The US Treasury has banned publication of its stress tests of the top 19 US banks because there’s a rally going on in the markets now and it wants to “avoid complicating stock market reaction”.
But Turner Radio Network, a side operation of the Hal Turner Show, claims to have got an inside copy of the stress test results and says – of the top 19 banks – 16 are already technically insolvent.
Do they really have a copy of the report? Many of the top US banks are indeed insolvent – but a stress test can show whatever the stress test is designed to show.
And I doubt the US Treasury would report the obvious, even if it was obvious to everyone else.
If you assess the banks the way they would assess us, then they are insolvent.
In plain English, they are bust.