The following program is recorded content created by SteveNobleShow.com. And now here's your host, Steve Noble.
No, that wasn't Joe Biden whispering in the background. That's me. I'm here. Power problems yesterday at the mothership.
So we couldn't be live yesterday, but we're back live today. So thank you, Lord, for that. Okay, so where do you start? When the world is running down, you make the best of what's still around, according to theologian Stink. So that's what we're going to try to do here.
And I'm just going to lose my junk until the second half of the show. Two issues surrounding our pseudo-president Joe Biden that I'm absolutely livid about, concerned about, and talked some about this week with my students, especially in my U.S. history class, as we've been talking about World War I this week, and relative to Ukraine and Russia and Biden and Putin and President Xi and China, and the absolute ineptitude of the president and the presidency, currently here in the United States of America. And then this, I'm so disgusted by what he did the other day when he was being interviewed by actor-comedian Cal Penn. And he goes on this thing about, you know, kind of a sin. It's kind of a sin. Kind of a sin. What was?
To prevent children from being butchered in the name of transgender ideology. So I'm going to get to that in the second segment. Then the third and fourth segment, we're going to expand our Money Monday with David Fisher.
We just had to switch it to today. But we're going to talk to David for two segments because of all the banking collapse action going on. Now Credit Suisse is in trouble. Credit Suisse goes down. This stuff could tumble. Just like World War I, you get a bunch of dominoes that they start following and things get out of control fast, which is a reminder, which I'll say to you, as well as all of my students, all of my students this week, as to why perhaps God knew what he was talking about in 1 Timothy chapter 2, when he told us to pray for those in authority over us so that we could live quiet and peaceful lives.
If that isn't any more obvious now than it has been in the last, I don't know, my lifetime, then it shouldn't be. What do you do with that? Pray, my friend. Pray. Pray for Biden. Pray for the administration. Pray for world leaders. Because the madness that's going on, only the Lord and his wisdom can help anybody and anything in this whole mess.
So we'll talk to David Fisher in the second half of the show. But let's start with this. So the American drone taken down by Russian fighter jet over the Black Sea. Think Chinese spy balloon. Okay, get that on one side of your brain.
And then this on the other. United States European Command said on Tuesday, yesterday afternoon that a Russian jet had collided with an unmanned US Air Force drone. Sounded like it was an accident, right? In an international airspace over the Black Sea west of Crimea. That should sound familiar to you, Crimea, which Russia controls, which is actually Ukraine. According to European Command, two Russian SU-27 aircraft conducted an unsafe and unprofessional intercept with a US Air Force intelligence, surveillance and reconnaissance unmanned MQ-9 aircraft that was operating within international airspace over the Black Sea. During the intercept, quote, one of the Russian SU-27 aircraft struck the propeller of the MQ-9, causing US forces to have to bring the MQ-9 down in international waters.
Several times before the collision, the SU-27s, these are MiGs, dumped fuel on and flew in front of the MQ-9 in a reckless, I love this part, environmentally unsound and unprofessional manner. This incident demonstrates a lack of competence in addition to being unsafe and unprofessional. Competence, do you think a Russian fighter pilot of a MiG-27 is actually incompetent?
They can't be. Otherwise, that plane wouldn't be in the sky. Nobody that flies an advanced fighter jet is incompetent. This wasn't an accident, wasn't reckless. No, this was purposeful. They're dumping fuel on the thing, which is why they said the US military is saying environmentally unsound because they're so woke now and unprofessional.
No kidding. This is provocative. And then they hit the propeller, which forced our guys to have to bring it down. EUCOM added that Monday's intercept that took down an American drone follows a pattern of dangerous actions by Russian pilots while interacting with US and allied aircraft over international airspace, including over the Black Sea.
The military warned that these aggressive actions by Russian air crew are dangerous and could lead to miscalculation and unintended escalation. Really? Bunk. That's what I say to that. It's not going to lead to anything. You can mess with our drones all you want, Vladimir. And I think you're probably pretty confident right now that our inept, somewhat cognizant president, somewhat, whatever, wherever he is on the scale of that.
You think he's going to do something? So Russian MiGs mess with an American drone, force it down. We had to put it down, but they dump fuel on it. That's not accidental. Not when you're flying a MiG-27.
