The first domino is not this one - this is the second one this week. Here was the first one on Wednesday:
Silvergate Bank Fails - Enters Liquidation. Bitcoin Crashing. Is This The First Domino To Fall? 3/8/23:
https://www.bitchute.com/video/kMabQwrwzsiG/
Silicon Valley Bank Failure:
Silicon Valley Bank: Biggest failure since 2008 financial crisis as US regulators close bank and seize assets:
US regulators have shut down the country's 16th largest bank, in the biggest collapse of a financial institution since the 2008 financial crisis. Silicon Valley Bank failed after depositors - mostly technology workers and venture capital-backed companies - began withdrawing their money, creating a run on the bank. The US Federal Deposit Insurance Corporation (FDIC) has seized its assets.
It said the bank had $209 billion (£173 billion) in assets and $175.4 billion (£146 billion) in deposits at the time of failure. It was unclear how many of the deposits were above the $250,000 dollar (£207,000) insurance limit. The bank's downfall marks the largest failure of a US bank since Washington Mutual during the 2008 financial crisis.
The FDIC could not immediately find a buyer for the bank's assets, signalling how fast depositors had cashed out. It also seized the bank's assets in the middle of the business day, a sign of how dire the situation had become. The financial health of Silicon Valley Bank had been increasingly in question this week after the bank announced plans to raise up to $1.75bn dollars (£1.45 bn) in order to strengthen its capital position.
Silicon Valley Bank had acted as a major financial conduit for venture capital-backed companies, which have been hit hard in the past 18 months as the US Federal Reserve has raised interest rates and made riskier tech assets less attractive to investors. The bank was heavily exposed to the tech industry but experts say there is little chance of knock-on effects in the banking sector as there was in the months leading up to the recession more than a decade ago.
There were big market falls for the two biggest international banks on the FTSE 100, HSBC and Standard Chartered, which dropped more than 4.5%. Susannah Streeter, head of money and markets at Hargreaves Lansdown, said there was a "state of mild panic" surrounding shares in the financial sector because of the Silicon Valley Bank news. She said interest rate worries had also rattled investors but that the news from the US had them particularly "spooked".
UTL COMMENT:- I keep on saying a MASSIVE CRASH is coming.....stop being complacent and GET READY!!! Stock up on long-life food, rations, tools, land, plant vegetables, get chickens, buy some small silver and gold ingots, torches, batteries, have a back-up plan with trusted friends etc.
