Ed Dowd: "Remain Calm…The World Is Not Ending. Just Changing."
Bank Run Leaves 16th Largest US Bank SVB With Negative $1 Billion
“Prominent venture capitalists advised their tech startups to withdraw money from Silicon Valley Bank, while mega institutions such as JP Morgan Chase & Co sought to convince some SVB customers to move their funds Thursday by touting the safety of their assets.
“Let us get this straight: the largest US commercial bank was actively soliciting the clients of one of its biggest competitors, and the 16th largest US bank, knowing full well deposit flight would almost certainly lead to the collapse of a bank which courtesy of fractional reserve banking, had only modest cash to satisfy deposit demands: certainly not enough to meet $42 billion in deposit outflows.
“Of course, Jamie, who has suddenly emerged as a key figure in the Jeff Epstein scandal alongside Jes Staley, [brother of Peter Staley] knows this, and would be delighted with an outcome that kills two birds with one stone: take his name off the front pages and also make JP Morgan even bigger. Actually three birds: remember it was JPM that started that "Not QE" Fed liquidity injection in Sept 2019 when the bank "suddenly" found itself reserve constrained. We doubt that JPM would mind greatly if Powell ended his rate hikes and eased/launched QE as a result of a bank crisis, a bank crisis that Jamie helped precipitate.
“And while we wait to see if Dimon's participation in the Epstein scandal will now fade from media coverage, and whether Powell will launch QE, we know one thing for sure: JPM was a clear and immediate benefactor of SIVB's collapse because in a day when everything crashed, JPM stock was one of the handful that were up.”
—Tyler Durden, ZeroHedge
Zero Hedge coverage.
As the plot thickens and the tension mounts, it’s a good idea to remember that these things are necessary to bring the darkness to the surface for all to witness. It’s pretty obvious to me that something has to give - most important thing is to remain focused on love dignity and freedom. If we do this, it becomes so attractive and comforting for all.
Okay I’m remaining calm but but but I’ve been saying this for almost 2 years stock market is going to collapse and we have a lot at stake but hubby doesn’t listen!!! So yeah.....I’m nervous