There's nothing accidental about that. And then they, with a fighter jet, you got to be a pretty good pilot to nick the propeller on a drone. Then that causes enough problems that the US military has to bring it down safely because, you know, we want to make sure we don't drop anything down unnecessarily. So is that Russia just testing Biden's medal? And they do nothing. I'd be like, okay, you take out one of our drones and there's Russian drones out there.
Go take out four or five of those. Because you can't not answer. Not in the world of international diplomacy and foreign relations. You cannot not answer. If you don't answer, you've given an answer. And your answer is, you're weak.
You're lame. You're a paper tiger. Which is why when you think back to the Chinese spy balloon that went over Alaska first, did nothing. Crossed into Canadian airspace, did nothing. Then came down, flew over, you know, some of our nuclear missile sites, silos up there in that neck of the woods. And then flew over where we, the main base for the B-2 stealth bomber.
We do nothing. Worried about, you know, maybe if they shoot it down, some of the wreckage will hit some people. Well, not up there.
That's a joke. And plus you could give me a couple of mathematicians and some aerodynamic people. And if we blow this thing out of the sky here with the winds and everything else, blah, blah, blah, blah, blah, give me a general idea where this is going to land. And then sometime in the next five hours, let's figure out the least populated spot and take it out.
But he didn't. And China's gathering information the whole time in real time. Biden does nothing until it gets out. Between North Carolina, South Carolina, crosses over Charlotte.
I remember that Saturday morning, friends on Facebook posting pictures of it as it, you know, essentially takes pictures of us. And Biden does nothing. And now you got Russian MiGs messing with one of our drones and Biden does nothing.
And then there's President Xi over there going, hmm, man, Taiwan's looking better all the time. Because what's Biden going to do? Probably nothing. Inept. Unbelievable. But what I'm going to talk about when we come back as a Christian is even worse because the president seems to be all gung ho for butchering young children in their confusion. This is Steve Noble.
We'll be right back. And legitimate commentary about the ineptitude of our sitting president in this stuff is just so ridiculous. It's so egregious. And at this level, on this particular story. And then we're going to spend the second half of the show talking to David Fisher because of all the bank failure stuff, which is a nightmare. Not just talking about Silicon Valley Bank, SBB. Now Credit Suisse is in the news today. We talked about Credit Suisse before.
And Wells Fargo the other day, their stock was down, I don't know, like 30% yesterday. I mean, this is serious stuff. So we're going to spend a couple of segments talking to David about what's going on in the banking system. This is a big deal.
These are existential threats to a normal way of life. And so we're going to spend some time talking about it. I was talking about Biden and just doing nothing, essentially, with Russia, two Russian MiGs. I'm messing around with one of our drones. And there's not going to be any response there. But there was no real response to the Chinese spy balloon. Just, hey, float over top. We'll take some pictures thrown up on Facebook.
Everything's fine. Then there's this. This is different. So this was Joe Biden the other day. And this just tells you what a joke the White House is. And if, by the way, if Donald Trump did something like this, I would think it was a joke as well.
I think it was so beneath the presidency of the United States. So Biden sits down for a one-on-one with Cal Penn. Ever heard of him?
You would recognize him. He's an actor and a comedian. The first time I saw this clip, I'm like, why is the president sitting down talking to him? Like, what are these Hollywood jokers doing, doing a long format interview with the president of the United States? It's ridiculous. But that's the whole woke progressive agenda. They're so elitist.
And the guy probably thinks he should be there sitting talking to the press. It's ridiculous. But they're going to start, Biden's going to start talking about homosexuality and then transgenderism. So let's just play the clip. Just listen to this. And then I'm going to lose my mind. And then we're going to hit the commercial break and then we'll talk to David Fisher. Are you ready?
Americans, especially trans kids who are dealing with all these regressive state laws that are popping up right now. I can remember exactly where my epiphany was. I hadn't thought much about it, to tell you the truth. And I was a senior in high school. Just for a minute. And my dad was dropping me off. And I remember about to get out of the car and I looked to my right and two well-dressed men in suits kissed each other. I mean, they gave each other a kiss.
And then one went and looked like he was heading to the Japon building and one looked like he headed to the Hercules Corporation building. And I'll never forget, I turned and looked at my dad and said, Joe, it's simple. They love each other. It's simple.
No, I'm not joking. It's simple. They love each other. And it's never been, it's never been, it's just that simple.
