Bank of America Being “Set-Up” to Fail in Next Financial Crisis as Buffett Sells $1B Worth of Stock

The Daniela Cambone Show Aug 30, 2024

📞 ACT NOW, BEFORE IT’S TOO LATE: Gregory Mannarino stresses that the economic system is on shaky ground, and gold is your best defense. As the global debt bubble looms, protect your future by investing in physical gold and silver. Learn how today: Schedule Strategy Call or call 866-706-9061

“Bank of America got problems, and I’ve been warning about this for years. They need a scapegoat, and it’s going to be the Wall Street banks,” says Gregory Mannarino, founder of traderschoice.net and financial strategist. He argues that major Wall Street banks like Bank of America are set up to be “fall guys” in the event of a financial collapse. According to Mannarino, the central banks are deconstructing the current economic system to build a new one, and they need a scapegoat to blame for the fallout. “The middle class has been sucked dry. They don’t have much left. People are being pushed to the lower rung.” Watch the video to gain insights into his views on the economy and discover strategies to safeguard and grow your wealth.

CHAPTERS:

00:00 Introduction and Overview
01:35 Currency Devaluation and Lower Rates
04:34 Exposure to Commodities and Diversification
10:03 The Potential Fall of Bank of America and Consolidation of Power
18:21 The Need for Higher Interest Rates and a Stronger Currency
25:08 The Loss of Freedoms and the Move towards a Neo-Feudal System
28:59 Conclusion and Call to Action

TRANSCRIPT FROM VIDEO:

00:00
When is a good time to get into gold and silver? Well, there’s no time like the present. And if you watch our interviews, that’s what our leading analysts and experts are telling us because this gold rally is not going away anytime soon. Reach out to us at ITM Trading. You can book a Calendly appointment with one of our analysts who will walk you through building a foolproof strategy centered around owning gold and silver.

00:28
physical gold and silver. Make your Calendly appointment today. Now let’s get to our interview.

00:41
My guest today has a huge warning. He says what they have planned for us. I mean, could it get any worse? He says it’s going to shock and horrify us. Please welcome back to the show, Gregory Mannarino, also known as the Robin Hood of Wall Street. Gregory, so good to be back with you. Yeah, absolutely. Thanks for having me. I appreciate it. We’re going to have some fun. I think we always have, we always have good time together. You know, just dissecting all this.

01:10
all this news coming at us. We’re going to talk Warren Buffett’s latest. But first, look, I watched your latest podcast where you say if you just look at commodities, it’s going to tell us everything that’s happening right now. Let’s start with your analysis of crude oil, which we see soaring here and what that’s really signaling to us. Well, there’s so much going on here. Look, let’s just put all this into perspective. It’s too easy and that should worry people.

01:39
What I’m talking about here is look, we’re already being told what they’re going to do. They always announce what they are going to do. They, who are they? They are the central banks. They’re the government of the world. They run it all. They run the monetary system. They run the financial markets. They run the economy. They control the flow of information except for you and me. Okay. Then they’re not going to shut our mouths. There ain’t no way that’s happening here. But look, what we’re witnessing here is a phenomenon. It’s an incredible thing here.

02:09
Emergency monetary policy, okay. Emergency monetary policy, also known as quantitative easing. This is the same thing they did during the meltdown of a weight where they propped up the stock market, they propped up with a real estate market. All this has done is cause price action distortions across dissection that are just even too much for me. And this is all I do.

02:34
Okay, it’s out of control. So you’re about to get much worse here. People need exposure to commodities because these are real things. Okay. So what we understand is, again, we’re about to enter a new phase as to what central banks are doing to us here. And that is currency devaluation on an even greater scale, and obviously lower rates is what they’re promising us here. Although the feds in here right now buying all the debt. I mean, look, it’s astonishing to me how people need to be told.

03:03
like infantile entities, what’s happening? They can’t see it for themselves. And I find this very disturbing, but it’s part of the dumbing down process here. All you gotta look at here is the yield curve that’s been cratering. You got the central bank issued currency is getting their purchasing power sucked out. And this is the backbone of everything we’re seeing, this global issue of inflation. This is not by accident.

