Earlier this week, I wrote an article about the possibility of the FDIC doing a bail-in with your money. The article discussed how actions would be taken on a Friday and how depositors could be right out of luck.
Several readers called it “fear porn” but as it turns out, it wasn’t.
This morning, it’s been announced that the FDIC has taken control of the deposits in Silicon Valley Bank. As of today, Friday, customers are not able to access their accounts.
Financial regulators have closed Silicon Valley Bank and taken control of its deposits, the Federal Deposit Insurance Corp. announced Friday, in what is the largest bank failure since the Global Financial Crisis more than a decade ago.
The collapse of SVB, a key player in the tech and venture capital community, leaves companies and wealthy individuals largely unsure of what will happen to their money….
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.
The FDIC said in the announcement that insured depositors will have access to their deposits no later than Monday morning. SVB’s branch offices will also reopen at that time, under the control of the regulator.
The FDIC also said SVB’s official checks will continue to clear.
This is incredibly concerning. SVB is (or was) a major banking entity for venture-based companies.
This will not only affect depositors, but also those with loans and credit lines through SVB. According to CNBC:
It is unclear exactly how larger accounts or credit lines for companies will be impacted by the closure. The FDIC said it will pay uninsured depositors an advanced dividend within the next week.
We certainly hope that the bleeding stops here.
Seriously…you need to pay attention.
Notice that this implies all the accounts are now under the control of the FDIC. Not just the big ones. Not just the ones with tens of thousands of dollars.
Hopefully, people will be able to access their money again on Monday.
If nothing else, please let this be a wake-up call. I’m not here trying to spout doom. I’m trying to warn you that your money is in a precarious position.
If you haven’t already, it’s high time that you begin making plans to invest some of your savings in gold or silver. This, of course, comes after your emergency fund and your preps. But if you have a large sum of money just sitting there in the bank, it could be at risk.
To learn more about moving your money into precious metals, go here to speak to an expert at no charge.
This is exactly how they said it would happen.
In the video I shared earlier in the week, members of the FDIC discussed this situation exactly. They said they’d to it on a Friday to give them the weekend to strategize. They talked about how to do it without starting a panic.
In a three-and-a-half-hour “fireside chat,” FDIC bankers openly discussed the potential of a bail-in. They talk about the “strategic options” open to the FDIC, making moves over the weekend, and also mention the 40 million accounts they have to dip from “at the time of resolution.”
I don’t know what else I can say here.
I really hoped that it wouldn’t come to this. And there’s still time to pull things out of the fire – we haven’t yet seen a bail-in.
If we used the US military’s Defcon system for banking, I’d say this puts us right at Defcon 2.
As per Zero Hedge:
All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023. The FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds. As the FDIC sells the assets of Silicon Valley Bank, future dividend payments may be made to uninsured depositors.
This will hardly boost depositor confidence in other small banks and, by extension, big ones.
Check out their article to see why they believe this is the start of a banking “contagion.”
People who don’t bank with SVB aren’t necessarily in the clear. Here are some of the projected real-world impacts.
What are your thoughts?
I have to wonder if this is a test run to see how we respond.
Are you concerned about the apparent collapse of SVB? How do you think the demise of one bank could affect the rest of the system? Are you going to do anything this weekend to get better financially prepared?
Share your thoughts in the comments.
They can’t do a bail-in now because of politics but when something bigger happens and people are scared they will be happy to do so. This is an evil concept.
Silicon Valley Bank is a investment bank in Santa Clara,Ca.. the fact that property values have collapsed, coupled with the exodus of people in those areas, it comes as no surprise. the housing and commercial property market has collapsed there as well as in many other blue cities, properties are selling for pennies on the dollar,,,when they can sell them.
they can’t give them away now.
people and businesses are getting out of those areas if they can.
they just LOVE pulling this shit on fridays, dont they!!!
The think it will keep the stock market and bank customers from panicking, that cooler heads will prevail on the following Monday…
…When Titanic hit the iceberg, “timing” wouldn’t have emptied that ship out anymore than it will make money appear in that bank…
Titanic didn’t hit an iceberg.
