Our economy and our banking system are both in dire straits. Let’s pray for divine protection!

From The Epoch Times. The month of March 2023 witnessed the fastest withdrawal of funds from commercial banks in U.S. history.

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According to data released by the Federal Reserve, a staggering $360 billion was withdrawn from banks across the country in the last month alone. To put this into context, not a single monthly decline in 2008 exceeded $100 billion. The recent withdrawals have dwarfed those of the past, bringing total bank deposits down by almost $1 trillion since the highs in April 2022. …

Many are speculating that the recent bank scares are causing depositors to look for safer alternatives, finding solace in debt backed by the U.S. Treasury — an institution which has never defaulted. …

Over the past week, the 10-year Treasury bond yield decreased by more than 10 basis points. U.S. government bonds across the duration spectrum saw an uptick in demand over the previous seven days, a sign that investors are looking for safety.

According to JPMorgan analyst Nikolaos Panigirtzoglou, around $7 trillion of the total $17 trillion deposits remain uninsured, which could be behind the capital flight into government bonds and money market funds. Despite the perceived safety offered by U.S. Treasurys, Panigirtzoglou argued the poor performance of bonds throughout 2022 is largely to blame for today’s banking crisis. …

Some have posited that the blame goes back farther, and is rather a consequence of decades of loose monetary policy by the Federal Reserve. …

How are you praying for the banking system? Share your prayers and scriptures below.

(Excerpt from The Epoch Times. Photo Credit: Getty Images)