Banks Preparing For Run On The System | Andy Schectman

What do banks know about risks in the current lending environment that ordinary people aren't being told? Despite being fully backstopped by the Fed, major banks (exemplified by Wells Fargo ending their personal lines of credit market)* are drawing in their horns. Are they preparing for a storm? Banks are preparing for a run on the system, says Andy Schectman, President and CEO of Miles Franklin. In this environment, Andy says it's important to "pay yourself first" by saving in real money: physical gold and silver. That's what some of the biggest money in the world is doing.

***WEEKLY SPECIAL***
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*Wells Fargo tells customers it’s shuttering all personal lines of credit: https://www.cnbc.com/2021/07/08/wells-fargo-is-shutting-down-all-personal-line-of-credit-accounts-.html

Are precious metals manipulated? It's a highly debated topic. Get multiple perspectives here: https://www.youtube.com/watch?v=LRyM9MoXG9E&list=PLS4xGV0GacRYnWK9Eei4-a42gqyLncwqg

0:00 Intro
1:09 High premiums
4:49 Big money buying gold
9:09 Run on the system
17:02 Weekly special
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