Hey everybody, here we go. It’s me, Gregory Mannarino, Tuesday, July 9th, 2024, pre-market report. Let’s start off with this. No secret to anyone that follows this blog yesterday. We found out that consumer debt has hit yet another record high. Now today, we’re finding out that consumers are also defaulting on their debt at a higher pace than has ever been seen before. Now, these things go hand-in-hand. You and I have been speaking about this for a very long time. Now, this presents a whole set of issues for the banking system. We need to talk more about that because the Federal Reserve is now looking to make it easier for the mega-institutions to survive moving forward.

And that should tell you something. And again, we’re going to discuss that in just a little bit. So what we have here is, again, a phenomenon that we’ve covered on this blog repeatedly for years. What is being set up here is dependency on the system today. I want you to think about what I’m about to tell you. We have just had a string, a successive string of record highs for the stock market. Record high, record high, record high, record high. Meanwhile, today, there are more American citizens receiving some kind of government subsidy or benefit than ever in history.

How does that work? Again, the system is being set up in this way. People are being the slaves. They’re slaves to the current system that is being dismantled, piece by piece, only to set us up for a new system. And you all know that here. So look, what’s the takeaway from just what we’ve spoken about? Exactly what you and I have expected to see. I don’t know about all of you, but when we see things unfold exactly, exactly as we have said it would from a long while back, it’s kind of like a wow factor a little bit.

But again, if we understand whoever our enemy is and what our enemy wants, well, it just makes it too simple to understand what’s happening here. Now let’s move forward. So if we understand that consumer debt, household debt, personal debt, credit card debt is skyrocketing and at the other end of the spectrum, you have loan defaults ballooning across the board. What does this tell you about the health of the financial system? Now, if you were to turn on Bloomberg, Fox Business, CNBC, you were to listen to our politicians. They’re going to, again, try to keep you central bankers as well.

Oh, yes. Just in case you didn’t know, Janet Yellen Stein, staying, is going to be testifying today before the Congressional Banking Committee. Let me ask you about something about the Congressional Banking Committee. How many of you believe that there was one individual, just one, on the Congressional Banking Committee who understands the financial system at all? I’m going to say zero, understand it. It’s just a title so they can seem big and lofty. They have no idea how the banking system works at all. And even if they do, they’d be lying to you about it anyway.

So we have Janet Yellen today with her testimony. And then we got Powell also giving his quarterly report on the financial system. It’s going to be beautiful and lovely, but they’re not going to tell you again what’s lying underneath this entire thing. How do I say this another way that maybe for the new people here can understand? The banking system collapse right now, but people aren’t being made aware of it. Who called this for anybody else? You did. You and me started to outline how the issues with no loans, no deals, and no deposits were going to hit the smaller and regional institutions well over a year ago.

Well, we saw how that played out, but it’s not done. Okay, it’s all being covered up now with regard to how this thing is playing out. So the Federal Reserve, this is from this morning, is seeking to make it easier for the mega institutions, the too big to fails, to absorb any kind of systemic shock. Well, what’s happening here again, and you know this, the smaller and the regional institutions, they’re going to be allowed to fail. So the larger institutions can buy or acquire their assets for pennies on the dollar. If we realize you and me, again, look, this is just basic fundamental stuff.

If we realize that the issue, the multiple issues with regard to the banking system and the financial system itself, which operates in a perpetual vacuum, it’s an insane thing. It’s completely insolvent. Do you realize honestly that the entire world banking system, it’s a fraud. It’s built up on digits on a screen, which don’t exist. They’re not on the elemental chart, okay? But we’re told that the system is functioning normally. It’s completely insolvent. It’s completely a fraud on every level. But again, understanding that gives us power, realizing what we need to do.

If we know that the underlying issues of no deposits, no loans, and no deals is something that is throughout the entire world financial system, and the smaller institutions are being set up to fail again, so the larger institutions can absorb all these assets for pennies on the dollar, it’s too simple for us to know what action that we need to take. I have been, we, you and I, okay, this is our thing, have been trying to get the word out that people need to get out of these smaller institutions. I don’t know how long we’ve been doing this here.

