JPMorgan Chase Ends Gun Industry Banking Restrictions

Over the past few years, leftists pressured banks and other financial institutions into "debanking" companies in the firearms industry. 

JPMorgan Chase has announced that they will no longer engage in the practice.

The Truth About Guns reported:

The dangerous epidemic of large banking institutions discriminating against, or “debanking,” companies within the gun industry—especially makers of modern semi-auto rifles incorrectly referred to by many as “assault weapons”—has been occurring for a long time.

And JPMorgan Chase, one of the largest financial institutions in the country, has been right in the middle of the controversy. Now, however, it seems leadership at JPMorgan Chase is finally going to do the right thing.

According to a news item posted online on February 2 by the National Shooting Sports Foundation (NSSF), the big bank recently announced that its policy of denying services to manufacturers of modern semi-automatic rifles has been rescinded.

“That’s a welcome reversal of policy after NSSF met with JPMorgan Chase officials to work to end the discriminatory policy,” Larry Keane, NSSF senior vice president and general counsel, wrote in the news item. “It is also the most recent of the big banks, including Bank of America and Citigroup, that have shifted banking service policies that previously froze out members of the firearm industry.”

This is indeed welcome news.

To read more, go here. 

SCOTUS Hands NRA Major First Amendment Victory

On May 30, the U.S. Supreme Court handed a major victory for Second Amendment's rights under the First Amendment in National Rifle Association v, Vullo.

Sounds complicated? Actually it's not. 

From the Washington Examiner:

Since the minute it was ratified, the First Amendment has been as clear as water on one thing: Government officials may not use their power to punish or abridge political viewpoints.

That’s the whole point of the “speech” part of the amendment.

Because power-hungry functionaries keep refusing to abide by that bright-line rule, the Supreme Court periodically steps in to remind us. That’s what it did on May 30 in National Rifle Association of America v. Vullo, when all nine justices ruled that Maria Vullo, former superintendent of the New York Department of Financial Services, improperly pressured insurance companies and banks to deny the NRA access to their services.

The case wasn’t complicated. Vullo found a minor infraction in insurance that Lloyd’s of London and Chubb Limited had underwritten, through which the NRA provided its members access to insurance. Vullo then told Lloyd’s officials she wouldn’t penalize the company if it agreed to stop underwriting all firearm-related policies and substantially scaled back its NRA business.

Then, in a guidance letter to all entities regulated by her department, Vullo specifically discouraged them from doing business with the NRA and to consider “reputational risks” involved in doing so. In a joint press release with then-Gov. Andrew Cuomo, Vullo went even further, “urging all insurance companies and banks doing business in New York” to “discontinue their arrangement with the NRA.” Vullo’s department entered consent decrees with Lloyd’s and Chubb in which the latter agreed to not provide insurance through the NRA, even if otherwise lawful.

Vullo also made clear to Lloyd’s that she wanted to hobble all gun groups, and that (to quote the case syllabus) “she would ‘focus’ her enforcement actions ‘solely’ on the syndicates with ties to the NRA, and ‘ignore other syndicates writing similar policies.'”

Vullo’s actions were obviously coercive. If all the facts as presented in this case are found to be accurate when the case goes back to lower courts, then Vullo “used the power of her office to target gun promotion by going after the NRA’s business partners.”

All nine justices rightly considered this case not according to their like or dislike of the NRA, but as a matter of First Amendment protection. The unanimous decision was written by left-leaning Justice Sonia Sotomayor, even though her jurisprudence consistently approves of gun control. The unanimity indicates how strong a First Amendment case this was, and of how important that amendment is. 

To read more, go here. 

Rep. Mooney Aims to Block Fed's Digital Currency Scheme

Opposition to having a Central Bank Digital Currency (CBDC) imposed on Americans is growing.

Along with privacy issues, having dollars replaced by a digital currency can put people's life and retirement saving in jeopardy with a push of a button.

One congressman has introduced a bill to block CBDCs.

Money Metals Exchange reported:

In recent days, sound money champion Congressman Alex Mooney (R-WV) introduced H.R. 3712, the Digital Dollar Pilot Prevention Act – legislation that would block the Fed from unilaterally pursuing any form of central bank digital currency (CBDC) scheme.

"Congress cannot give an inch when it comes to CBDCs. CBDCs would threaten the liberties of law-abiding Americans and are being used by authoritarian countries right now to crack down on dissent," said Rep. Mooney.

Rep. Alex Mooney (R-WV) is now running for U.S. Senate

H.R. 3712 is the latest in a growing backlash to central planners' designs to further centralize government control of currencies, including creating a greater ability to track all financial transactions, disallowing certain types of purchases, and even outright "turning off" a targeted individual's access to money.