03:30
This is no comedy of errors that got us here. This is deliberate. And with this new phase that the Fed is gonna make their announcement again that they’re cutting rates, they’re already cutting rates. Mortgage rates just fell to a two-year low. How can mortgage rates fall to a two-year low if the Fed’s not cutting rates? They’re buying all the debt. When the Fed buys the debt, pushes bond yields down, obviously that has an effect on rates, the Fed’s buying it all, and of course weakening the currency as well. Now this is gonna be the theme moving forward.

04:00
It’s a no brainer in my view. First of all, look, what are the dynamics of this? What happens when a central bank institutes quantitative easing, again, you’re getting into the market, artificially suppressing rates and devaluing the currency. It’s a ripple effect. Number one is it opens up a doorway for cash to make its way into risk assets or stocks. Okay, so they wanna prop up the stock market. The illusion of the market, which we don’t even have a market anymore, is very powerful.

04:30
People follow this thing and they say, hey, hold on a minute. The economy must be strong because the market’s at all time highs or record highs. We’ve been hitting it. Record high, record high, record high. But it also causes cash to come out of assets it should be going into, that is commodities. Okay, so commodities are on sale. And the more the Fed does this, the more on sale commodities are going to go. You got to be diversified here. Greg Mannarino attacks this market in multiple ways. Okay, this market, whatever we have, it’s a free for all.

04:59
That is buying the market, staying low on the market, buying the dips in this market, owning commodities, gaining exposure to commodities, and yes, of course, cryptocurrencies as well. Other things too, artwork, musical instruments, collectible things. Cash moves through the markets in predictable patterns. When you have this environment of risk on, and it’s about to get much more extreme, the central bank is now going to pump the world full of more debt than we’ve ever seen before in the history of the world. This is an insane situation here.

05:28
We do not need lower rates. We do not need a weaker currency. These are economic destroyers. What we actually need is higher rates and a stronger currency. Trickle-down economics, that’s the backbone of every single developed nation on this earth. What is trickle-down economics? Trickle-down economics is a scam that is being sold to the people who are saying, if we’re gonna make the rich even richer and more powerful, because that’s all this does.

05:56
Okay, this trickle down economics and it’s supposed to trickle down to the people down here don’t work. It never works here. There’s something called the Cantillon effect. I want people to, you know, just do a little research on this. You the people at the top always benefit from money printing from from debt creation. Well, the people at the bottom after all this cash trickles down through the economy and finally makes it to them which a process which could take years depending on

06:21
how the economy is running. If you have a slow economy or a contracting economy, which we have here on a global scale, take a long time, take years to make its way. By that time, the currency’s lost half of purchasing power. So the people that the one and two percenters, they get it like an arbitrage opportunity here to use that new currency here, which has purchasing power. And then when it gets down to the lower ends, they get sucked dry. But again, to fix the situation is very simple. We need

06:50
higher rates, we need a stronger currency, we would build the economy up from the bottom. Is there any secret why we don’t have mom and pop shops anymore? The small businesses are basically being erased and fulfilling the corporate agenda. That’s what this is all about. And they’re destroying all of us via this mechanism. So yes, you need exposure to commodities because they’re on sale right now. Risk on is going to turn risk off. Cash eventually is going to make its way into risk off assets.

07:16
Commodities also get like I said crypto currencies all work musical instruments classic cars. I own them all You got to be diversified anyway, so that’s really how it’s gonna play out you so you You raised too many valid points, but two things I want to pinpoint So one let’s talk about that false economy because I actually thought of you At the start of this month when you saw with the yank carry trade that blip on how

07:44
Whatever you want to call it. It was a global market meltdown that erased itself in 24 hours. Was that just, I mean, what were you thinking during that time? And were you surprised how in a matter of, you know, not even a day, everything was erased, everything was back to normal? I jumped all over this market and everyone knows that I’m on public record. On Monday, when we had the cell phone Friday, we had the follow through on Monday, I added aggressively.

