Thread by @otisa502

1/7 Friday, August 14, 2020 AMA:

"Again, very bold statement I’m about to make, mark my words. The largest US banks — Citi, JPMorgan, Bank of America and Wells Fargo — are going to need assistance from the government, they might even have to be bailed out by the government

2/7 “in the next 5 to 10 years." [I think @Mashinsky meant 5 to 10 months, but he can clarify]. "And the reason for that is, this depression that we’re going through, it’s like a slow-moving wreck; it’s like a car — it’s two trains crashing into each other in slow motion; one

3/7 “being the US economy, and the other one being the debasement of the currency. When these things happen, everything — the shockwave goes and affects everything; it affects especially the debt that is outstanding. Worldwide there’s about a $100,000,000,000,000 — with a T, a

4/7 “hundred trillion, 12 zeroes — worth of debt that needs to be refinanced. And when you see banks every quarter allocating $10, $20, $30 billion worth of reserves for bad debt, they’re basically putting the warning sign. When the Fed says to the bank you can no longer buy back

5/7 “your own stock, you’re not allowed to do that anymore, that is a warning sign; that is telling you that a big, big, big storm, much bigger than 2008, is going to hit us very, very soon. All these things, again, they’re slow moving. Why? Because we flooded the market with so

6/7 “much money that the effect of what’s about to happen is being kind of mellowed down and our excuse is that it’s Coronavirus. But really, this accumulated debt is what is going to hit us; and because of that, you need to have more and more non-correlated assets. You need to

7/7 “escape this accident that’s about to hit us, right, this clash that’s about to hit us." — Alex Mashinsky, August 14, 2020 AMA

@CelsiusNetwork
@Mashinsky