Cryptocurrency: BANK RUN PANIC Spreads Around Globe, Crypto and Gold Demand Skyrockets, FDIC Coverup

[grarpamp]

> Not your keys, Not your Money...

"Never Seen In Over 40 Years" - SVB Collapse Sparks Bank Runs As
People Wait In Lines

https://twitter.com/MarioNawfal/status/1634670618095534080
https://twitter.com/mcuban/status/1634586029331042310

https://unusualwhales.com/news/numerous-corporate-executives-sold-silicon-valley-bank-sivb-stock-before-the-collapse
Before the collapse, executives sold shares.
Gregory Becker, CEO, sold 11% on Feb 27, 2023.
Michael Zucker, Counsel, 19% on Feb 5.
Daniel Beck, CFO, 32% on Feb 27.
Michelle Draper, CMO, 25% on Feb 1

https://www.washingtonpost.com/us-policy/2023/03/12/silicon-valley-bank-deposits/
https://twitter.com/SchreckReports/status/1634947746724724738
https://twitter.com/LawrenceLepard/status/1634275111204421632
https://twitter.com/marcfriedrich7/status/1634427782003343361
https://twitter.com/Dr_PhillipB/status/1634632068058722304
https://twitter.com/Jason/status/1634771851514900480
https://twitter.com/BillAckman/status/1634662286844411904
https://twitter.com/BobEUnlimited/status/1634539450557505537
https://twitter.com/NickTimiraos/status/1634673235982680065

Thousands of companies will fold or lay people off next week because
of lack of access to accounts through no fault of their own.
(1) Startup Extinction Event - thousands of startups and small
businesses won’t be able to make payroll and will immediately need to
furlow or layoff employees if the FDIC does not release...

Current List of Known Companies With Silicon Valley Bank, $SIVB, Deposits:
1. Circle: $3.3 billion
2. Roku: $487 million
3. BlockFi: $227 million
4. Roblox: $150 million
5. Ginkgo Bio: $74 million
6. iRhythm: $55 million
7. Rocket Lab: $38 million
8. Sangamo Therapeutics: $34 million

Friday morning's seizure of Silicon Valley Bank by the Federal Deposit
Insurance Corporation (FDIC) underscores the banking sector's
vulnerability, exposing the Federal Reserve's lack of foresight in
combating inflation through aggressive interest rate hikes that have
caused regional banks to crumble. As venture capitalists and others
with inside knowledge panicked and withdrew a staggering $42 billion
in deposits before SVB's collapse, an old-fashioned bank run
reminiscent of the one in the classic 1946 film "It's a Wonderful
Life" has ensued, involving ordinary people.

Let's go down memory lane and revisit the bank run scene from the movie.

The velocity at which elite investors and depositors removed $42
billion from SVB on Thursday is truly impressive, causing the most
significant US bank failure since the financial crisis just one day
later. Unfortunately, small banking clients had insufficient time to
withdraw their funds, leaving their unsecured deposits likely lost,
and the FDIC only provides protection for deposits of up to $250,000.

    This is what a digital era bank run looks like https://t.co/s7Ex17Dk84
    — Ben Schreckinger (@SchreckReports) March 12, 2023

On Saturday, just like the bank run scene from It's a Wonderful Life,
images and videos surfaced on social media of people lined up outside
SVB branches and other SVB-exposed banks, trying to panic-withdraw as
much money as they could.

    Shades of 1930’s. This is my bank in Wellesley this morning.
Boston Private Bank, recently acquired by Silicon Valley Bank. Ruh,
roh. pic.twitter.com/MAD46ozShx
    — Lawrence Lepard, "fix the money, fix the world"
(@LawrenceLepard) March 10, 2023

    Bankrun in the US #SVB pic.twitter.com/HbMmR2dLge
    — marc friedrich (@marcfriedrich7) March 11, 2023

    I’ve never seen a bank run in Brentwood Los Angeles in over 40
years — this is at first republic bank branch. People standing in rain
pic.twitter.com/k31PqqpyO3
    — pjb.eth (@Dr_PhillipB) March 11, 2023

On Sunday, Treasury Secretary Janet Yellen said banking regulators are
working to resolve failed SVB with a focus on depositors but didn't
elaborate on details.

Yellen told CBS's "Face the Nation" that despite SVB's collapse, the
US banking system remains safe, well-capitalized, and resilient. She
said officials are "working to address this situation in a timely
way."

Meanwhile, as Jason Calacanis writes, this might be the beginning.

    ON MONDAY 100,000 AMERICANS WILL BE LINED UP AT THEIR REGIONAL
BANK DEMANDING THEIR MONEY — MOST WILL NOT GET IT

    THIS WENT FROM SILICON VALLEY INSIDERS ON THURSDAY TO THE MIDDLE
CLASS ON SATURDAY — MAIN STREET FINDS OUT MONDAY
    — @jason (@Jason) March 12, 2023

The question we posted yesterday to premium subs: "Was Silicon Valley
Bank Really Unique, And Who Is Next."

    And while all US banks parked some part of their money in
Treasuries and other bonds that dropped in value last year thanks to
the Fed's fastest rate hiking campaign since Volcker, SVB took it to
an entirely new level: as Bloomberg notes, SIVB's investment portfolio
swelled to 57% of its total assets. As the chart below shows, no other
competitor among 74 major US banks had more than 42%.

As fear spreads this weekend, even more people will likely be lining
up in front of these regional banks on Monday morning.

... and Monday it is.

    From a source I trust: @SVB_Financial depositors will get ~50% on
Mon/Tues and the balance based on realized value over the next 3-6
months. If this proves true, I expect there will be bank runs
beginning Monday am at a large number of non-SIB banks. No company
will take even a… https://t.co/2BoqtCDKJt
    — Bill Ackman (@BillAckman) March 11, 2023

Chris Bakke @ChrisJBakke
This is it, folks. Absolutely insane lines today. Unprecedented run on
Starbucks points. Saw several people redeeming their points for free
coffees. One man redeemed for TWO breakfast sandwiches. Manager said
they may run out of sandwiches today.