Ed Zitron - The Enshittifinancial Crisis

[erronis]

5. Also, add in the shadow banking system which isn't tracked by the feds or otherwise.

Apparently many new small/medium businesses are now getting loans from non-banking organizations. The amount and type of transactions are unknown, except to the operators. Makes me think of the old mafia-style system.

https://en.wikipedia.org/wiki/Shadow_banking_system

he shadow banking system is a term for the collection of non-bank financial intermediaries (NBFIs) that legally provide services similar to traditional commercial banks but outside normal banking regulations.[1][2] S&P Global estimates that, at end-2022, shadow banking held about $63 trillion in financial assets in major jurisdictions around the world, representing 78% of global GDP, up from $28 trillion and 68% of global GDP in 2009.[3]

Examples of NBFIs include hedge funds, insurance firms, pawn shops, cashier's check issuers, check cashing locations, payday lending, currency exchanges, and microloan organizations.[4][5] The phrase "shadow banking" is regarded by some as pejorative, and the term "market-based finance" has been proposed as an alternative.[6]