Rep. Mooney's bill defines "central bank digital currency" as "a form of digital money or monetary value, denominated in the national unit of account, that is a direct liability of the Federal Reserve."

People should contact their representative and urge them to support Mooney's bill.

To read more, go here.

Gold, Silver Hit By Heightened Recession Worries

Worries over a possible recession played a big role in the big drop in the spot price of silver yesterday.

But, not to worry, what goes down, must come up. (And vice-versa, of course.) This dip provided me with an opportunity to buy some more silver. Remember the adage: Buy low, sell high! 

Here's what Kitco News had to say:

(Kitco News) - Gold prices are lower and silver prices sharply lower in midday U.S. dealings Thursday. Some fresh banking jitters and weaker U.S. economic data today have rekindled concerns about an economic recession being on the horizon. Gold and silver market bulls are somewhat frustrated their metals are not performing better due to safe-haven demand amid the keener marketplace uncertainty. However, at least on this day it appears metals traders are more focused on the bearish weaker consumer and commercial demand implications a U.S. and/or global recession would have on metals markets. June gold was last down $17.10 at $2,020.10 and July silver was down $1.283 at $24.37.

Today’s producer price index report for April came in at up 0.2%, versus expectations for up 0.3% from March, and compares to a drop of 0.5% in the March report, month-on-month. Gold prices initially were given a modest boost after the tamer PPI print.

However, the weekly U.S. jobless claims report showed claims jumped higher than expected in the latest week, at up 264,000 versus the forecast rise of 245,000. That report, combined with PacWest bank shares dropping sharply after reports that deposits dropped 9.5% last week, unsettled the marketplace and reignited recession fears. The U.S. dollar index and U.S. Treasuries saw better demand today, on safe-haven bids. Still, it’s my bias that gold and silver will see better safe-haven demand if the banking turmoil heats up in the near term.

To read more, go here. 

Fed Raises Interest Rates To Highest Levels Since 2007

Well, they dood it! (As Red Skelton would say.)

The Federal Reserve Board met today and raised the interest rate a quarter of a percentage point.. 

From the Daily Caller:

The Federal Reserve hiked its target federal-funds interest rate by a quarter of a percentage point Wednesday, the ninth in a series of hikes that started in March 2022.

The hike brings the Fed’s target rate to a range between 4.75% and 5% with the Fed maintaining its pace of slowed increases. Most economists expected a quarter-point interest-rate hike in an effort to bring inflation down, but the current banking calamities contributed to the possibility of a pause, according to Bloomberg.

As of Wednesday morning, markets were estimating over 90% odds that the Fed would hike rates by a quarter-point, CNBC reported. This brings rates to their highest level since late 2007.

To read more, go here. 

Biden: Banking System Is "Safe"

The man who has the "Midas Touch in reverse", His Fraudulency Joe Biden promised today that people should have confidence in the banking system after two banks went belly up last week.

The Daily Caller reported:

President Joe Biden addressed the closures of Silicon Valley Bank and Signature Bank on Monday, telling Americans to “have confidence” in the banking system because the administration is taking steps to hold those responsible “accountable.”

The president promised that the banks’ customers will “have access to their money” on Monday and that taxpayers will not be forced to bail out the banks.

The Federal Deposit Insurance Corporation (FDIC) took control of the New York-based Signature Bank on Sunday after the Friday collapse of Silicon Valley Bank (SVB). The collapse of SVB is the largest bank meltdown since Washington Mutual in 2008, and will likely have reverberations across the tech sector.

When Biden said that those responsible will be "held accountable" over the fiasco, two thoughts came immediately to my mind: "That'll be the day!" and "This I gotta see!" 

I don't see how anyone would have any confidence in anything Biden says or does. He's been a disaster since day one.

To read more, go here.

Here We Go! More Bank Trouble

It appears that Robert Kiyosaki's prediction maybe coming true. And then some.

From Gateway Pundit:

Here we go.
First Republic Bank is down 66% this morning before Monday’s open.

The Western Alliance Bancorporation is down 62

 To read more, go here.

Banks To Collapse Like Dominoes?

Will banks continue to collapse like dominoes? That is something that could happen, which nobody wants.

First, I saw a March 10 article in coin/bullion dealer Money Metals Exchange, speculating that this scenario may be beginning to happen.

They wrote (some snippets):

On Wednesday, March 8, 2023, Silvergate Capital announced it ended operations and liquidated its Silvergate Bank.

This announcement sent its stock price plummeting, following a months-long downward spiral for Silvergate Bank, which was over-exposed to cryptocurrencies.