It doesn't matter whether it's, whether it's same sex or a heterosexual couple, they should be able to be married. What is the problem? So listen to your auntie and your uncle getting married.
But now, don't wait. Transgender kids is a really harder thing. What's going on in Florida is, as my mother would say, close to sinful. I mean, it's just terrible what they're doing. It's not like, you know, a kid wakes up one morning and says, you know, I decided I want to become a man, or I want to become a woman, or I want to change. I mean, what are they thinking about? You're human beings. They love, they have feelings, they have inclinations that are, I mean, it just to me is, I don't know, it's cool. And the way we do it is we make sure we pass legislation like we passed on same sex marriage.
You mess with that, you're breaking the law, and you're going to be home accounting. Okay, stop there. You can bring Wirecast down a little bit too, because that was, that was Joe talking the way Joe tends to talk.
Until he gets angry, then he raises his voice. But not, okay, so let's, so little Joey up there in Scranton with all the blue collar workers sees these two guys kiss, and he's with his, what, with his dad. Hey, Joey, Joey, hey, what's up with that, dad? Hey, it's simple. It's simple, son.
What a great dad. It's simple. They love each other. It's simple.
They love each other. So it's just that simple, the president, the sitting president of the United States. It's just that simple. What's the problem?
What's the problem? It's just that simple. Okay, Mr. President, air quotes, Catholic, air quote, Christian. Right.
That, flying in the face. It's just that simple. This is, this is Joe, this is left theology, progressive theology, a growing percentage of the United Methodist Church, most of the Episcopalian Church, most of the Presbyterian Church, every, like here in the area, Poland Baptist Church, places like this, liberal theology. And that's why they fully embrace satanic things and untruths like homosexuality, same sex, all that mess, gay marriage. Because to them, the only thing from the Bible that really carries any weight is their notion that the God is a God of love. It doesn't matter what anything else says, but they take that God is a God of love. So as long as people love each other, like if the 50-year-old man loves the 13-year-old boy that he's having sex with, as long as they love each other, it's fine. Right? Because love is love.
No, Joe. That's not the deal. Love is not an open invitation to do whatever you want. Actually, the law is based on God's love. God's love for righteousness and truth, as well as God's love for us. Okay. So when God says, don't do this, He's saying, hey, I love you so much.
Don't do this to yourself and to others. So, Joe, Joe, the Catholic Church cannot excommunicate this guy fast enough. He's been a defender of child murder for years.
Now he's defending every other institution. And then the transgender thing. It's close to sinful, Mr. President, to deny a 15-year-old girl having a double mastectomy. It's close to sinful, Mr. President, that the state of Florida is not going to allow a minor girl to have her breasts removed or a minor boy to have his plumbing reworked under the belt. That's close to sinful for you.
That is so sick. It's so depraved. It's so, Romans want to reprobate mine, which I, hey, Steve, you talk about Romans 1 all the time.
I know. Because that just gives you everything you need to know to understand this crazy, mixed up, evil, depraved world. That's reprobate thinking. It's, hey, love, feelings, inclinations. It's not like some teenager just wakes up one day and says, hey, I want to be a boy.
As a matter of fact, Mr. President, that's about where we're at. This is a social contagion. There's so much confusion. All the garbage from the digital world, they don't have a clue about up and down, right and wrong. They're trying to find meaning. They're trying to fit in.
Now it's a social contagion. It's a badge of courage that you come out and say, hey, I'm pan. I'm bi. I'm tri. I'm whatever. And they don't have the wherewithal to understand this stuff. And especially if they're lost, and the vast majority of them are, they have no ability to understand these spiritual truths.
None. And then you got the President of the United States basically out there defending the butchering of teenagers based on their own confusion and or social contagion and or actual gender dysphoria, which needs counseling, not a scalpel. And this is the President of the United States. This country is like on a kamikaze mission to destroy itself. And this is the guy that's running the executive branch and the guy that's going to run again.
And a good 40% of this country are more than willing to let them keep the keys, keep the keys to the kingdom. Oh, my goodness. All right, so I'm going to go back. Go to this website. PrayOneTimTwo.org. PrayOneTimTwo.org. Sign up for your state. You'll get an email every day to pray for those in authority over us.
It'll name specific people that won't give you their party affiliation. We need to be praying more all the time for this country and specifically for our leaders and for Joe Biden, because the guy does have the keys to the kingdom right now as the President of the United States and so far as the executive branch. And he's such a reprobate thinker.