08:13
to my positions and they all rebounded and I’m obviously I’m much richer now than I was then. Okay, this is a game that is being played. When I saw that happen, the first look, people are being distracted. Everyone’s focused on this stock market. The stock market is a derivative, meaning it derives value from what’s happening in the debt market. I watch the debt market. That’s all I watch. The debt market is always right. This is an old adage going back as far as you want to go on Wall Street.

08:43
The debt market is going to tell people what they need to do. The debt market right now, it’s obviously in the biggest bubble in the history of the world is being fueled even more, is going to end in absolute disaster. But realizing when I was, when I watched the market falling off of a cliff those two days here, two things happened. One is I looked at what the US 10 year yield was doing. Why the US 10 year yield? It’s the benchmark. It was doing nothing. It was actually coming down. And then I watched the dollar fall off of a cliff. Said this is a buying opportunity.

09:11
This is a buying opportunity. So I told all my lions, everyone that follows my work, what I was doing. I don’t suggest anyone does anything. I tell them what I’m doing, and if they feel like following me, that’s fine. OK, if not, that’s fine too. A lot of everyone told me I was going to be with so many people. Greg, you’re wrong, blah, blah, blah. This is the top. It’s nowhere near the top. Because we got, again, massive currency devaluation coming at us, artificial press rates, massively.

09:36
ballooning, hyper ballooning global debt, central banks destroying their currency by design, and central banks are betting against their own system. I want people to think about that right now. How many people really understand this and probably know what I’m about to say? And do your own research on this people. 25% of the world’s gold is hidden in vaults under Wall Street. That’s a fact. Number two, why are central banks collectively right now

10:01
at a five-year high with regard to their gold acquisition, they’re betting against the same system they’re forcing us to participate in. Another reason why you need to hold commodities. That was nothing here. Oh, it’s melting down. The yen carry trade is over. The market’s going. It’s a joke. What they do is they want to hype people up. They want to create fear. They want to paralyze people. You want to make people freeze up, you make them afraid of something. You want to control their minds, you make them afraid of something. There’s no fear here. It’s too simple.

10:30
understanding the dynamics that are in play really makes it easy for everyone who has even one functioning brain cell, maybe two, to understand what they need to do. And that’s pretty much what I’m all about, is providing solutions to people by raising their awareness as to what’s happening to them, period. Okay, wait a second. I just thought of another question. You think the gold’s hidden. I’ve heard this, that the gold’s really hidden under Wall Street. You don’t think it’s in Fort Knox?

11:00
I don’t know what’s in Fort Knox, but I know this I know that the Wall Street institutions to the investment banks Look the richest people in the world are hoarding gold there And I still believe that silver is the most undervalued asset on the planet earth And I don’t just pull this out of a hat. I look at the Dow gold ratio I look at the gold silver ratio and I try to discern where the bottom is I just did a whole video about this. I just wrote a whole paper about how this should play out He wears the bottom in this market. We don’t know but I would say some wisdom at the Dow

11:30
I’m looking at a Dow potential of hitting 8,000 when we melt down. And I believe we’re going to get a one-to-one ratio of gold to the Dow ratio. And that means, and in an extreme situation where you get a 10-to-one with regards to silver gold. So, you know, that’s just my take on it. I urge people to do their own research on this. All right, don’t take anything I say. If it hits you the wrong way, do your own research. What I say is hitting you the right way. And I think most people who follow our work get it. People know when they’re being…

11:59
to own the being misled. It’s too simple, honestly, if you just realize what is going on here. We know who our enemy is, we know who our enemies are, and we know what they want out of us. They want control, they want to extort our freedoms and liberties out of us. This is not just an issue here in the United States. This is a worldwide phenomenon going on here. And it’s central banks who run the entire show. Why is it? Does anybody find it surprising that central banks have their bases in every continent?