One day later, Silicon Valley Bank informed some clients that wire transfers could be delayed.

The bank's support phone lines became inaccessible.

In addition, numerous customers stated having difficulty logging in to the company's website to view their account information and make transfers.

One of the prevailing themes is that the Fed has been trapped via its mandate to fight inflation and maintain high employment.

Rate hikes had never accelerated so high in such a short duration. Critics of this monetary policy stated, "The Fed will keep hiking until they break something."

Things have been breaking in the past two days:

• First Republic Bank based in San Francisco, saw its shares plummet 16.5% Thursday and 15% Friday to $80 a share, a new 52-week low.
• Phoenix-based Western Alliance Bancorp stock lost nearly 35% and trades at $49 a share.
• New York-based Signature Bank stock fell more than 21% to $82, a 52-week low.
• Salt Lake City-based Zions Bancorp stock fell more than 13% to a 52-week low of $40 a share.
• Pasadena-based East West Bancorp shares were down more than 12% to $64 a share.
• Minneapolis-based U.S. Bancorp stock lost 7% to close at $42.30 a share.

Second, this was posted today by Finbold:

The United States financial system has been rattled by the collapse of Silicon Valley Bank (SBV) and Silvergate Bank within 48 hours as economic uncertainty prevails. Therefore, some financial sector players project that the situation will likely worsen in the coming days. 

In particular, Robert Kiyosaki, the author of the best-selling personal finance book “Rich Dad Poor Dad,” has warned that a third lender will likely follow suit. He stressed that the situation would positively impact precious metals in a tweet on March 10.

According to Kiyosaki, his prediction aligns with a 2008 forecast of the collapse of the Lehman Brothers. Notably, the failure deepened the 2008 financial crisis, and the incident was considered a defining moment. 

“Two Major Banks have crashed. #3 set to go. BUY real gold and silver coins now. No ETFs. When Bank #3 goes gold & silver rocket up. 2008 I forecasted collapse of Lehman days before it crashed on CNN. If you want proof go to RICH DAD .com,” he said.

Well, silver's spot price did shoot up around $.50/toz yesterday following the collapse of Silicon Valley Bank.

Remember, the domino effect of bank failures was a cause of the Great Depression.

I plan to contact my banker and review my retirement investments. Some adjustments may be in order.

By the way, while all this has been going on, His Fraudulency Joe Biden headed off for another vacation.

Have To Find A New Investment Banker

Yesterday, my investment banker gave me some surprising news.

He resigned his position last Friday.

He tried calling me Friday, but the cell service at the Navajo Lake State Park was spotty at best. I figured I would get back to him on Monday. So I did.

He said that "things were happening" within the bank that made him uncomfortable and it was time to move on to "greener pastures." He's joined Morgan Stanley.

Now, I have to find an investment banker to replace him. I don't know if I will remain with the bank or take my portfolio elsewhere. 

I did some checking around and still haven't decided on what direction I'm going to go. 

Biden's Marxist Banking Nominee

Above, Saule Omarova facing senate questioning. Senate Committee on Banking, Housing and Urban Affairs photo.

Where the hell does Biden find these people?

His nominee for Comptroller of the Currency is a full-blown Marxist who wants to end banking as we know it and have all deposits by citizens controlled by the federal government.

It is obvious that the Democrat Party is infested with communists. Jack Kennedy would never recognize his party if he came back today.

From Fox News:

President Biden's nominee to run the Office of the Comptroller of the Currency (OCC) may face trouble making it out of the Senate Banking Committee as Republicans target her nomination as the next potential Biden pick to block. 

That nominee is Saule Omarova, a Cornell Law School professor who has a history in private law practice and who worked in the Treasury Department under former President George W. Bush. She also has a history writing about Marxism, calling the banking industry she would regulate in her potential new job the "quintessential a------ industry," and calling for an end to banking "as we know it," by "the complete migration of demand deposit accounts to the Federal Reserve." 

Demand deposit accounts are the standard checking and savings accounts most Americans have with private banks. 

"It’s not every day that we’re presented with a nomination for a Lenin scholarship recipient who attended the Moscow State University and wants to end banking as we know it in the United States," Sen. John Thune, R-S.D., told Fox News Monday. "If her nomination advances out of the Banking Committee, it will be an easy ‘no’ vote from me. And as we’ve seen with other flawed nominations from the Biden administration, I think hers would face a similarly uphill battle in the Senate."

To read more, go here. 

Rumble posted:

Rumble — Senator Tim Scott (R-SC) to Biden's Comptroller of the Currency nominee: "I don't have any questions for you because there's nothing you can say today to undo what you've said for years, including this year."

Check out this video, it is quite telling: