More Bank Failures in 2024?

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In the wake of Republic First Bank’s failure on April 26, hundreds of other banks are vulnerable to the same fate. The 36-year-old retail bank was headquartered in Philadelphia and was shut down and seized after business hours by Pennsylvania’s bank regulator and the Federal Deposit Insurance Corp. Bankers fear that this first bank failure of 2024 will not be the last.

Klaros Group analyzed 4,000 banks for vulnerability to high interest rates and commercial real estate losses, and it found about 280 that are stressed and, in extreme cases, at risk of failure.

Three of the four largest bank collapses in United States history occurred last year when First Republic Bank ($229 billion), Silicon Valley Bank ($209 billion) and Signature Bank ($118 billion) went under.

U.S. Treasury Secretary Janet Yellen tried to calm jitters by assuring Americans that the government would step in to protect banks that were too big to fail. This prompted people to withdraw $120 billion from small banks and deposit $67 billion into big banks like JPMorgan Chase, Bank of America and Wells Fargo.

So while Fulton Bank is set to double its presence in the Philadelphia, Pennsylvania, market by purchasing Republic First Bank, it is likely that small to mid-sized banks will continue to fail as U.S. banking is centralized in the hands of a few big institutions. Rising interest rates, losses on commercial real estate and heightened regulatory scrutiny are slowly centralizing all credit into the hands of a few powerful players.

The fifth plank of Karl Marx’s Communist Manifesto is the “centralization of credit in the hands of the state, by means of a national bank with state capital and an exclusive monopoly.”

The late Herbert W. Armstrong warned that communism would strip America of its blessings—the greatest blessings ever conferred on any people—because the American people have turned away from God’s laws.

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