Silicon Valley Bank is the second in quick succession to go under. It was looking for bail out by U.S congress. Show's how the banking system is failing the people. Freedom fighters looking to make an example out of Silicon Valley Bank. Bank funding program has been approved by Yellen. Increases the likelihood of a bank run. Ring's alarm's when a bank goes illiquid. Do they have enough money to cover the $25 Billion in user deposits that have gone? Not likely. Those of you that have some financial knowledge are likely to know about how banks with legal approval use client deposits to make 10x the depositors money by lending it out without the client knowing. If anyone else did that with thier business they would go to jail. Which is why I refer to this as legalised corruption.
Credit spread narrowing. So less likely to see a panic. Fed, HSBC and Joe Biden getting involved. President Joe Biden Says, "Bank system is safe." Oh, well it must be then, just cos Joe said so (sarcasm intended). I expect we will hear more about this story, more to be unfolded as the week goes on.
Enjoy the Journey!