12:28
on the earth here, they’re destroying us by design. It’s the one world government we’ve been told about. This is not science fiction. They control it all. Everything else is just a show. And that’s it. We gotta focus on this. And we have to decide what we want. People are looking for a so-called this leader, a so-called that leader to lead them into some promised land. Ain’t happening, okay? People consistently have their faith in the wrong place. And unfortunately, it ends badly.

12:58
You mentioned the mom and pop shops and how they’re disappearing. And we often hear how they just wanna kill the middle class, get rid of the middle class. Explain to us why that is. How do they benefit by not having a middle class? They want the tax money. Well, what they’re trying to do here, look, I believe we’re moving into a whole entire new system. This system that we’re in must be deconstructed. It must be deconstructed. And this has been going on for quite a while now. Part of that is creating dependency on the system.

13:27
They are creating dependency on the current system that they themselves are betting against. What they don’t want a three-tiered society anymore. What they’re looking to build worldwide is a neo-feudal system. Extreme haves, extreme have nots. They want a slave class down here that’s going to work for nothing or maybe actually be slaves yet again here. This three-tiered society is a relatively new thing. It’s only a couple hundred years old.

13:55
Before that, people lived under the rulership of kings and queens. Today, you know, we’re supposed to be, this nation here, the United States, specifically, tried to pull away from that feudal system being ruled underneath a king, but we’re being pushed back. They don’t want it. They don’t want this right now. We, the people, unfortunately, of the world have lost the ability or maybe the understanding

14:24
that we are supposed to be able to govern ourselves instead. It’s that that whole thing has been swept away. People have no idea. They think that some other person is gonna have their best interest in mind. You gotta be freaking kidding me, ain’t the truth. But that’s what they’re doing here. This is a move to, I can’t even define what we’re going into, but it’s some type of a neo feudal system, extreme haves and extreme have nots here. And the more, and that’s another thing.

14:52
That’s another reason why I don’t believe they’re done. I think the central banks are in their final phase here. I really do. And that’s what we’re gonna see in accelerated currency devaluation and central banks right now instituting emergency monetary policy. Meanwhile, we’re supposed to be doing great. Our economy is the envy of the world. You remember that out of the mouth of Biden recently? Now our economy is literally the envy of the world. What they’re doing here is again, leading us down that pathway, unfortunately. And that’s what they’re doing here. They really wanna foster

15:20
a new two-tier society. And I think we’re getting there right now. Do you realize, people don’t have any idea that under the last three presidents here in the United States, we’ve seen the one and two percenters, we’ve seen more billionaires and millionaires being created in the last three years in history. How does that work? And while everyone else is suffering here, the system is designed right now and being pushed.

15:46
into a way to remodel it, to reshape it, to deconstruct, lead to a new one here. So the one and two percenters own it all. And not just own it all again, are the ones who they are benefiting from the system. Well, everyone else pays for it. It’s always the middle class. The middle class has been sucked dry. They don’t have much left and people are being pushed to the lower rung. I told people this was going to happen years ago and it’s happening right now to a very accelerated degree and I think it’s going to get worse moving forward.

16:16
Gregory, speaking of those who own it all, Warren Buffett, Berkshire Hathaway, reaching $1 trillion market capitalization. It’s the first non-tech company in the US to score the coveted milestone. But more interesting on the Warren Buffett front, and I wanna get your take on this, continuing to sell his holdings of Bank of America. 24.6 million shares. Yeah, it’s pretty awesome here.

16:45
Bank of America has got problems. And I’ve been telling, I’ve been warning about this for years, I think literally for years, probably a little less too, where I said, if you look at the Wall Street banks, look, they gotta set up a fall guy here. I believe this with all I got. They have, the system, people need to have an entity to blame what they’re doing here. Okay, obviously this deconstruction of the system, they need a scapegoat. It can’t be that.

