Miscellaneous Debris > Chit-Chat

Will March 13 become a banking holiday in USA?


Thanks to fractional reserve magic, 2 major banks have disappeared into thin air. Pufff... Will this Monday be declared as a banking holiday in USA to makes sure you don't take a run at your local branch?

So far in US:

* Silvergate Bank
* Silicon Valley Bank - SVB
* Signature Bank First Republic Bank seems to be the next one.

SVB UK has been purchased by HSBC here in the UK for 1 to protect UK investors as this arm of the bank was solvent.


Garth Bock:
I saw how bonuses were paid out and one investor sold all of stock prior to the failure. Hopefully they will be prosecuted. There is a Fakebook (I mean Facebook) post going around about we need to go pull money out of our banks because the crash of 1929 is about to happen again. First, the post is in all caps (a crazy person yelling) and second,  if we all did that WE would cause a crash not our corrupt government this post is blaming. I wouldn't worry just yet. That is what they want you to do.. panic.

This is even more crazy than I thought it could be.

--- Quote ---...For his part, Frank, who helped draft the landmark Dodd-Frank Act after the 2008 financial crisis, said there was "no real objective reason" that Signature had to be seized.
"I think part of what happened was that regulators wanted to send a very strong anti-crypto message," Frank said. "We became the poster boy because there was no insolvency based on the fundamentals."

--- End quote ---


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