Fears of a financial meltdown have spread through the markets today as regulators shut down Silicon Valley Bank in the biggest bank failure since the global financial crisis.
Financial regulators closed Silicon Valley Bank and took control of its deposits, the Federal Deposit Insurance Corp. announced Friday, in what is the largest U.S. bank failure since the global financial crisis more than a decade ago. According to press releases from regulators, the California Department of Financial Protection and Innovation closed SVB and named the FDIC as the receiver. The FDIC, in turn, has created the Deposit Insurance National Bank of Santa Clara, which now holds the insured deposits from SVB.
Earlier in the morning, building managers at Silicon Valley Bank’s Manhattan branch reportedly called the police on customers who showed up and attempted to pull out their cash.
Bill Ackman, the billionaire hedge fund manager, called on the U.S. government to step in and bail out Silicon Valley Bank. Ackman likened the turmoil engulfing Silicon Valley Bank to the 2008 financial crisis when the Federal Reserve bailed out JPMorgan Chase after the Wall Street giant bought investment bank Bear Stearns, whose market value was eviscerated due to its involvement in the risky subprime mortgage markets. According to Ackman, no other private institution will step in to save Silicon Valley Bank the way JPMorgan rescued Bear Stearns.
The FDIC’s standard insurance covers up to $250,000 per depositor, per bank, for each account ownership category. The FDIC said uninsured depositors will get receivership certificates for their balances. But according to internally records, over 93% of depositors had over $250,000 in the bank and will likely never see that money!
The second largest bank collapse in U.S. history seemingly happened overnight, and NONE of the so-called experts saw it coming!
We have been beating the drum for the last couple of months, warning that this was coming. Our economy has been teetering on the cliff’s edge for a while, and this is just the latest sign that we are heading toward disaster!
The overall Economic numbers are downright Scary!
Preparing for an economic collapse
While everyone was distracted by 24/7 COVID hysteria, followed by the media trying to fake an alien balloon invasion, the real threat has been tearing through the American family and devastating hard-working Americans who are just barely holding on. Sorry, but it is going to get worse!
If you’re not prepared, you need to start taking real, immediate steps to protect yourself and your family from what is coming.
Keep an eye on the markets, and keep an eye on the banks.
Before depositing any money in a bank, you need to research the financial soundness of that bank. Since the so-called end of the financial crisis, when the government spent over 700 billion dollars to “fix the system,” over 511 banks have failed.
When the shit hits the fan, how long can the FDIC continue to pay out on these insured deposits. With banking industry assets sitting at around $22.7 trillion, there is little reason to believe the FDIC will ever be able to cover these insured deposits during a full-scale collapse.
While many believe the FDIC protects their money, the truth is, there is not enough money to protect everyone. If the system collapses, your FDIC-insured account is anything but certain.
Realize your dollars may become worthless.
Since the COVID shutdowns, our money has become even more worthless. From gas prices that have more than doubled to soaring food prices and sky-high interest rates, our dollar is losing value quickly.
You need to seriously look at the possibility of an all-out collapse of the system. If this happens, your dollars will quickly become worthless.
You must start to take a balanced approach to being financially prepared for the future. While investing in your financial future is important, the same can be said for investing in your ability to survive future disasters. If you haven’t started preparing for economic troubles, now is the time to seriously consider stocking up to survive future financial problems.
Investing in long-term consumable goods.
This means stocking up on items you will need and use in the future or stocking items you can barter with in case the system fails. By stocking up on food, water, survival gear & supplies, and bartering goods, you will have a nice stockpile of supplies that will help you through almost any disaster.
Another upside to investing in consumable goods is these goods are completely secure from financial market volatility and will continue to hold their value after the collapse. In fact, as we’ve seen over the last year, most consumables will probably skyrocket in value in a post-collapse world.
Be Prepared to Feed Yourself when the Collapse Hits!
Grocery Options that ship right to your Home:
Be Prepared to Defend Yourself
Learn to Be Self-sufficient NOW!
To truly be prepared, you need to learn how to be 100% self-sufficient.