Exactly. My credit union did an “update” last month on a Friday that lasted a week. My mind told me bank run but my gut said get another bank account at another credit union closer to my home , which is what I did, and start transferring my savings. I’m also looking at that gold website Daisy posted. I’m following Robert kyosaki on his financial tips as well.
I’ll admit up front to being Financially Ignorant. Never went for stocks and options as it seemed to risky of a venture to me, so I’ve not followed the Financial sector much at all.
That being said, this action is extremely worrisome, and I think it’s another step towards the Economic Collapse coming our way.
IDK for sure, but isn’t this a direct violation of FDIC’s original charter and mandates?
If I’m not mistaken, firing up a DINB is in FDIC’s remit to ensure customers have access to insured funds. The rest is up in the air.
Get out of the FDIC insured banks while you still can.Transfer those funds to a local state bank or credit union that is not insured by the FDIC. The FDIC is going after everyone’s accounts, not just richie rich’. Purchase precious metals and other hard assets to protect your wealth, while those hard assets are still available to purchase. Keep those precious metals and hard assets in your personal possession. Do NOT have your assets held by a third party. When everything goes under, that third party will take your assets to save themselves and their families, and leave you out in the cold.
Might be wise to not put gold, silver, gemstones or other valuable items in a bank’s safe deposit box.
I understand that in the past these items were confiscated.
You shouldn’t keep anything in a safe deposit box. When my in-laws died, we went to the bank with the key to their safe deposit box. The woman there offered to bring the box TO us. I said ‘Don’t we have to use our key at the same time you use yours’? (see link below) She shrugged and said we could come with her. The only thing in it was a car title. Our folks had stocks and other items of value. We knew they wouldn’t bother keeping just a car title in it. We believe that whatever else was in there had been stolen. The only reason the car title hadn’t been removed is that it would have left a paper trail to whoever might have fenced it (w had the keys to this car). Bank locksmiths have been known to pick the locks of boxes nearby when a renter loses the key. There are no cameras in the vault. GREAT hmm? So you are safer putting your money in a double ziploc bag and burying it under a planter in your yard than a safe deposit box. A metal detector can find gold, coins, etc so make sure it is paper. Use GPS coordinates to record what/where/how many spots you’ve hidden things. Use code names so people don’t know what you are referring to. There are good books out there about where to hide valuables.
Same thing happened to us when my grandma died. Bank was like “what safety deposit box?”. Also took all of our property even though there was a will stating we get the property. I’ve since learned from this. Keep everything in stash spot where only you know where it’s at and can access it
Correct. Gold was confiscated. I don’t know about silver or gems confiscation.
Gold as jewel would be better choice, maybe.
I’m in 100% agreement with you. I got rid of all my 401k n Ira’s last year, after I got fired from my job at the stock market, at a bad loss and taxed out the ass twice for pulling my money. I’m no financial guru and saw the market tanking last year. I believe this is just going to have a dominoes affect and is being done purposely
ok, so what do we do? we’re retired, have a bit of savings and our retirement fund and dont want to lose it. what would be our movement right now? hubs doesnt believe in gold/silver tho I do, he couldnt live with the loss of it. need guidance as to where to put, bury, etc. and should it all be pulled at once? right now he wont even start up his RMDs….thanks for ideas for this “oldie” God bless….
I wish I had a clear answer for you. I’m NOT a financial advisor and don’t have the knowledge to tell you this. Here are some suggestions that may help.
1.) Make sure you know EXACTLY what your investments are invested in. Consider the safety of where you’re invested.
2.) Click on the link in the article and talk to some professionals. It’s free and they can help you figure out a strategy.
3.) I’m not sure how much better they’ll be, but consider credit unions instead of big banks.
I’m sorry that I can’t give you more advice, but these three steps should help some.
I used to listen to & watch Suze Orman the financial guru. She always said credit unions were the best even 15 years ago. After watching The Big Short…I moved to a credit union & use credit cards from it & not banks. I had too many fraudulent usage on my big bank credit cards.
If banks can sponsor big stadiums but not approve decent low interest rates for their customers, I’m out.
I have a clear and unambiguous answer, as I’ve been mostly in this shtf mode since 2008 when I saw a well orchestrated plan to intentionally destroy American get underway. What we are seeing now (March 2023) is simply the next chapter in their centuries old playbook. Which includes financial shocks such as bank and market failures, followed by war and economic destruction. Heck, even COVID was a replay of intentional pandemic & control measures going back to 1918.
