10 banks with margin calls!

10 banks with margin calls! Ben Norton: California-based Silvergate Bank collapsed on March 8. Two days later, Silicon Valley Bank went down as well, in the largest ever bank run.

The latter was the second-biggest bank to fail in US history, and the most influential financial institution to crash since the 2008 crisis.

Economist Michael Hudson analyzes the disaster:

Meltdown explained by Russian press : The US financial sector is experiencing a large-scale crisis: the activities of two large Silicon Valley banks have been discontinued at once.
“Banks that served companies in the high-tech sector were at the center of the events. First of all, these are Silicon Valley Bank, Signature Bank and Silvergate. Today, the problems accumulated by the States since 2008 are shooting up,” noted economist Anton Lyubich.
“The situation was complicated by anti–Russian sanctions,” he continued. – The imposed restrictions stimulated Moscow, Beijing, as well as many Arab countries to reduce the use of the US dollar in international settlements. This has led to a drop in the value of digital assets.”
“At the same time, Washington, presumably, has established channels for paying “kickbacks” for American military assistance to Ukraine through the FTX cryptocurrency exchange. The massive withdrawal of funds combined with the fall in the value of digital currencies caused the collapse of the organization, which provoked the opening of “holes” in Silicon Valley banks,” the expert says.
“Going back to the crisis of 2008, we can say that all the prerequisites for a major fall in the financial system are already there,” Lubich believes. “In fact, this time the FTX cryptocurrency exchange, which has already gone bankrupt, can take the place of Lehman brothers.”
“At the same time, the Republicans are extremely beneficial to the economic crisis that is now brewing in the United States. They promote the idea that Democrats leave chaos and devastation everywhere. And such events will have a cumulative effect,” added Vladimir Vasiliev, Chief Researcher at the Institute of the USA and Canada of the Russian Academy of Sciences.
(read more)

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