It's sad and disgusting. We'll be right back. Welcome back at Steve Noble, The Steve Noble Show. If you were hoping to be cheered up today.
Sorry about that. Although we will inject something here in a second with our buddy David Fisher, that should always cheer you up. There's always power in it. There's always strength in it. There's always truth in it.
That's the word of God. But let me just set this up and then we're going to spend the next two segments doing an expanded Money Monday update with our friend David Fisher from Landmark Capital, landmarkgold.com. OK, just some things out there in the news. SVB collapsed.
You should know what that stands for by now. Silicon Valley Bank. Bank Fallout shines a spotlight on a $620 billion hole in the banking section.
That's charming. Shares in major bank plummet further after top investor refuses to offer aid. Two other banks collapsed. They're talking about Credit Suisse there, which is a huge bank. Then Moody's. Moody's downgrades the entire banking system to negative. The entire banking sector system to negative.
That's Moody's. And then over here at Just The News, FDIC has only about half the cash needed to cover roughly $264 billion in deposits at failed banks, our report says. But the president says they're not using any taxpayer dollars. And then this is an interesting article. I haven't read it yet in fee.org.
Why we should let bad banks fail. Wow, there's a lot going on there. David, welcome to the show. How are you?
I'm doing much better than the banking industry, so I'm doing great, actually. Thank you. Praise the Lord for that. So let's get our compass set on True North first as a great passage of scripture, so apropos for where we at. So let's start there.
And then I know we have a lot to talk about in these two segments. Deuteronomy 31 verse 8 says, The Lord himself goes before you and will be with you. He will never leave you nor forsake you. Do not be afraid. Do not be discouraged.
So I'm going to kind of give a personal example. I guess my cardiologist told me years ago, four years ago. Do not be surprised if you'll have little bouts of feeling blue and then accompanied by little bouts of feeling very gracious that you're alive because when you go through what you went through, those are the two things that heart patients typically have. And I kind of, no, no, no, that's not going to be me. My wife says, Quit thinking you have an S on your chest. Anyway, I'm thinking, you know, we're overcomers. I typically never have bad days in my life, even though I have challenges just like everyone else does.
So he was right, though. And I was at the gym the other day, and I don't have very many of them, but maybe, you know, six, seven of them a year, and they're only lasting for just a couple minutes. And so when I have them, I said, you know, I turned to thank the Lord, how gracious I am of his sovereign sovereignty in my life.
Well, I was having one at the gym the other day. And I was just kind of coasting my first set of reps. And, and I was not feeling like working hard, but I was working out. And, and I was kind of like, looking back at my life and feeling a little bit blue, looking back at my life and all these points in my life, what happened in 1996, and what happened in 2000, year 2000, a big change in my life, just fantastic, met Marianne and just incredible things. And looking at, you know, when my capital got started, so on and so on and so on, I can look back and I saw the handiwork of God in my life, and I became very gracious. And when you work out at the gym, you're supposed to have this like, in like four to six feet from you, a focus, right. And so I was working out prior to all that, not really focusing on anything. And when I was having this aha moment, Steve, this is a brand new gym, I just started here recently, about a month ago, I was sitting on this new machine, never sat on and I looked for my focus. And I noticed for the first time, way out in the distance, as I became very, very gracious to the handiwork of God in my life, I saw a white cross on top of a building.
And at that point, just like right now, I'm just so overwhelmed with gratefulness that God has never forsaken us, and He never leaves us, and He has a plan for all of us in His lives if we just continue to trust Him. Yeah, and it's to prosper us to bring shalom into our lives. And we have to remember that. So when things are going crazy, be it in Ukraine, Russia, China, Taiwan, whatever, or with the banking situation, you always got to fall back. That's that question.
Is your house built on the rock or is it built on the sand? And when the storms come, that's what gets revealed. And so when we're looking at very serious issues here, like massive bank failures, which, you know, if these dominoes keep falling, this has serious implications for us as just regular folks, that's a reminder to check, make sure you know where your house is built, and then to look back over your years like David, you're sharing, and see the Lord's handiwork in your life.
And that doesn't always mean that you're going to have these Time magazine front cover, oh, unbelievable. But God has been faithful to all of us in one way or another over and over and over again. And it's so important, especially as the news is challenging, like it is to remember that. So as always, just praise the Lord for that passage of Scripture.
