Run on banks! FDIC moves on 100 insolvents

Watch out. Your money is worth less every day.

Bruce

'The number of bank failures has passed 100, a dramatic increase from this time last year when the number of failed banks numbered 64, Jerome Corsi's Red Alert reports.

So far this year, the FDIC has taken over 103 insolvent banks, at an estimated cost of $431 billion.

Although the FDIC fund grew by $145 million during the first quarter of 2010, the first increase in two years, the FDIC was still operating $20.7 billion in the red.

"The inevitable conclusion is that with a $1.5 trillion Obama administration federal budget deficit likely for fiscal year 2010, the FDIC is borrowing from China to close banks in the United States," Corsi wrote.'