Silicon Valley Bank Collapse A Precursor For Worse Things To Come As Contagion Continues To Spread – Your Money In The Bank Isn’t Really Yours, Once Deposited The Bank Owns It

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    by Susan Duclos, All News Pipeline:

    By now most have already heard about the Silicon Valley Bank’s collapse, the second largest bank failure in U.S. history.

    On Friday, March 10, 2023 we started seeing reports of people lining up to get their money out of SVB, and within hours we’re seeing reports that the bank had been seized by the Feds. That quickly businesses that used the start up bank, at least the ones that didn’t get their money out in the days before the reports, lost billions.

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    Tech companies that were using SVB are suddenly left wonder how to pay their employees, as layoffs are expected as soon as next week, while Americans watching this unfold are left wondering what comes next.

    Top that off with the reports showing for nine months SVB had no head of “risk assessment” until January 2023, and the “woke” Chief Risk Officer for Europe, Africa and the Middle East, Jay Ersapah, who self describes as a “queer person of color from a working-class background,” was too busy organizing LGBT events to notice the warning signs.

    Meanwhile, Jay Ersapah, who acts as CRO for the bank in Europe, Africa and the Middle East and who describes herself as a ‘queer person of color from a working-class background’ – organized a host of LGBTQ initiatives including a month-long Pride campaign and implemented ‘safe space’ catch-ups for staff. 

    In a corporate video published just nine months ago, she said she ‘could not be prouder’ to work for SVB serving ‘underrepresented entrepreneurs.’

     

     

    Gives a whole new meaning to the phrase “go woke, go broke.”

    Tim Knight from Slope of Hope decided to browse through SVB’s website and found the website was “absolutely SLATHERED with virtue-signaling.” It is a lengthy piece, so head over to Zero Hedge and see how it fits the go woke, go broke theme.

    Interestingly enough, in February 2023, Forbes had listed SVB Financial Group as one of the “best banks.”

    Lines to withdraw funds in So. California after SVB collapse

     

    CONTAGION CONTINUES TO SPREAD…….

    Panic has started to spread as many see the collapse of Silicon Valley Bank as a canary in a coal mine, a precursor for worse things to come.

    A new SQ Alert from Steve Quayle’s website gives us a heads up on what is coming:

    EMERGENCY ZOMBIE BANK ALERT-WHAT NO ONE IS TALKING ABOUT IS THIS–THE FDIC IS MOST ASSUREDLY ALREADY IN THE OFFICES OF THE TOP 10 BANKS IN THE USA

    ‘BLACK MONDAY FOLLOWING BLACK FRIDAY’- ‘DO NOT ALLOW ANALYSIS PARALYSIS’ TO OVERTAKE YOU -MOVE FAST EVERYONE IS EXPECTING MASSIVE BANK RUNS STARTING MONDAY MORNING-MOVE AHEAD OF THE EVENTS AND PANIC EVEN SUNDAY -AS YOU ARE ABLE!THE WORD UNHINGED ,UNGLUED AND MIND BOGGLING ALL COME TO MIND IN REFERENCE TO BANKING AND FINANCE BUT ARE TOO TAME- UPDATED 1;39 AM MST:IN THE UK AND EUROPE THE PEOPLE ARE LINED UP OUTSIDE THE BANK’S WAITING TO GO IN AND GET THEIR HANDS ON THEIR MONEY,EVEN THOUGH BANKS AREN’T OPEN ON SUNDAY-SO WAITING FOR MONDAY!

    The FDIC is a reference to the Federal Deposit Insurance Corporation.

    As to people lining up to get their money, which could easily turn into bank runs this coming week, we are seeing reports that people are also already lining up in Southern California, at the First Republic Bank, to get their money out as well.

    Lines to withdraw funds in So. California after SVB collapse

     

    Due to the fact the the SVB collapse happened on Friday when the bank was seized by Feds, the news is still trickling into American homes, and while no one wants to encourage bank runs, we would be remiss in not suggesting people get at least some money out to have cash on hand in the event the contagion continues to spread, which could cause an economic collapse.

    Experts are predicting this is not a one-off, and the ripple effects have caused other banks to see stocks down, in some cases by up to 50%.

    Via Daily Mail: “‘It isn’t a one off’: Financial markets brace for more pain from Silicon Valley Bank ‘death spiral’- with First Republic, Pac West and Signature Bank stocks down by up to 50% and tech giants unable to access frozen BILLIONS.”

    But as soon as news hit that SVB collapsed, similarly intertwined companies found themselves needing to act quickly. 

    Investors in other regional banks such as First Republic Bank quickly jumped ship, with the firms’ share prices tanking upwards of 50 percent Friday before recovering to 14.8 percent at market close.  

    PacWest Bancorp was also among the banks feeling the heat, dropping 37.9 percent by the end of Friday. 

    And the impact is stretching past Wall Street. Streaming giant Roku, for example, says 26 percent of its cash reserves – over $480 million – are tied up in SVB. 

    As of Saturday, the company’s stock had fallen by over 42 percent since this time last year, despite bosses insisting they can pay their bills. 

    Related: The Collapse of SVB Portends Real Dangers

    As the contagion spreads into next week we’ll have a better grasp of how fast the dominoes will fall, but we can say with a high level of confidence that mass layoffs are coming from the tech companies that have millions or billions of dollars tied up and have no access to their funds.

    Stocks will continue to fall and trust in the banking system will continue to plunge in the short-term and perhaps for good, depending on how this plays out.

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