"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

https://youtube.com/watch?v=tQRCL6RYPhg&feature=share #RichardDWolff