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IPFS News Link • Central Banks/Banking

The Elites are bailing out their own banks, not yours

• https://www.zerohedge.com BY BOMBTHROWER

The printing of 37 trillion dollars out of thin air over the pandemic widened the wealth inequality gap – and  they followed that up with the most drastic and rapid interest rate hiking cycle in Fed history.

What did they think was going to happen?

Now the banks are failing – Silicon Valley Bank went from passing its KPMG audit with flying colours and getting their debt rated "A" by Moody's  mere weeks ago, to the executives frantically paying themselves bonuses and selling their shares in the hours and days before the bank failed and was taken over by the FDIC.

98% of the deposits in SVB were uninsured, meaning that those deposits wouldn't shouldn't have been covered by FDIC insurance. That means any accounts with balances above $250K were facing the loss of their funds.

But this is Silicon Valley Bank – this is where the elites place their bets on Silicon Valley unicorns. So we can't have that.

In a hastily convened meeting between the FDIC, the Fed and the US Treasury, it was decided that all deposits would be covered, insured or not.

Crisis averted, right?


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