on!
Thanks Liz best person on Fox
How does Andy figure that inflation is going in the right direction and going to come down if banks are going to print trillions of dollars to bail out all the banks?
They have models of the economy that tell them things like that. They believe in the science.
This administration is putting many families in difficult situations. A lot of people are financially struggling to live, put a roof over their head and put food on the table. Youâve helped me a lot Vilma kim, imagine investing $2000 and receiving $8,500..
Someone mentioned Vilma, Anyone who is not investing now is missing a tremendous opportunity, imagine investing $3k and receiving $12,400, Vilma Kim is best. I advise newbies and busy investors to seek her guidance.
SHE'S ALWAYS ACTIVE ON HER TELEGRAM'S APP WITH THE USER-NAME BELOW,...
*MS KIMZ* đthat's her username.
Take your money out of the Banks! FDIC barely has money to insure 1-2% of all deposits out there.
Interesting interview with Peter Schiff. Heâs definitely on point in his analysis. â€ïž
"Congress" is talking about spending but Joe refuses to hear it
No, Congress is talking about slowing the spending and calling it cuts. It's now time for the Republicans to try to scam us instead of the Democrats.
From the bathroom, Peter nails it!
So THATS where the echo came from lol đ©đ©
For three years I've been saying it how can the banking be fine when we are in a commercial real estate apocalypse
What, you didn't drink the Kool-Aid? You have no faith in our leaders? You will be first up against the wall come the Revolution.
I really enjoy when you get to speak on the news even though i listed to you on the tube people need to know not everyone in the US are ignorant of banking
Powel has to say itâs fine if he told the truth the bank run would be epic
Exactly. He will never reveal his hand. It would add fuel to his fire. Donât trust these talking heads.
Peter was right the ENTIRE way
He should be the fed chair
Oh wait .. they would Kenedy him
He was wrong on bitcoin so far
Fed chair? He would dissolve it and have no chair.. than he could be secretary of the treasury..
@@JoeyDaBull they'd make statues of him if he ended the Fed
The Fed chair is at the mercy of the politicians and bureaucrats. You have to go to the source of the problem..
You are soo good Mr Pete.
We should have listened to Schiff!!
A wild card is the $30 trillion dollar government debt.
200 trillion derivatives market
Only way outa that would be an entire currency collapse
NO DERIVATIVES
Even if the market is bullish or bearish, I don't care. Trading worked well for me because I was able to raise 6 figures when I started with 4 figures in only a few months by putting Rodger Michael Karl's advice into practice. Instead of trying to time the market by getting in and out every couple of weeks, trade a little portion of your portfolio...
I just discovered his outstanding resume when I searched for his name on Google. I count it a blessing that I came across this comment section.
Thank you so much for the advice. Your coach was simple to discover online. I did my research on him before I scheduled our phone call. He appears knowledgeable based on his online resume.
I invest with Rodger Michael Karl. He's the best when it comes to making high profits in the financial market, he's well accredited and proficient to help you through managing your investments...
The financial markets are full with opportunities, but I've learned a lot over the past few years to doubt that. The key is knowing where to focus. Well appreciated, Rodger Michael Karl.
With the help Sir Rodger Michael Karl, I've gained perfectly well from my investment. The quantity of capital you invest, though, ultimately determines everything. With a substantial start-up budget, you could be able to earn more Gains..
The canary in the coal mine is major networks booking Peter Schiff.
Was so clueless of what was happening in 2008. Am Ă Peter Schiff taught economist since 2009. I know what to expect now
this next collapse is going to be epic ... get out of debt, stock pile non perishable foods, and precious metals
food, water, seeds, meds, guns, ammo
@@skdjfkdnxnsjs2003 itâs happening all around you. You are at the start of it.
Been hearing this forever now đ
Confused af
Recession? This is a DEPRESSION
Too many people are sitting back waiting until they see the economic mushroom cloud in front of them, before they finally decide it's time to load up on precious metals.
You should be loading up on food and water, along with lead to protect it.
The SVB bailout is restarting QE. The FED will first pause its official rate increases. Then cut rates by July. The FED will use some baloney Black Swan excuse to blame something else.
The bail-in will be disguised as programmable Central Bank Digital Currency (CBDC). You won't have a choice; you will be forced to accept it. That will destroy all deposits, not just FDIC insured.
*"Paper is poverty, it is only the ghost of money, and not money itself." -- Thomas Jefferson*
Good one. Rates wonât be cut by July. Inflation would run even harder.
Peter lives for these times
You don't get to own the world without knowing what you are doing. The circus is in town. DON'T GET DISTRACTED!
You know stuff is bad with mainstream media has Peter on
But Janet Yellen said never be another recession.. how can this be?
Shes a liar and talks like a politician not an honest economist
I think she added "In her Lifetime" so maybe she doesn't plan on being around long or maybe the economy is going to drop so fast it will skip the recession and head straight to depression.
Everybody is concerned about the market going down but refusing to take advantage of it. The best decision ever made in my life was investing regardless of the market condition. I made over 218k.USD with a start up of 39k.USD in the last three months. Trust me guys, it really pays a lot!
The market has plenty of opportunities to earn a decent payouts, with the right skills and proper understanding of how the market works.
My advice to anyone feeling the heat in this current market. Just trade long term more than ever. If you can then get a professional to trade for you, think that way your assets are more secure
Thanks to Fergus waylen for showing me the appropriate way to get into crypto investing and trading with his trade signal and investing guidelines. Investing and trading are more than just having TA skills. There is a big component of discipline and emotional maturity, that one has to work on! Time in the market vs. timing the market. If you keep that mentality as an investor, you will stay calm during the storm! Within some months I was making a lot more money and have continued on that same path with Mr fergus Waylen
Yes I Agree, I've been talking to Fergus waylen for long now, mostly because I lack the knowledge and energy to deal with these ongoing market circumstances. there are more aspects of the market than the average individual is aware of. Having an investing counselor is now the best line of action, especially for most beginners and those who are close to retiring
Extraordinary is the right word for expert Fergus waylen, he's experienced as a trader and so unique..
$35 trillion on off book loans which have not been declared, this was ok while interest on loans was extremely low, well all these companies are now unable to refinance due to the interest rate.
this is not just in the US but the international banking system as well.
this is just the start, wait until it starts in Europe.
Silver and Gold, Silver and Gold in your possession, while you still can, time is not on your side!
The economy is grappling with uncertainties, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
Things are strange right now. The US dollar is becoming less valuable because of inflation, but it's getting stronger compared to other currencies and things like gold and property. People are turning to the dollar because they think it's safer. I'm worried about my retirement savings of about $420,000 losing value because of high inflation. Where else can we keep our money?
Well I recommend you make a diversification plan because it's been harder to build a good stocks portfolio since COVID. My colleague suggested I hire a brokerage Adviser, and I've actually made over $457k with their help during last market upheavel. They used defensive strategies to protect my portfolio and make profits despite the ups and downs.
@@maryHenokNft I find this intriguing. Could you please provide me with the means to get in touch with your Adviser? I am concerned about my dwindling portfolio.
I'd like to give significant credit to *Mary Onita Wier* who maintains a strong online presence. You can easily find her through a web search. While there are some other individuals worth considering, it may be more challenging to locate them. In addition, Julia has provided excellent guidance throughout the year.
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
Muchas gracias por esta informaciĂłn esto espero que mĂĄs adelante haya mejores comentarios sobre el futuro de estos bancos.