If you have still, I want you to consider what I’m about to say. If you have your cash in a smaller or a regional bank, you need to get it out. If you’re looking for an alternative to the larger banks, which are going to be fully supported by the Federal Reserve at this, as the system is consolidated, again, power is being consolidated into fewer and fewer and fewer institutions, and this is a key component to the next phase of the digital currency, the central bank digital currency, the tokenized system that’s going to envelop the world and suck every single one of us into it, because we are going to have no choice.

We are forced to participate in their system, and they’re going to make sure that’s exactly what’s going on here. But you have to be smart enough to make the right moves now. And in my opinion, and please, you know, do your own research on this, just gauging from what we understand. If we realize that consumer debt, household debt, personal debt, credit card debt is ballooning, also defaults across the board, who’s going to get hurt first here? Who’s being set up to fall? The smaller and the regional institution. So it’s time to start moving your cash out of these smaller and regional institutions, as I’ve been telling you for years now.

Look for something like a credit union. Credit unions are non-profit institutions here. They don’t take the risk that the major institutions do. But anyway, with regard to the megabanks, here’s a safe spot, I have to say, and I hate to say this, because I don’t want to support these institutes. I really don’t. But unfortunately, we have to use their system, and we have to make their system work for us. If we realize that the Federal Reserve is going to be allowing the larger institutions to capitalize on the failure, and we’re going to see ways of this moving forward.

Again, it’s being covered up. It’s being hidden. People are not allowed to know what the dark underside of the system is here. The system is a fraud. The system is insolvent. The system operates in a perpetual vacuum, and the Fed’s going to support the system, at least for the banks here in the United States. It makes it pretty simple to know what you need to do. And again, never keep a single dime in these institutions, any of them, that you don’t need to have there. Why would you keep your cash in one of these institutions that are pinging you nothing? As a matter of fact, if you have a savings account, as I’ve told you, you’re guaranteed to lose purchasing power moving forward.

Oh, but the Fed’s going to make sure that the largest banks do make it through whatever is coming here. A complete meltdown of the banking system, a systemic failure. I don’t know another way to put this, people, so we got to make the right moves. And the right moves, again, is getting out of the dollar. You got to be converting central bank issued notes, which you do not own. You work for the privilege to borrow them from the Federal Reserve in this case, but you owe them back to the Federal Reserve, plus interest they create out of nothing.

Start to convert it into hard assets like these things here. These things are on sale right now, gold, silver, platinum, palladium, commodities, and even cryptocurrencies right now. This is going to be a crypto fever. If Trump is selected, okay, we’re hearing all this talk about how the entire Republican base is getting behind Trump now with regard to supporting cryptocurrencies to set up for the digital system. Again, the Federal Reserve wants and will get an ally behind the Resolute Desk, and that comes down to currency devaluation, which Trump has been talking about, talking about suppressed rates.

Nothing makes a central bank happier than hearing these things. And now, a potential president that supports cryptocurrencies, it’s a perfect conduit to the new system. So count on it. That’s where we’re going here. And crypto fever with Trump telling everyone right now, he’s the crypto president. You guys believe in cryptocurrencies? You guys want Bitcoin? Vote for me. That’s what he’s saying. You take that for what it’s worth, and I think that we’re going to see an explosion with regard to cryptocurrencies moving much, much higher. And just based on how cash moves through the markets, I mean, it’s a no-brainer here.

Risk on will turn risk off eventually, meaning cash is going to bleed out of the debt market, bleed out of the stock market. It’s going to move into suppressed assets, gold, silver, platinum, palladium, commodities across the board, and I also believe, cryptocurrencies, other things too. I already told you, you know, artwork, musical instruments, collectible things, you’ve got to set yourself up. You’ve got to be on the right side of this now for what’s coming down the pike, and it’s just too simple in my view to realize. And in fact, again, look, I want to hear from all of you on this.

