Next Crisis to Trigger Massive Banking Sector Consolidation, 8 Banks to Call All the Shots – Ed Dowd

Edward Dowd, Founding Partner of Phinance Technologies, says the clock has started counting down towards a global debt crisis. Dowd tells Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, that the U.S. banking sector is in store for more stress, warning that the next crisis will trigger massive consolidation, leaving only around eight banks calling all the shots. Dowd also warns of a scenario that could open the door to a central bank digital currency (CBDC).

Did you like this clip? Watch the full interview here:

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Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

[mutantryeff]

Reported 9/20/2024: Last week the SEC accidentally published internal commentary along with a speech by Chair Gary Gensler. Here’s one of the comments which was mistakenly included.
"I strongly recommend that a sentence be placed here (or somewhere [sic] in the first part of the speech) to reassure markets that you are not making the speech because you think there is an imminent crisis."

[johnbethea]

"We the People" are the ones who are suppose to be the ones that have the power in the USA 🇺🇸. So many have forgot this.

[RussCR]

The same end goals of the oligarchs -- i.e., surveillance, universal digital ID, and control of financial transactions -- can be accomplished without a CENTRAL bank digital currency. The 6-8 banks could simply coordinate their efforts to emulate a CBDC.

[John-wwfv]

Get ready for a new era of banking oligopoly.

[stevenkellysillick]

I just got a letter saying that my checking account is going to charge $2.50/month, AND OH BY THE WAY CHEMUNG CANAL CREDIT UNION IS NOW A SUBSIDIARY OF NORTHERN BANK, the next day I see a commercial, "Join CCCU, your local credit union", for Pete's sake, when are we going to break

[Just_a_Katie]

Thank Michelle, you do such amazing interviews.

[johnhemphill]

This is amazing and frightening, it's as if we are going back to the Renaissance when banks were few and money was more exclusive

[jordanbutterfield]

The Fed DELAYED the banking crisis. That’s the bottom line.

[KorenJames]

Bitcoin has soared to a record-breaking high!

[Kin--]

The system is failing as a result of both government and federal policy. In the next days, the banking crisis would have to be epic and gigantic for the FED to decide not to raise interest rates. This won't happen; an increase and a crash are coming. There will be more negative portfolios this 2nd half of 2024 with markets tumbling, soaring inflation, and banks going out of business. My concern is how can the rapid interest-rate hike be of favor to a value investor, or is it better avoiding stocks for a while?

[JamesBerkowitzberky]

Thank you Michelle for the superb, insightful, and informative interviews. Grateful for the knowledge shared and learned.

[Kathleen-Wellner]

They all serve one master that are all power..

[ronprychon]

Might have to invite my neighbor over for dinner when things get bad🤔

[jordanbutterfield]

So illegal immigrants, the homeless, welfare recipients, and social security recipients will be receiving UBI possibly? Yah, that’s bound to work out badly.

As a senior on social security, one would have paid into a retirement system and essentially received NO RETURN ON INVESTMENT. Will the treasury give seniors a lump sum payout in advance of implementing UBI?

[ViperMike-cr]

8:24 anybody else experience blocking with the speaker was trying To say.

[mao]

No worry, in 2030 everybody will be fine, and skinny 😂

[darlawrence]

“Give me control of a nation's money supply, and I care not who makes its laws.”
-- Mayer Amschel Rothschild --

[Submit-To-Babalon]

6 to 8 banks running a country? That's Canada 100% ! Why doesn't anyone talk about that? Isn't Kitco news based out of Canada?

[cambriawellness]

Thank you both for keeping us informed. If the value of our USD plummets beyond 50%, and we're left out in the commerce cold, could we contend with this by manufacturing stuff that China usually does, at similar prices, or appropriate prices to the decline?

[Jeffery-fe]

The bank crisis isn't over yet, and experienced individuals know credit crises don't end quickly. Some find it amusing that some think it's resolved, but in reality, we're headed for a major economic downturn due to this credit contraction.