Written by: Kamran Mofid

Published: 16 March 2023

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Yet another Banking Crash

Is the Collapse of the SVB  the repeat of the spectacular fraud-ridden a la Madoff Ponzi scheme of 2008?

Were the big wigs at the bank con artists like Bernie too?

 'The collapse of Silicon Valley Bank - the second-largest bank failure in US history -

sent anxiety across the financial system and shook the tech industry.' REUTERS/Dado Ruvic/Illustration

‘Silicon Valley Bank collapse is the second-largest failure in American history, followed by the Lehman Brothers financial crisis in 2008. The regulators shut down the bank entirely on Friday and seized the deposits. It all started on Wednesday when SVB needed to raise nearly $2.25 billion. When the bank failed to raise capital, it sold securities in loss to shore up the balance sheet. Investors reacted to this, and the bank’s share price fell over 60%. The venture capital firms also advised companies to withdraw their deposits. The banking sector has been deeply hit by the wave of SVB’s failure. Signature Bank of New York has also been shut down on Sunday, registering the third largest fall in the US…’-The Inside Story of Silicon Valley Bank’s Failure

See also: The SVB debacle has exposed the hypocrisy of Silicon Valley

‘As of mid-day 14 March, market panic caused by SVB collapse has wiped £382bn off bank stocks in recent days.’ 

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Written by: Kamran Mofid

Published: 14 March 2023

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Photo:peaceandjustice.org

Neoliberal Economics/ Capitalism and Value-free Oligarchy are the Enemies of Humanity

In these days of  populist, polarised, creeping right wing authoritarianism and corruption, and when the petulant oligarchs rule the world over, this is A Must-read Book on the inhumanity of America’s Oligarchs maximising pain and suffering, destroying everything on their path, whilst pocketing billions and billions in the process! 

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