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Posted on | March 10, 2023 | No Comments

Biden's new Digital Money allows the Feds to spy on your financial information, question, and possibly TAX each transaction
Biden’s new Digital Money allows the Feds to spy on your financial information, question, and possibly TAX each transaction

A Run on Silicon Valley Bank

The sudden implosion of Silicon Valley Bank (SVB) is sending shock waves through the financial system and the technology sector.

SVB plays a central role in the start-up economy of San Francisco. According to Bloomberg, it does business with about half of venture capital backed start up firms in the U.S.

Venture capitalists this week began advising their portfolio companies to “diversify” away from SVB, according to multiple reports. So, what we are seeing looks a lot like a classic bank run. No fractional reserve bank can withstand a bank run.

A worker (center) tells people that the Silicon Valley Bank (SVB) headquarters is closed on March 10, 2023, in Santa Clara, California. Silicon Valley Bank was shut down on Friday morning by California regulators and was put in control of the U.S. Federal Deposit Insurance Corporation. (Justin Sullivan/Getty Images)

On Friday, the the California Department of Financial Protection and Innovation said it was shuttering the bank. The Federal Deposit Insurance Corporation (FDIC) said that all insured depositors will have full access to their insured deposits, but that might not be as reassuring as it sounds. Bloomberg reports that more than 93 percent of SVB deposits are uninsured.
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