News, Rumors and Opinions Sunday Morning 3-12-2023
Bank Dominoes Falling
Posted on 03/11/2023
In September 2021, Silvergate Bank, specializing in digital currency, was performing well. In fact, the bank reported record-breaking growth in deposits and loans in 2020, thanks in part to increased demand for its services from clients in the cryptocurrency industry.
On Wednesday, March 8, 2023, Silvergate Capital announced it ended operations and liquidated its Silvergate Bank.
This announcement sent its stock price plummeting, following a months-long downward spiral for Silvergate Bank, which was over-exposed to cryptocurrencies.
One day later, Silicon Valley Bank informed some clients that wire transfers could be delayed.
The bank’s support phone lines became inaccessible.
In addition, numerous customers stated having difficulty logging in to the company’s website to view their account information and make transfers.
Meanwhile, Silicon Valley Bank competitors like JPMorgan sought to convince some SVB customers to move their funds from SVB to JPMorgan.
This Friday morning, trading in Silicon Valley Bank stock has been halted as a classic run on the bank unfolds.
The entire bank stock index is down big as overnight deposits have been walking out the door… or rolling into higher-rate options, squeezing bank profit margins.
One of the prevailing themes is that the Fed has been trapped via its mandate to fight inflation and maintain high employment.
Rate hikes had never accelerated so high in such a short duration. Critics of this monetary policy stated, “The Fed will keep hiking until they break something.”
Things have been breaking in the past two days:
First Republic Bank based in San Francisco, saw its shares plummet 16.5% Thursday and 15% Friday to $80 a share, a new 52-week low.
Phoenix-based Western Alliance Bancorp stock lost nearly 35% and trades at $49 a share.
New York-based Signature Bank stock fell more than 21% to $82, a 52-week low.
Salt Lake City-based Zions Bancorp stock fell more than 13% to a 52-week low of $40 a share.
Pasadena-based East West Bancorp shares were down more than 12% to $64 a share.
Minneapolis-based U.S. Bancorp stock lost 7% to close at $42.30 a share.
Going back to basics is essential to understand the interplay between banking, gold and silver. Returning to fundamenta is a crucial refresher and could be critical in risk management.
Read full article here: https://dinarchronicles.com/2023/03/11/bank-dominoes-are-falling/
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Courtesy of Dinar Guru
Frank26 Historically when has Iraq made a move/a change in their monetary structure? What months of the year does that normally happen? The answer is April and September. Therefor IMO March has a good chance for them to show them everything/explain everything to them and in April walk into the new exchange with a new currency...
Pimpy Inside Iraq they're gonna start using the dinars and start getting away from the American dollar. That's what they need to do if they want to strengthen their currency. They're going to have to pull away from using the US dollar. Not to mention there's already the gap between the official rate and the black market rate is getting wider again. One of the ways you can help tamper that down is stop offering the US dollars. Iraq is heading in that direction. Their ATMs are going to be dinars only. They're going to be limiting people to the amount of dollars they can have...that's a good thing for Iraq . It's a step in the right direction.
We are international I don’t care about what people says
Nader from the Mid East: 3-11-2023
SVB Fails, "This Could Be The Big One" | Bob Moriarty
Liberty and Finance: 3-12-2023
The Silicon Valley Bank failure is the second largest bank to fall in US history. SVB was in the top 20 largest commercial banks in the US. Its collapse is likely to create a contagion that takes down the entire financial system, says Bob Moriarty, Marine, Naval Aviator, and financial author.
"This could be the big one." And he explains how the Silvergate's failure and problems in the cryptocurrency sphere are connected.