The Federal Reserve Chairman Janet Yellen and President Obama are meeting today in an emergency meeting. If that is not alarming enough, that meeting is also including Vice President Biden. There is an important article you should read which covers the following:
- The Federal Reserve Board of Governors just held an “expedited special meeting” on Monday in closed-door session.
- The White House made an immediate announcement that the president was going to meet with Fed Chair Janet Yellen right after Monday’s special meeting and that Vice President Biden would be joining them.
- Immediately after Monday’s special meeting, the Federal Reserve also posted an announcement of another expedited closed-door meeting for Tuesday for the specific purpose of “bank supervision.”
- A G-20 meeting of finance ministers and central-bank heads starts in Washington, D.C., on Tuesday, too, and continues through Wednesday.
- Then on Thursday the World Bank and the International Monetary Fund meet in Washington.
- The Federal Reserve Bank of Atlanta just revised US GDP growth for the first quarter to the precious of recession at 0.1%.
- US banks are expected this coming week to report their worst quarter financially since the start of the Great Recession.
- The press stated that the German government will sue the European Central Bank if it launches a more aggressive and populist form of quantitative easing, often called “helicopter money.”
- The European Union’s new “bail-in” procedures for failing banks were employed for the first time with Austrian bank Heta Asset Resolution AG.
- Italy’s minister of finance called an emergency meeting of Italian bankers to engage “last resort” measures for dealing with 360-billion euros of bad loans in banks that have only 50 billion in capital.
The article is right here.
I do not have a crystal ball, but it does not take a Ph.D. in meteorology to say it is going to rain when there are very dark clouds on the horizon moving in your direction with the appearance of light and dark streaks from the bottom of the clouds towards the ground.
Like the article says, something is going on. Private contracts are where you should have your assets.