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Pam and Russ Martens: Three top Wall Street banks have $7.4 trillion in off-balance-sheet exposures
By Pam and Russ Martens
Wall Street on Parade
Tuesday, April 14, 2020
In the past few weeks everyone from Federal Reserve Chairman Jerome Powell to U.S. Treasury Secretary Steve Mnuchin to former Fed Chairwoman Janet Yellen to bank analyst Mike Mayo have appeared on television to tell the American people that the big banks on Wall Street are well capitalized. To put it in Janet Yellen's exact words on CNBC last Thursday, "We have a strong, well-capitalized banking system."
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Great Bear Expands Shallow High-Grade Gold
at LP Fault Including 42.70 g/t Over 3 Meters
Thursday, April 9, 2020
VANCOUVER, British Columbia, Canada -- Great Bear Resources Ltd. (TSX-V: GBR) today reported results from its ongoing fully funded $21 million exploration program at its 100-percent owned flagship Dixie Project in the Red Lake district of Ontario.
The company has completed 83 of approximately 300 planned drill holes into the LP Fault target, as part of its 5-kilometer-long by 500-meter-deep grid drill program.
Gold mineralization has been intersected in all the drill holes for which assays have been returned to date. ...
Drill results highlights:
-- New lateral and vertical drill spacing on 25–100 meter centers has confirmed apparent continuity of gold mineralization on multiple drill sections.
-- Drill hole BR-101 intersected multiple shallow mineralized intervals along 110 metres of core length. Assays include 42.70 grams per tonne gold over 3 meters, including 118.00 grams per tonne gold over a half meter, within a broader interval of 4.24 grams per tonne gold over 52.15 meters. ...
... For the remainder of the announcement:
These folks have to keep repeating this mantra because the public is getting curious as to why the New York Fed has had to pump a cumulative $9 trillion in cash into these Wall Street banks, since September 17 of last year, if they are so well capitalized. Can big banks actually be well capitalized and have no liquid money to make loans -- the key function of a bank? As we have regularly noted, the Fed's trillions of dollars in cash infusions to the banks began months before there was any coronavirus outbreak anywhere in the world.
The reality is that the U.S. banking system looks well capitalized only if federal regulators, banking analysts, and the mainstream business press put blinders on and don't look at what's hiding in off-balance-sheet items at the banking behemoths on Wall Street -- the same fatal mistake they all made in the years leading up to the 2008 collapse. ...
... For the remainder of the report:
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