17:14
It’s central banks that are bringing the world to their knees. You’re not going to hear any presidential candidate talk about this. They can’t point their finger at the Federal Reserve. It’s a blame game. It’s just the way it is. The Federal Reserve, these guys, you know, they’re on the side of angels. Okay, so they’re helping us. They want to get us out of inflation, which they could have ended in a nanosecond if you want to talk about that. The real way they could have gotten rid of inflation, but it would never happen. But anyway, so with this whole thing with Bank of America, I believe that they’re being set up as the fall guy for

17:43
There’s going to be an event, they have to point to it, whether it’s going to be another scamdemic, I believe something hideous, they’re going to spring, because last time that, you know, the face diapers and all that stuff wasn’t enough, didn’t create enough fear. Imagine a disease process where there were marks on the body, I just poke myself in the eye, where people would run to the doctor, in my opinion, and get that bio weapon pushed into themselves. And they, because the fear, they make people afraid, people are going to run, that’s what they want to do. They want to create control.

18:12
Anyway, but besides that, so an event that’s going to occur has to happen, whether it’s going to be a disease process, multiple disease processes, maybe a war expanding war. I have no idea. A combination of something where they’re going to point to as the system comes down so they can say, hey, listen, we’ve got a solution for you. And of course, the central banks are going to be more than happy to say, hey, you know what? We have a solution here.

18:36
They’re destroying their own system. They’re betting against their own system by hoarding gold, central banks, but they want us to participate in it. They don’t want you in gold. They don’t want me in gold. No, no, no, they want you and me and the dollar or the Euro or whatever central bank you’re unfortunately forced to exist under at this particular time. But Bank of America, I think, is gonna be the fall guy. They have to do this. They did it last time. They did the same thing during the meltdown of awake. It’s a repeat performance. Lehman Brothers.

19:06
Bear Stearns here, now it appears to me it’s going to be Bank of America. So he has to do this now. So we can say, hold on a minute. No, I didn’t have any full knowledge that this was being set up. I urge people, look at Bank of America’s performance as to its peers. You’ll see what I’m talking about here. This bank is underperforming. There’s a reason for that. I think more people like Warren Buffett are going to be pulling their cash out of this institution. I say avoid it like the plague.

19:35
Do what they do. These people like Warren Buffett, they have an insight that you and I don’t. Let’s be honest, right? You and I can sit here and speculate, and we can try to make sense of what’s going on here. But this is what’s happening. And it’s just too clear to me. But the solutions are in our freaking face. We know what banks to avoid. First of all, people need to get their cash out of the smaller institutions. I’ve been telling people this since before it started, when the regional banks started having problems, I don’t know, over a year ago. I was telling people…

20:04
These institutions have a problem, no loans, no deposits, no deals. Now the big institutions have the same issue, including Bank of America here, but they have the big institutions in the main line to the Federal Reserve. What they’re doing here as they deconstruct the system is consolidate power in fewer and fewer hands. Should make sense to people what I’m saying. So what we’re going to see, and this is being hidden from the public, the banking system, first of all, it operates in a perpetual vacuum. It’s absolutely insolvent. The entire financial system,

20:34
operates in a black hole which can never be filled henceforth why every Mechanism that you could think about dream about even if a nightmare over is gonna be utilized to pull Cash into the now from the future the debt-based system is a curse upon the world Run by the central banks and we’re forced to participate in it. Meanwhile, they’re betting against it these central banks themselves kind of interesting But anyway, that’s where we’re going here. So be very leery what you’re seeing understand open your mind Why are these things happening what we’re gonna see?

21:03
There’s no doubt in my mind at all, is these smaller banks, the smaller institutions are gonna start to collapse as in a cascade and what’s gonna happen here is the big institutions just like they did are gonna swoop in and buy the good assets off the smaller institutions for pennies on the dollar. And you know who’s gonna get stuck with the garbage? You are, so am I, we the people are. So what they did last time and they’re gonna do it again. Why? Because it worked. Wait, Gregory, I wanna ask going back to Bank of America.

