Second Wave Of Banking Crisis Incoming, Crash Could Be Worse Than 2008 Global Financial Crisis, Says Expert

Bank of England in the City of London on the day that the interest rate was raised by 0.5 percentage points to 5% on 22nd June 2023 in London, United Kingdom. Macroeconomic expert George Gammon says that a significant rise in bank borrowing from the Federal Home Loan Bank (FHLB) system and the recently established Bank Term Funding Program (BTFP) is compelling evidence of another potential wave of banking failures. PHOTO BY MIKE KEMP/GETTY IMAGES 

Macroeconomic expert George Gammon says that a significant rise in bank borrowing from the Federal Home Loan Bank (FHLB) system and the recently established Bank Term Funding Program (BTFP) is compelling evidence of another potential wave of banking failures.

In a YouTube video on Thursday, Gammon said the latest numbers from the Federal Reserve Economic Data (FRED) system, which show sharp and ongoing rises in borrowing from the FHLB and BTFP, signal that the banking crisis is far from over.