Tom Bilyeu
👤 SpeakerAppearances Over Time
Podcast Appearances
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In 2008, the American financial system didn't just crash, it almost ceased to exist.
And a similar danger is building in the system once again.
12 of the 13 largest financial institutions in the United States were at risk of total failure.
That was exactly what the Federal Reserve Chairman Ben Bernanke told the Financial Crisis Inquiry Commission.
12 out of 13.
The United Kingdom's Chancellor of the Exchequer admitted Britain came within hours of what he called a breakdown of law and order.
American households alone lost $16 trillion in net worth.
One quarter of all families lost 75% or more of everything that they had.
The stock market fell by 57%.
Seven and a half million jobs vanished essentially overnight.
And the Federal Reserve, in a move that had no precedent in the history of this country, printed $7.77 trillion out of thin air to keep the system from collapsing entirely.
Every single American lost an estimated $70,000 in lifetime income because of what happened.
And for all of that, all of the destruction, all of the fraud, all of the recklessness,
Exactly one banker went to jail.
One.
A mid-level trader at Credit Suisse.
30 months.