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Hedge-fund manager and billionaire Bill Ackman predicted that an economic meltdown is on its way Monday after Friday’s collapse of Silicon Valley Bank. The billionaire predicted that uninsured bank customers would rush to withdraw as much cash as possible on Monday morning when they can.
On Friday, the 16th largest bank in the United States, which provided financing for a large chunk of the country’s venture-backed tech and health companies, was taken over by the Federal Deposit Insurance Corporation as its stock plummeted due to liquidity concerns tied to rising interest rates.
It marked the largest bank collapse since the 2008 financial crisis, and it stranded billions of dollars belonging to companies and investors, whose deposits in excess of $250,000 are not covered by the FDIC, according to a report by the New York Post.
The gov’t has about 48 hours to fix a-soon-to-be-irreversible mistake. By allowing @SVB_Financial to fail without protecting all depositors, the world has woken up to what an uninsured deposit is — an unsecured illiquid claim on a failed bank. Absent @jpmorgan @citi or… https://t.co/SqdkFK7Fld
— Bill Ackman (@BillAckman) March 11, 2023
The slaves are putting a lot of faith in the ruling class and its systems of control. The FDIC was said to be looking to find a bank that would merge with the failed California institution over the weekend, as the US weight the creation of a fund that would allow regulators to reinforce deposits if other banks fail in the wake of the collapse, according to Bloomberg.
Flush with cash from start-ups, Silicon Valley Bank did what most of its rivals do: It kept a small chunk of its deposits in cash, and it used the rest to buy long-term debt like Treasury bonds. Those investments promised steady, modest returns when interest rates remained low. But they were, it turned out, shortsighted. The bank hadn’t considered what was happening in the broader economy, which was overheated after more than a year of pandemic stimulus. –The New York Times
Reliance on central banking for the past century plus has not only enslaved the public but is going to make things hard financially. This looks like it’s the beginning of an attempt to usher in the central bank digital currency system as a way to “protect” the masses from this happening again. But any system built by any ruler is not one we should aim to be a part of. We should be trying to figure out how to break free, but instead, if the masters can panic the slaves enough, they will comply.
This is not going to impact the slave class in a positive way. It will, more than likely, further pass wealth to the top and cement the control system the rulers need to keep humanity under their thumb.
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