21:32
Are you saying in terms of the big banks, you see them falling? I think Bank of America is going to be the fall guy. I think that’s the bank that they go that more than likely it could be another one too, but I mean in combination, but I think Bank of America from everything that I look at and I, and I talked to everybody and I studied this stuff. I think Bank of America is going to be set up as a fall guy, the fall guy. Look what we did. Everyone, we allowed this institution to fail. And what will happen is again,

22:01
Bank of America’s good assets will get bought out by the other banks and the bad assets are going to be put on our backs. Well, wait, wait, wait, let me ask you this. Let me ask you this. Because if Bank of America, let’s just put the scenario is in on it or whatever. I mean, aren’t they like, wait a second, why do we need to be the fall guy? I mean, are they, are they not aware of the script? Of course aware of the script and they know where it’s going. But it benefits them.

22:27
But does it benefit them? Why would they allow it to happen? It doesn’t benefit that bank. Of course it doesn’t. But the collective, it’s all about the collective. It’s not about a single institution. Okay. And that’s why we’re going to see the smaller institutions and then they’re going to allow just like they did last time. They didn’t have to do that. The Lehman Brothers event, the Bear Stearns event. What happened to the assets of Bear Stearns? What happened to the good assets? All of them. They got bored out by JP Morgan.

22:53
All the good assets, who got stuck with the bad stuff? We did. Same thing happened with Lehman Brothers. They’re gonna do this again too. They’re gonna say, look what we did people. We allowed this institution to fail. Of course they’re being set up to fail here. But again, but the public needs to assign blame. Or have someone tell them who is responsible. Oh, look at all the bad stuff we found on this, their balance sheet, they’re responsible.

23:22
And of course, it’s collective. What’s going on here? Look, when you see something like Warren Buffett, what he’s doing right now, and he’s not the only one pulling their cash out. It’s just, I’ve been talking about Bank of America for years, and now to find out what’s going on here, it just really brings it home to me that I’ve been on target with this. And look, I’m not telling people, I think people need to get their cash out of all these institutions. If they’re only keeping these institutions what you need. Because again, what’s the bigger picture here? What’s gonna end up happening here

23:51
simple. All we got to do is look back on history. What was really going on in 2008 when the market started to crash, 2009? Was it really about the stock market, the Dow that went from 12,000 to 6,000? Was that really what it was all about? Absolutely not. Why was it that Ben Bernanke made his way over to Congress on, I think it was on a Saturday, and he went before our loving, caring representatives and told them specifically, he said, if we don’t do this, push.

24:20
billions of dollars into the system to free up the credit markets. He said we would not have an economy on Monday. What we were facing was a liquidity crisis now, but the system was locking up. The system must be fueled with more debt, henceforth why we have a global economy contracting, the money ballooning, and the more that the currency loses purchasing power, the more they have to balloon the currency. It’s a vicious cycle here. So again, it wasn’t the stock market crash. It was the liquidity crisis.

24:50
And that’s what we’re going to face moving forward. We’re already in one. We can see what central banks are gonna do. We’re gonna get a lockup of the system again. But this time, they’re gonna say, okay, everyone, these are the people that are responsible. This is the event, but we have a solution. Because once liquidity, once the system locks up, what this means is transactions stop. You go to your bank, there’s no cash in there to get out. You go to ATM, there’s no cash in there. You can’t start your debit card. You can’t use your credit card. It’s just gone.

25:19
The system will line up. And the solution, central bank digital currency? They’re going to offer, of course. They already have one. They already have this whole system. The system is already almost digital now. How many people actually use cash? Very, very few. All of us. Me, I’ll be honest with you. I carry very little cash on me. Most of the time, unfortunately, we all participate in the system. We’re swiping. We want those benefits that they offer us by swiping from the credit card companies. They all want it.

