BBC News reports: The value of shares in some banks tumbled around the world after the collapse of two US banks. So how bad is this and what does it mean for you?
When the US president himself goes out of his way to tell people that their money is safe, then you know the government is taking a financial crash seriously.
Joe Biden’s assurances on Monday weren’t just for the customers of the two failed banks either. There are wider ramifications, in the US and across the world.
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One of my problems with the US is that people of means are quick to denounce social welfare and anything that eases the burden on the less fortunate. However, they have no trouble and see no contradiction when the government steps in to bail out rich people and big business.
They are all for less government and less controls until they need the government to bail them out.
Imagine the US without all those big businesses.
The US without Apple, Amazon, Tesla, Google, Microsoft, Facebook, etc… is not the US you know.
Those businesses employ millions.
The US economy need them, letting them go under will be a major set back in the US.
“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” (Henry Ford)
By the way, very good DNO. I see you are also paying attention to these ongoing developments.
Signature Bank was no where near insolvency, yet the US federal regulators forced it’s shutdown. Bigger things are at play and the regulators are sending a message…