And thanks for sharing that testimony with us, David. Okay, so last week, we experienced the second and third largest bank failures, both in one week. So in layman's terms, as much as possible, what in the world happened there? So I've always said we're one to two headlines away from a major change in the system.
And we've had one headlines a big one. And what caused that Steve was this bank had venture cap, it's a venture capital bank, which is not your local bank down the street, right? This is a bank that gets money from Wall Street, that lends out money through what you call a line of credit to people who want to do a startup or a project, and they need what you call venture capital funds. That's Silicon Valley for you.
Welcome to Silicon Valley. That's where most of the venture capital money comes from. And they were the largest bank in Silicon Valley. They're the 16th largest bank in the United States were is the operative word.
Yeah. What they did when they got this money, because they had a surplus of money, they put it into the safest investment there was, which is US Treasuries. And they put them into notes, two years, five years or longer term notes. But they bought them over a year ago at a quarter of a point when interest rates were at a point now we're at 5%. So what happens in the Treasury market, if you or any of us bought in a Treasury at a quarter of a point when rates were that low, and they went to 5%, we're underwater.
And so the bank, the analysts are projecting they were 25% underwater in these US Treasuries, the safest investment out there. So what happened is as these companies who said we want to draw a line of credit, they had to sign an agreement, they said we're going to you have to deposit all your money in Silicon Valley bank, as they drew all their lines of credit. And it didn't have any more lines of credit, they started drawing their funds, and then the bank was upside down.
It did not it was not fully capitalized. Sounds familiar, most of the banks are not fully capitalized. And then the word got out, there became a run on the banks, which caused the collapse of this bank and the shutdown, their stock was $747 late last year.
Now it's not trading and it's listed at $106. Couple things that are ironic, before the collapse, hours before their company wide bonuses went out to their employees. And the CEO of Silicon Valley bank, Greg Becker, was a longtime director at the Federal Reserve at the bank of San Francisco. So they should have all known better.
Right, right, that's right. So this is a big, this is a Wall Street big money bailout is what this is, because 88 to 90% of the bank accounts were not you're an eye type of bank accounts under $250,000. They were all over it, and most of them were over a million dollars, and there was quite a few were hundreds of millions of dollars, and several billion dollar accounts. Yeah, and one thing I would want to say on this with SVB, Silicon Valley bank. Yes, it was an incredibly woke organization, the board's woke, they're making woke investments to a certain extent. That's not the big problem. The biggest problem is they were over leveraged, they bought all these bonds, and then with the interest rates, then the bonds become troublesome, they bury you, you're 25% underwater.
So it's don't get distracted by the ESG, all the woke stuff. That's true of the company, but that's not the big problem here. And so the big problem here is the systemic problem.
That's what you were saying, David. Most banks aren't capitalized, meaning they don't have enough in there to cover their liabilities. So this is like, it's just waiting, it's a card, it's basically a card house, a house of cards, isn't it?
Dominals, yeah. One domino falls, which leads to another domino, which leads to another domino, because here's how it's tied in together. So you can't, you can't, they only pay you like a quarter of a percent on your money, typically in a bank right now. Versus if you put your money in a one-year treasury, you're going to get, well, you were getting 5%, 4%, 3.5% at best. So there's a lot of people who've been pulling their money out of the bank before this, and even now, I mean, there's $20 million that just got shifted to Bank America in one day. And I'm going to speculate, JP Morgan, there's probably $100 billion that got shifted. So what this was about on Sunday, when the Fed said they're going to make everything whole, and on Monday, when President Biden said- Well, hold that thought. We're going to hit the break here. Hold that thought.
So I'm going to hit that next. The Fed making everything whole, Biden comes to the rescue, the Fed comes to the rescue, but they're not going to spend any taxpayer money. And then what's going on with credit slip? When you have surrendered your life to Jesus Christ, when you walk in righteousness with him, God the Father says, all that Jesus is, is yours.
All that Jesus inherits is your inheritance. Welcome back. It's Steve Noble, The Steve Noble Show. Well, the banking industry is not having a Saturday in the park. Things are not going well for them. So we had the bank collapse last week there in Silicon Valley, Silicon Valley Bank. Two other banks also went under, Wells Fargo was getting hammered the other day. And then we're going to talk about Credit Suisse here in a minute. But then Biden says, steps in, special announcement, hey, all the depositors funds will be available.
