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  • The Banking Crisis for the Biggest U.S. Banks Began in April 2022; By December 14 They Had Shed $457 Billion of Deposits

The Banking Crisis for the Biggest U.S. Banks Began in April 2022; By December 14 They Had Shed $457 Billion of Deposits

May 23, 2023

by Pam Martens and Russ Martens Wall Street on Parade

Pretty much everything the average American has read about the banking crisis is wrong. And there is at least a prima facie case that could be made that Big Media is responsible for that misinformation.

Let’s start with the dozens of mainstream media reports that small banks were bleeding deposits and these deposits were flooding into the biggest banks in the U.S. as a safe haven. Those reports gave the distinct impression that the mega banks on Wall Street are viewed by Americans as a safe place to stash money, never mind that they blew up the U.S. financial system in 2008 and still have more than $200 trillion in derivatives lurking in the shadows.