How about Banking?

Strange developments.

Since around 1994, your bank deposits have been unsecured loans to your bank, and the FDIC could cover about 50 cents on 100 dollars, if all banks went down all at once.

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The basics

As you know, the USD is a fiat currency, which means that it is accepted only because people believe it has intrinsic value, which it doesn’t. Since 1971, the Petrodollar kept it valuable, but it looks like good times are over.

https://rayhorvaththesource.substack.com/p/the-petrodollar-is-dead

The US “government” kept borrowing the USD at an interest on the taxpayer’s behalf from the Federal Reserve, a private bank that has been usurping the exclusive right to issue the currency, mostly in the form of loans, which the hired crooks on Capitol Hill have been spending lavishly and shamelessly, especially since the false-flag attack on the towers and on Building 7 in 2001 to the point that the debt is accruing an interest that federal tax revenues cannot cover much longer. Forget about paying up the fake “debt.”

https://rayhorvaththesource.substack.com/p/where-is-americas-gold-and-why-does

Banks going down

The controlled demolition of the world economy and national currencies has not been a secret for a few years even for the less-discerning eyes.

Still, there are indicators that the last phase has been initiated.

Cryptos, apparently, come and go. No commoner quite knows who owns them and their issuers are also covered in the shroud of mystery, but they can surely go down in a jiffy and even when they don’t, some exchanges happen to “lose” substantial amounts of customer deposits.

This latest news about a major Silicon Valley bank going down, however, might be of some concern:

https://news.join1440.com/t/j-e-ejjldul-drkttitum-ih/

Silicon Valley Bank Shuttered

US regulators shut down Silicon Valley Bank yesterday in what is the second-largest failure of a financial institution in US history, following Washington Mutual during the height of the global financial crisis in 2008. Silicon Valley Bank, which caters to mostly technology workers and venture-backed companies, had roughly $209B in assets and $175B in deposits as of December. 

The Federal Deposit Insurance Corp. assumed control of Silicon Valley Bank via a new entity a day after depositors began withdrawing their money on fears of the bank's solvency, also known as a bank run (see 101). The bank's parent company's shares fell roughly 70% since it announced plans this week to raise $2.25B to shore up its balance sheet and offset nearly $2B in losses on asset sales. Trading halted yesterday after market volatility. Insured depositors will have access to their funds, typically up to $250K, Monday, the FDIC said. 

See how the country's 16th largest financial institution compares to other bank collapses here. Read a history of US bank failures here. 

Veem seems to be in trouble

Veem processes payments to authors on Substack, so it might make a difference what’s happening there.

I received the following e-mail yesterday:

Subject: Message from Veem CEO regarding recent banking disruptions

Dear Valued Customer,

On March 10, 2023, California financial regulators shut down Silicon Valley Bank (SVB) and appointed the Federal Deposit Insurance Corporation (FDIC) as a receiver to protect customer funds.

I want to assure you that Veem remains ready to serve your payment needs. Veem maintains multiple banking relationships to ensure we can service your payment needs both in the US and Canada, as well as Cross Border Payments. We continue to rely on reputable banking partners across the globe to process payments including Citi and HSBC.

As always, we remain dedicated to processing your payments and supporting your needs. Thank you for your business.

Sincerely,

Marwan Forzley

CEO, Veem

Veem Inc, 1160 Battery St, Suite 100, San Francisco, California 94111, US

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