The US banking industry has faced chaos in recent months after the second, third, and fourth-largest bank failures in the country’s history. Despite this, Fed chairman Jerome Powell has stated that the US banking system is “sound and resilient.” However, financial expert Greg Foss believes that Powell is a “horrible poker player” and that there is a possibility of further bank failures.

Shareholders at Risk

Foss warned that while the largest banks are considered “too big to fail” and will likely receive bailouts, shareholders may not be so lucky. This means that significant financial losses can occur. Foss estimates that there is “at least $10 trillion of bank equity globally that can literally be wiped out if the system fails.”

Hard Assets: Real Estate, Gold, and Bitcoin

In an interview with Kitco anchor Michelle Makori, Foss expressed his support for “hard assets” such as real estate, gold, and bitcoin. He believes that bitcoin is the best hard asset but recognizes the value of gold as an investment. However, Foss advises against selling gold to purchase bitcoin. Instead, he suggests selling a portion of one’s bond portfolio to invest in bitcoin. According to Foss, if a person doesn’t own bitcoin they are “actually taking on more risk.” Foss described bitcoin as “insurance on the failure of a basket of fiat currencies” and highlighted the fact that the “Fiat Ponzi is manipulated by guys like Jerome Powell.”

Bitcoin

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