"The banking industry continued to show resilience in the first quarter."

This is how the latest FDIC quarterly banking report begins, before completely going off the rails just a few short paragraphs later revealing that...

Unrealized losses have increased by $39 billion to $517 billion in the first quarter and this is the ninth straight quarter of "unusually high unrealized losses."

Here we can see that data in picture form...

Resilient Reaction

The report goes on to state that the number of banks on the naughty list increased by 21%, before reiterating twice more that the banking sector is resilient but also highlighting a laundry list of downside risks.

Even though the FDIC doesn't recognize any of this as a serious issue, they do place the blame squarely on the Federal Reserve and indicate the sudden rate rises as the beginning of the sector's problems. For its part, the market did take a hit last Wednesday when the FDIC report was released, but has made somewhat of a recovery since then.

As we know from the message encoded in the genesis block, bitcoin fixes this, and it is the only thing that can fix this. Because the only tool the Fed has is a bank bailout and we all know how that ends.

We're not even going to mention the glitch that sent Warren Buffett's, Berkshire stocks down 99% yesterday. YEESH!!
 

Make it a Meme

As the banking sector, engulfed in flames, calmly exclaims "this is fine," today we celebrate the first bitcoin spot ETFs in Australia and Thailand. With everything going on in the economy right now I can fully understand why bankers around the world are turning to bitcoin, and why those already knee deep in bitcoin are turning to memes. But that's a story for another day. 

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