Falling Off The Cliff - The Banking Sector Is Going Under
Since Joe Biden came to office the media conglomerates that act as the propaganda arm of the Democratic Party have operated on one principle. Deny reality. Cover up. Bury the truth.
Unfortunately, reality has a way of intruding. The Chinese are making lists of the people they will execute after they take Taiwan. The Iranians are about to go nuclear. Russia is routinely threatening nuclear armageddon.
And, now, the bottom is falling out of the American economy.
Two major U.S. banks, Signature Bank and Silicon Valley Bank, have failed. There are unconfirmed reports of additional imminent failures. The New York Stock Exchange halted trading on stocks for fifty banks today because those stocks were in free fall. Lines are forming in front of banks around the country as depositors race to get their money out.
Why? The reason is simple. People and businesses are being crushed by this economy. They are taking their money out of financial institutions. Banks typically only keep on hand a small proportion of the total deposits they hold. The rest they invest.
When people start demanding their money back banks have to start selling assets to raise cash. In this economy that means they take immense losses. To be blunt, they don’t have the money people are demanding.
We haven’t seen anything like this since at least 2008. It is a crisis, and it may get much worse. Predictably enough the Biden administration is preaching its usual “nothing to see here” rhetoric. Biden gave a press conference today, answered no real questions, and then walked off stage shutting the door in the face of reporters trying to get answers.
Keep in mind that the second of the two banks that failed, Silicon Valley, specialized in catering to the tech sector, which has been one of the strongest parts of the U.S. economy in recent years. It was not some niche business. That failure is the second largest in U.S. history.
In particular, Silicon Valley offered services to tech startups. It provided specialized financial services, industry expertise, a valuable network, and a strong reputation. It also offered financial services tailored specifically to the needs of startups, such as venture debt, corporate banking, and asset management.
Startups are dying in this economy. They are going under. They took Silicon Valley with them.
A wide range of financial experts is warning things could get much worse. Billionaire hedge fund manager Bill Ackman whose company manages $16 billion in assets is warning of a possible “economic meltdown.” Ackman is also advising that despite government efforts to prop up the banks, other financial institutions will likely fail.
This is as real as it gets. Biden’s out-of-control spending and his war on the energy sector have brought us to the abyss. We have been standing on the precipice for some time. Now we are falling off the cliff.
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This may be planned by the globalists, I don't know. But I do know the move is on to have a one world order, and that will demand a one world currency. We are all along for the ride at the moment. If I wake up some morning to learn my funds have been confiscated and replaced with a digital currency I won't be surprised. But, if they ask me to make an appointment for insertion of a digital reader to access my 'new' funds I'm outta here!