25:49
Asking for it in many ways and and what they’re gonna do is they’re going to of course give us what we want I mean just for an example as it has given us what we want people were screaming from rooftops after the meltdown 2008 all my 401k. I lost all my money. I can never retire So what did they do? They propped up the market people happy weren’t they all those digits appeared back on their screen again after X amount of time here People were loving it. They always get what we want people get what we asked for because we have lost the ability

26:19
govern ourselves, okay? They take advantage of us. And then they try to package things up nicely and neatly and say, hey, this is what you want, right? Here you go. Of course we’re moving to a central bank digital currency, a one world system, a cross border system here. And then they’re gonna track every freaking thing that we do down to the fraction of a fraction of a fraction of a penny. You want to be able to lend your friend five bucks to go for anything without him or her.

26:47
their transaction being of course trackable. That’s what they’re doing here. It’s all about a theft of our liberties and our freedoms and people are willingly surrendering them as they are made slaves to the system. And that’s what they’re doing right now. And unfortunately it’s going to be, it’s going to get a lot worse. Well you know and I thank you for your education Gregory and all you do and we’re all about empowering people and offering solutions and I know for you it’s commodities.

27:15
But you know you get I attack this market from every angle. Like I said, I believe people need exposure to commodities because they’re on sale I also think people need to belong this market too. I’ve been buying the dips across this for years I’ve been buying the dips in this market and I’m telling right now. I’m telling my lines to hold it fire I think when the Fed makes their announcement once they finally say we’re cutting rates If you know, they’re buying it all right. I think the market has the potential to take a hit I’m not calling for crash here. I think the market’s gonna fall

27:45
Wall Street works in very specific ways. Buy the rumor, sell the news. You’ve all heard this before, more than likely. I believe this is, and I could be wrong, and it doesn’t matter either way, because if I’m wrong, so what? The market goes up. Me and my lines are still along the market. If the market does fall, let’s say it falls a couple thousand points over a couple days like it just happened, it’s gonna bounce right back. Once the market realizes the Fed’s in here, they’re buying it all. They’re gonna devalue the dollar further. Again, how does a central bank keep rates suppressed?

28:14
Do they just say it? Do they wave a lovely magic wand? No, they have to create the cash out of nothing and buy the debt. They’re monetizing all the debt. And of course, the more they do this, the stronger they become. Their product is debt. The more debt they’re allowed to issue or called on to issue by promises of lower rates, which we’re hearing out of both presidential selectivities right now, the stronger they become, not the weaker. And we, the people, are paying the price.

28:42
Gregory Mannarino, we will keep tracking and following this Bank of America story that could be getting a lot bigger. I want to thank you and hi to all your lions. I mean, I like the, you grew the lion mane. Oh yeah, I’m turning into a lion, right? By the way, I want to say thank you because I know you’re a big animal lover and I thank you for all the work you do, like urging people to adopt and whatnot. I know it was National Dog Day the other day.

29:12
That’s really great. Kudos to you for that. We all got to do our part, man. We got to create a better world. It helps keep you sane, right? You got to have a hobby or a passion, something outside of these markets. It’s too much. Gregory Mannarino, folks. We’ll see you soon and thank you all for watching. We’ll have more great content coming your way. Be sure to stay tuned to the Daniela Cambone show and sign up at danielacambone.com to stay on top of it all.

SOURCES:
https://www.youtube.com/watch?v=wCLP3djiKvM

https://www.youtube.com/watch?v=dtag3jaR7zM

https://fortune.com/2024/08/25/yen-carry-trade-collapse-yuan-peoples-bank-of-china-rates/

https://www.bloomberg.com/news/articles/2024-08-11/carry-trade-blowup-haunts-markets-rattled-by-rapid-fire-unwind?embedded-checkout=true

https://www.usbank.com/investing/financial-perspectives/market-news/treasury-yields-invert-as-investors-weigh-risk-of-recession.html

https://fred.stlouisfed.org/series/T10Y2Y

https://www.cnbc.com/quotes/US10Y

https://www.youtube.com/watch?v=eaHkDYJ1Wko&t=116s

https://www.marketwatch.com/story/gold-prices-keep-breaking-records-in-2024-central-banks-are-driving-the-rally-a44f1430

https://x.com/GregMannarino

https://www.youtube.com/watch?v=cvEzsScKZto

https://traderschoice.net/