Michael Burry, whose account of foreseeing the 2008 disaster with accuracy was told in “The Big Short,” is now cautioning Americans to be ready for an impending financial crisis. His performance has elevated his profile and won the respect of investors all across the globe.
He now issues the following warning, saying that the collapse in 2023 will be similar to that in 2000 and 2008:
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“2000, 2008, 2023, it is always the same. People full of hubris and greed take stupid risks, and fail. Money is then printed. Because it works so well,” he tweeted.
Burry has been predicting a coming financial reckoning owing to widespread money creation and skyrocketing inflation for the last two years. His words appear more and more accurate as banks continue to fail all around the globe. Could this be a sign that it’s time to exact revenge?
Federal authorities have once again closed another financial firm because of the possibility of an upcoming “systemic risk.” Unfortunately, there have been more recent instances of this sort of catastrophe.
The following is the joint statement from the Federal Reserve, FDIC, and Department of the Treasury:
Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.
After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.
We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.
Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.
Stay tuned for more as the economic news continues becoming more heated.
