One-third of the reserves of our biggest banks are deeply underwater today. As Porter writes, Bank of America is in a deeper hole than all of them. And even if you don’t keep your money there, you might end up paying for it.
It’s no secret that Warren Buffett has been selling shares of Bank of America. These details are public. What nobody has figured out is why Berkshire has sold almost all of its bank stocks since early 2020.
Unless central banks and policymakers are willing to deal with a major credit crash, all roads lead back to lower interest rates and more money printing. That’s why we believe now is the time to safeguard your wealth from the demise of fiat currencies with the two ultimate stores of value.