No worry about it. Nothing going on there. And we're not going to spend any taxpayer money. So let's talk about this, quote unquote, Biden with an S on his chest, swooping in and saving the day. And then we'll talk about Credit Suisse. So the money has to come from somewhere, obviously. Let's guesstimate $209 billion, maybe $212. This is called $210 billion, SVC is liable.
Signature is $110. So there's $320, somewhere in there, conservatively. Where's $320 billion coming?
It's got to come from one or three entities. The FDIC, which is the insurance company of the banking system, Federal Deposit Insurance Corporation, they said they don't have the money. Well, if they did, their coffers would be completely empty. They wouldn't have anything else to bail out any other banks that will probably we will see. So it's not coming from the FDIC. The government is in this shutdown, I can't spend any more money because the debt ceiling and they're not done anything in negotiation with the debt ceiling for the last four months, which means we're probably gonna have a calamity.
It'll spill into that too. So this is coming from the ultimate backstop, the Fed. The Fed said they're going to make everything whole. So this means do away with any banking criterias.
Bankers can do whatever they want. And the Fed is going to be bailing out every single account, every single bank, which means we have no regulations anymore. But where's the Fed getting this money? Okay, they're going to hold these notes that were from the failing bank, US Treasury notes, and use that to print $320 billion out of thin air, inject it into those two banks. So everybody has their money back. And now that money's in the system, and we're going to have massive inflation. But this new bank, whoever buys it, nobody wants to buy this, these two failing banks. They got to take on the liability of this asset that we called US, it's an asset, US Treasuries are an asset, but they're underwater 25%. And they're probably not going to get whole. So this is a crisis that's not going to go away for at least a year with the whoever buys it, and that's if we can get a buyer. So this is going to cause massive inflation. Again, like our TJ has always said, the Fed is the fire department and the arson.
And the arson, yep. And so they just keep playing political games and playing shell games. And then this takes us across the ocean into Switzerland, and hearing that Credit Suisse was in trouble, I mean, for the average American, should we care? I mean, that's Switzerland, David.
I mean, who cares? Well, when the average European cared, when Bear Stearns went under and Lehman Brothers, and we went on a global thing, global economic downturn. And Credit Suisse is the largest bank in Switzerland, probably the fifth largest bank in Europe. And it's, again, if $320 billion was these two US banks combined, Credit Suisse is 700 plus billion, twice as big as these two banks. So the bailout for them is not easy. And I said on your program in October, that all of a sudden, Switzerland, the Bank of Switzerland, drew from the Federal Reserve through what you call credit default swaps.
I'm gonna get into that. That's just a whole side note. It's just basically borrowing money for 24 hours. And in normal bank, there's five banks that the Fed works with, and Switzerland is one of them. $200 million is a like a big number to draw on for 24 hours. And they don't do it every day.
They don't maybe do it once every one or two weeks at best. So in October, when just shy of $10 billion in two days was drawn, that was red flag, red lights flashing, something big is going on. And I said it's probably Credit Suisse. About a week later, Saudi Arabia came and bought 10% of their shares for $1.5 billion, propped them up. We fast forward to today, Credit Suisse is going to Saudi Arabia, asking them for money.
Saudi Arabia said, no way. So who's gonna backstop Credit Suisse, and why is that important to us? If Credit, I said in October, if Credit Suisse goes under, we will have a banking crisis, not just in the United States, but possibly the world. We have two large banks here, fairly large, that affected this crisis here.
We got one going over on the pond, and all banks leverage their money, only one half to 3% of your money is on deposit. So this is why they said Monday morning, they don't want you to go pull your money out of the bank because in doing so, you will actually cause the crisis. Just like the FDIC video we watched here about a month ago, the three and a half minute video, they said, should we tell the public?
Shouldn't we? We don't want to cause the crisis. It will probably cause the crisis. And what people are doing is that they are pulling their money out of the bank and they're buying US Treasuries.
They are moving their money to JP Morgan Bank, the big too big to fail banks. And so we will see more problems in the banking industry in the midterm to lower banks called the regional banks. Those are going to suffer and we will see some sort of a crisis. This is the tip of the iceberg, unfortunately.
Yeah. And so this becomes just kind of a domino process. And with big banks and Credit Suisse being, like you said, the fifth largest bank in Europe, when these things collapse like this, when you look down the road, David, what concerns you the most in terms of just regular folks like me and most of our friends here on the air today? What are the biggest concerns for us?
