https://invidious.slipfox.xyz/watch?v=2khq4Y4Mf9M

The Awful Truth The U S #BankingSystem doesn't Want You to Know

"This is another crash of the private #capitalist system in the United States ... There are efforts to make it small, don't be fooled. This is a breakdown in the basic part of the #economy ... The risks here are economy-wide." Banks are in the business to make money for investors in that bank. The problem with #SVB is that over six months deposits in #SiliconValley shrank ... at the same time government #bonds were falling in value ... fewer deposits coming an and a lowering of the banks' holdings ... the reforms adopted after 2008-9 were relaxed by #Trump but the Democrats did nothing to alter these reforms and fix things ... What will the consequences be? ... Nothing, it is all a piece of theatre ... this is a catastrophe for high-tech startups ... Silicon Valley Bank is the second largest bank to collapse is US history ... everyone else is wondering, where else in the #American banking system are deposits shrinking? ... The #FederalReserve has been trying to control this disaster, by 'limitlessly' making money available ... to allow private banks whose first priority is to make a profit is nuts."

https://www.yewtu.be/watch?v=n8aaIq8Aa4w

#RichardWolff #RichardDWolff #Capitalism #Marx #Banksters #Banks #BankingCrisis #HighTech #HighTechSector #SiliconValleyBank #BankingSystem

The #capitalists must be really worried about a #BankingSystem collapse. #BlackRock CEO #LarryFink pretty much never says anything publicly. It must be serious. Is the collapse of late-stage capitalism really upon us? Probably not, but one is allowed to hope. (And of course, Fink is trying to manipulate US Federal Reserve policy. He controls more than $20 trillion (yes you read that right) in assets, either directly or indirectly under BlackRock's management).

"SVB collapse may be start of ‘slow-rolling crisis’, warns BlackRock boss Larry Fink tells investors more ‘shutdowns and seizures’ in US possible and predicts inflation and interest rates to rise - The collapse of Silicon Valley Bank could just be the start of “a “slow rolling crisis” in the US financial system with “more seizures and shutdowns coming”, the chief executive of the world’s largest asset manager has warned.

The CEO of BlackRock, Larry Fink, also predicted in a letter to investors and company bosses that inflation would persist and rates continue to rise, trends that both contributed to SVB’s collapse.

The failures over the past week of not only the California-based bank but also fellow US lenders Signature and Silvergate have prompted jitters across global markets. Such concerns were further fuelled on Wednesday when shares in Credit Suisse plunged to record lows after the troubled Swiss lender’s biggest investor ruled out providing it with more funding."

https://www.theguardian.com/business/2023/mar/15/svb-collapse-slow-rolling-crisis-blackrock-boss-larry-fink?ref=upstract.com

#Banks #Banksters #BankingCrisis #Finance #FinancialMarkets #Collapse

I'm not necessarily a Robert Reich @rbreich fan (his defense of Biden's performance among other reasons), but in this Guardian article he does an excellent job of explaining the most recent banking crisis ( #SVB and its fallout) -
"There’s a deeper story to Silicon Valley Bank’s failure. What can we learn from it? - https://www.theguardian.com/commentisfree/2023/mar/13/svb-collapse-2008-financial-crisis

When #BillClinton and the US #Congress dismantled what was left of the #GlassSteagall Act this was bound to happen, again and again. At the end of the day, this is a problem of #capitalism, so I don't really care, other than to point out yet another flaw in that evil system.

"In the 1950s and 60s, when banking was boring, the financial sector accounted for just 10 to 15% of US corporate profits. But deregulation made finance exciting and exceedingly profitable. By the mid-1980s, the financial sector claimed 30% of corporate profits, and by 2001 – by which time Wall Street had become a gigantic betting parlor in which the house took a big share of the bets – it claimed a whopping 40%. That was more than four times the profits made in all US manufacturing."

#Banks #BankingSystem #Capitalism #USPolitics #Deregulation #RobertReich

@patricksudlow
In defense of the UK, #Venezuela isn't operated through a #reverseProxy like CloudFlare, so it can't be allowed to have a #bankingSystem.

Just think of all the people trading goods and services without the watchful eye of CloudFlare, Amazon or Akamai?

How would they ever stop #moneyLaundering?

lol

Economic Terrorist, JeromePowell is finally being labelled a "#dangerousMan to head up #TheFed" by #ElizabethWarren.

"Over and over, you've acted to make our #bankingSystem less safe".

Better late than never we suppose. The real question is will the (#)takingTheWorldPrivate, WarOnSavers and counterfeiting end?

That's the question.

@pyre35
To be fair, its doing a great job of being digitalDecentralised #storeOfValue, without the whole (#USDollar) thing that wastes entire countries — #menWithGuns.

Definately its doing something special and important.

Remember that #Wikileaks were forced to turn to #bitcoin because they were #deplatformed from the legacy #bankingSystem.

For those concerned about the dodgy proprietary app, #RobinHood, blocking trades, #BitcoinExchanges (and the entire #bankingSystem generally) has its own threat.

It's called Cloudflare.

You can bet that #Cloudflare blocks trades at strategic times to interfere with and suppress #Bitcoin.