The Makinney Report

We haven’t heard much that has happened as a result of the Thaler/Berger testimony on AZ fraud. This is because they have not presented the evidence. I think it’s really odd someone would make such outlandish claims without evidence but we live in odd times. I do hope it's true and evidence comes out but until it does, it is not verifiable.

I have been repeatedly asked about the banking crisis. Because the trust in our institutions is now shattered, very few believe the official word that “it’s safe, SVB and Signature were isolated cases, nothing to see here.”

First, it’s important to understand the banking system. We have a “fractional” banking system. This means when you deposit $1000, then the bank loans out or invests a substantial percentage of your deposit. It used to be 90%. Now it is 100%!!. 

They do not have to keep *any* of your funds on reserve for you!