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

grarpamp grarpamp at gmail.com
Sun Mar 19 20:49:03 PDT 2023


Watch: Yellen Stammers After Senator Corners Her On Bailouts,
Protecting CCP-Linked Deposits

Treasury Secretary Janet Yellen was caught flat-footed on Thursday
during testimony before the Senate Finance Committee, after Sen. James
Lankford (R-OK) grilled her over whether all deposits at Oklahoma
community banks would now be fully insured like those at Silicon
Valley Bank and Signature Bank.

"Will they get the same treatment that SVB just got, or Signature Bank
just got?" asked Lankford.

"I'm concerned you're...encouraging anyone who has a large deposit at
a community bank to say, 'we're not going to make you whole, but if
you go to one of our preferred banks, we will make you whole,"
Lankford said.

"That is certainty not something that we’re encouraging," Yellen replied.

"A bank only gets that treatment" under the systemic risk exception
rule, Yellen continued, explaining that it takes a 'supermajority'
vote to do so.

    "I, in consultation with the president, determine that the failure
to protect uninsured depositors would create systemic risk and
significant economic and financial consequences," she said.

Chinese investors made whole?

Lankford then noted that it has been reported that many Chinese funds
and startups, including those with ties to the CCP, had invested with
SVB.

"Will my banks in Oklahoma pay a special assessment to be able to make
Chinese investors whole from Silicon Valley Bank?" Lankford asked, to
which Yellen replied, "I suppose that could include foreign
depositors."

"I don’t believe there’s any legal basis to discriminate among
uninsured," she continued.

Watch:

    Here is the snippet: pic.twitter.com/85iBeXC0Wn
    — Seidler (@SeidlerCorp) March 17, 2023

In a Wednesday letter to Yellen, Sen. Marco Rubio requested that the
US government must ensure that "hostile, foreign adversaries" must not
benefit from the collapse of SVB.

"I ask the department to ensure that foreign adversarial regimes, as
well as companies subject to their jurisdiction, are unable to exploit
this moment for their own material benefit," wrote Rubio.

"As the Department of Treasury, in tandem with the Federal Reserve and
the FDIC, continues its response, I request information from the
Department of Treasury regarding depositors from the PRC, including
Hong Kong and Macau, that can expect to receive federal reimbursements
from the Deposit Insurance Fund and other federal relief," the letter
continues.
A customer stands outside of a shuttered Silicon Valley Bank (SVB)
headquarters in Santa Clara, Calif., on March 10, 2023. (Justin
Sullivan/Getty Images)

SVB reportedly had an estimated $13.9 billion in uninsured or
uncovered foreign deposits.

    In a March 11 statement, SPD Silicon Valley Bank—a joint venture
with the state-owned Shanghai Pudong Development Bank—confirmed that
its operations were “sound.”

    “The bank has a standardized corporate governance structure and an
independent balance sheet,” the company said in a statement.

    Andon Health, a medical devices manufacturer, confirmed in a
filing to the Shenzhen Stock Exchange that all of its deposits at SVB
“can be used in full and have not suffered any losses.” BeiGene, one
of the largest drug companies in China, announced that it had $175
million in uninsured cash deposits at SVB. Pharmaceutical firm Zai Lab
maintained $23 million in deposits.

    Others, such as Everest Medicines and CStone Pharmaceutical,
assured investors that the SVB failure would not affect their overall
operations. -Epoch Times

How reassuring!


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