What should we be nervous about? What impact can this have on us? First of all, I'm trying to trust the news. I don't know what to believe. Because the news said on Wednesday, the regulators, Moody's said for Silicon Valley Bank, it had an A1 credit rating, the highest you could have. And within less than 24 hours later, it collapsed. So the regulators are completely out to lunch.
What yardstick do we go by? I mean, we have scripture in our life to go and that is our foundation, our cement. There is nothing like that in the banking industry, because it's all founded upon debt. So when debt starts to perpetuate, and they can't get paid, interest rates soar.
And as a side note, if you want to get a good interest rate, go over to Credit Suisse, they're offering 17% on your money for a one year CD. That's what's happening. And that's what I'm fearful of that's going to trigger this.
We're not out of the woods. I'm fearful that this is just not contained. And all these entities are saying, we're okay, we're okay.
We're really not okay, because it's showing up, we're not okay. Yeah, I think when you talk about that, they're not out to lunch. They know, they just don't want to tell anybody because the panic is going to crush them when people react to reality. So they hide it from you.
They're just lying. And that's why we have to be so careful in all of this. And so we're talking like 2008 level event, which, you know, a bunch of people in this audience right now, I guarantee you, David, got crushed by 2008. It completely changed their retirement environment and pushed out how long they're going to have to work or they're going to have to live on a lot less. Because once you deplete your retirement account like that, you go, hey, we're down 40%, we're down 50%. All we got to do is come back 50%. No, that's not true. Because now you're operating off a much lower number in terms of your capital. It takes way more than a 50% correction to get that money back.
And people just don't know and understand that, which is a nightmare. So in terms of that, what do you want to kind of finish with here, David? We've got a couple of minutes left. But you know, the government and the bail-in, obviously, when you look at a situation like this, even cash to a certain extent isn't safe.
And then you've got precious metals, obviously, which is kind of the center of your wheelhouse. But the last two minutes, just help us to kind of focus on the right thing here. So this program that the Fed is doing is called the Bank Term Funding Program. It's not going to fix everything. In fact, it's going to cause more problems. So the fix is, we can't look towards the government, towards the Fed or the FDIC to fix things.
And it's going to get worse. So Norell Norebini, who is a very wise economist, predicted the 2008 crash, said this morning on Bloomberg News, gold is the place to put your money for safety in this banking crisis. Joe Terranova, a trader, weekly regular guest on CNBC on Halftime Report, said this morning, quote, gold is the only thing that is working for me. I clearly have been doing well and will probably buy more gold at these levels since it's going to $2,000 in the near term.
And many are saying, Steve, that it's going much higher than this. What I'm not saying is pull all your money out of the bank and buy gold and silver. What I am saying is get three months of cash.
I just said this to a person this morning. Get three months of cash outside of the bank in case we have a banking crisis like Cyprus, you have cash to work with. Leave at least three months or more and any other money for any projects in the bank. Excess of that, you should be calling our company and developing a strategy to get some money in gold and silver because all that extra money is not needed. And bank money used to be safe. Now it's risk. Gold used to be risk. Now it's safe. All you're doing is shifting from an asset that is unsafe to a safe asset. And who knows, it might be one of the best investments because I've always said, if you take care of your money now, it might be there to take care of you later. So the bank run could cause a bank bail-in and that is our money, our 401ks, our IRAs, our bank money. It's all in jeopardy now, according to Fox News.
We're seeing that article being relived. Yeah. And that's where, and again, talking about diversification, that's like, hey, the wind is blowing. You've got a sailboat. Should you leave your sails up? No. You got to get some of your sails out of the wind or you get knocked over.
That's why diversification is so important. For people to get more information and education, boy, it's so important right now, David, what do they do? Simple. Pick up the phone. Call us 844-604-2575.
That's 844-604-2575 or go to landmarkgold.com. You'll get some help there. You get some literature and there is no pressure or obligation. We're here to educate. Thanks, pal. Stay with us on Zoom for a second. We'll pray together. This is Steve Noble on The Steve Noble Show. God willing, I'll talk to you guys again real soon. And like my dad always used to say, ever forward. Another program powered by the Truth Network.
Whisper: medium.en / 2023-03-16 00:06:56 / 2023-03-16 00:23:03 / 16