He has been sounding the alarm for years about the current financial system and how it is set up to fail. 

And these warnings have unfortunately come to fruition. The Silicon Valley Bank has gone under. Many people around the world, apart from America, might not have that on their radar, so what does that mean, and what does it point towards?

We had the pleasure of meeting Mitch when he came into the Ickonic studios for an interview on the new Gareth Icke Tonight show.

The finance expert said: "What it points towards for me is regulatory failure and a leadership failure beyond the pale. We were promised, when we were stuffed with the Royal Bank of Scotland and the Lloyds Bank and the NatWest bailouts, all these bailouts, it would be one a one off and it would never happen again. And now we find that the regulatory system has failed us yet once again.

“It's not an overstatement to say that the government, the political elites, the regulatory system, and the media are all lying to the people. And this is really unfortunate, because we need transparency, we need people who can do the job that they promised, and take care of levelling up the country, which is what we were promised in the 2019 manifesto. But we got zero of it delivered.”

Mitch has been warning about the dangers of these financial institutions for some time.

“I've been raising the alarm about Credit Suisse for over a year now,” he said, “They had to take an extraordinary amount of money from the Federal Reserve, earlier in 2022, because they've had incredible, incredible debt, and they've lost money a lot. In Q3 last year, I think they lost $4 billion. And what's happening is, massive amounts of their customers are losing so the banks can be bailed out. But if you lose all your customers, and you lose your best staff, because you can't pay them anymore, that business is going to fail. And it's not in the government's role, in capitalism, to bail people out.”

Capitalism certainly seems to benefit some more than others. Over the years, the rich have been getting richer while the poor keep getting poorer. 

Mitch added: “The idea of capitalism is that winners win and losers lose. And there's a natural clearing mechanism called bankruptcy. So you don't bail out an insolvent, it's like giving another drink to an alcoholic, saying that it's the last drink they're ever going to have, but all it does, is kicks the can down the road and prolongs it. That's why I wrote my book, Planet Ponzi, which explains that the amounts of debt credit and leverage were too high. They never resolved the problems with the great financial crisis, all they did is moved it and kicked the can down the road.”

So now, it seems, it's too late to turn back…

“I think that now a credit crisis is unavoidable,” admitted the author, "We've reached a point of no return, where now, even the media and the politicians and governments are being disingenuous about the scope, scale and magnitude of the problems."

Could new regulations be the answer? Mitch doesn't think so.

“We don't need new regulation, like Joe Biden said, what we need is enforcement of existing regulations, which we don't have. So that while the politicians lie, and demand more control and power, all they really need to do is enforce the existing regulations."

• SEE the full interview with Mitch Feierstein on the launch episode of Gareth Icke Tonight. Every Thursday, 7pm UK time.

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