But going back to what I’m trying to explain here, the financial system, the banking system, it’s already failed, okay? The meltdown of 2008, where they had to introduce capital injections into the system, massive capital injections under the trouble asset relief program, you know, we had to bail out the banks. Nothing was fixed here. It just made it much worse. They’re too big to fail, they’re being made even bigger, and they won’t fail. Smaller institutions, not so much. They’re going to be allowed to fail, so the larger institutions can buy their assets for pennies on the dollar.

Does this make sense to you what I’m saying here? If it doesn’t, I want to hear from you. If it doesn’t, I want to hear from you as well. With regard to this market, exactly how we have said it would play out, record high, record high, record high, the faster the economy craters, the higher the market’s going to go in this kind of an environment, but we need to make the right moves now, again, continuing to bet against the debt, becoming our own central banks, gaining exposure to commodities. Sound familiar? I’ll tell you this every freaking day.

Realizing that, again, the system is in a transitional period, and it’s deliberate. This is not by accident that no comedy ever has gotten us here, so we need to make the system work for us, not against us, and people are being destroyed. Again, people can’t make ends meet in this society. They’re becoming dependent on the system, slaves to the system. This is what you and I have been talking about. They have to create a greater sense of dependency, more people relying on the system. Again, more people today, this is a worldwide phenomenon, but I’m speaking about the United States, are more dependent on the system than ever before.

It makes it easier for them to flip the switch onto the new system, problem, reaction, solution. Does it sound familiar to you? It should. Again, look, this channel here is for people that understand what’s happening and are taking action, and I really hope that’s what you’re doing. So I was just writing some notes to myself here this morning. Right off the bat, I wrote banking system collapse, systemic failure. I talked about the issues with credit card debt, consumer debt, all that stuff is surging, default surging here, creating dependency on the system.

I even wrote this to myself. Crypto fever under Trump, I expect this to happen. It’s already building up, in my opinion, and again, the asset class is extremely volatile. It’s not for everyone, but I see massive opportunity there. Absolutely. And again, this dog show today that we’re going to get from Yellen and Powell with their testimonies here, the Congressional Senate Banking Committee. These people don’t know their rear end from anything else. They have no clue how the system works at all, or they’re playing right into it. And of course, they are. You know, that’s how it works here.

We must do what we have to do, people. We, in fact, I wrote this, must get, my handwriting’s terrible, must get ourselves in the best spots moving forward. And that’s exactly where we are. The beauty of this is, we don’t have to change a thing. We’ve been doing the same thing, the right thing, for years. And it’s just not going to change because we got each other’s backs always. All right, people, that’s kind of it. I want you to understand what I’m talking about here. If you take one thing away from this video is that the system has already failed.

All of this debt that’s being piled on here is just fostering an illusion that the system is functioning. And all it’s doing is guaranteeing this is going to end in a disaster area of biblical proportions. Fact, okay. So what are we going to do? What are we going to do? We’ve been doing it. We’re going to take advantage of this entire thing. Now, with regard to the market, just real quick, the trend remains lower. This is the MMRI. This is the Fed buying all the debt. This is the dollar getting devalued. As long as this goes on, okay.

And we don’t see a big spike here. We will continue to buy stocks, stay long in the stock market, betting it’s going higher because it is. This also presents opportunity because commodities are going to be massively suppressed. So they’re on sale, including cryptocurrency as well. People, we got this from every angle. And in my view, we’re freaking invincible. All right, look, this guy here loves you a lot from heart. I mean that. I hope you got something out of this video. Let me know your thoughts. Greg, you got it right. Greg, you got it wrong.

If I got it wrong, let me know. I’m not too old to learn a new trick. All right. I will see all of you later, 4 or 5 p.m. Eastern for the live stream. Until we meet again, people, please take care of yourselves and take care of each other. Okay. [tr:trw].

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