Note: The Timing of these events tells you all you need to know with respect to an orchestrated plan of economic destruction. For example, March 2020 was the Lockdowns. March 2021 was the mandatory vax. March 2022 was supply chain destruction. March 2023 seems to be dollar destruction to bring on a CBDC. 2024? Probably war. LoL, and they (WEF, Deep State, Banksters, etc) aren’t very subtle about stating they plan to have a 70-88% population reduction in the USA by the elections in Nov 2024. I strongly suspect they will easily make those numbers. They’ve done it many times before.
Ok, the answer to your question, and thankfully it is expressed elsewhere in these comments. If you don’t have “it” in your physical possession, then you don’t own it. That applies to Real Estate, Food Storage, Equipment, Energy Supplies & Fuel, Water, Precious Metals, Ammunition, and so on. Very, very (very!) easy to shift into this posture with a slow & steady approach. Maybe a little faster now if you haven’t even started. But that includes all financial assets, even retirement accounts.
Precious metals? I’m not sure why so many people regurgitate these mealy-mouth expressions that they won’t do you any good. I completely disagree! Since 2008 I shifted my liquid assets (including IRA) into Gold & Silver Eagles. Then started bartering and trading with precious metals as I weaned myself off of cash. Here’s what I can report.
EVERYBODY takes precious metals! An observation that is not meant in any way to be insulting, but it plays out like this when given the choice of Gold/Silver Coins or Cash:
– Hourly wage employees such as food servers tend to favor cash.
– Skilled labor such as Nurses, Plumbers, Electricians, Handyman, Fabricators, Builders, Welders, Chiropractor, Car Mechanic, Teachers, Massage Therapist, Barber, etc., opted for precious metals.
– Business owners such as Real Estate agent/broker, Ranchers (beef on the hoof), Farmers (eggs, milk, cheese), Contractors (greenhouse & barn construction) Equipment Sales (Backhoe, Concrete Pumps, Grizzly, Tractors, Generators, etc), Wellness Clinic, Tire Service, Electrical Supply, Steel (Rebar, Beams, Grate) etc – opted for precious metals more than 90% of the time. The exception was the contractors fabricating or building that gave me a 10% discount for cash, which they used to make payroll on Fridays.
– Building out a retirement Homestead (with a view towards prepping) is a very enjoyable project, that quickly turns into a passion – no matter the size of your budget. It has a way of morphing into a creative adventure, and just builds momentum year after year.
The essentials were done in about 3-4 years (on retirement income). Now it is just a matter of continuing my creative pursuits, and finding more enjoyable ways to solve – or better yet sidestep – these government created catastrophes. In a way, it is like outsmarting a flock of chickens. But you can’t take too much credit, because all you did was outsmart…chickens .
The really important point is to align yourself with like minded people, and build trust networks with your neighbors & friends. Like it is often mentioned in these comments!
Very rewarding to predict and control your destiny, and probably a miserable finish if you don’t.
Thanks for sharing this extremely useful info.
Invest in land and the ability to feed yourself, after you accept Jesus as your Lord & Savior. That’s about all you can do.
Actually I’m one of them, although I didn’t call it “fear porn” so much as I said that I believe bail-ins are more of a myth. NOW! I didn’t say anything about banks failing outright – that’s happened before, and I believe that we are in for many more of them.
In this case it should be noted that the failure of SVB is tied closely to the collapse of Silvergate Capitol (which was heavily involved in the Crypto exchange FTX) The writing was on the wall for this one.
Another one to watch right now is Credit Suisse, the second largest bank in Switzerland. It is on the verge of total collapse as well. When major national/international banks collapse that is something to take note of. But, for anybody that’s been watching, Credit Suisse has been in trouble for a while with various scandals, and accusations of fraud and mismanagement.
SVB was actually number 18 on the list of the largest banks in the U.S. so it’s downfall is not insignificant. When we hear rumors of one of the top five, or even top ten – it’s time to panic. Right now is the time for measured action to be sure. Time to take steps to protect our investments. But with inflation running hot for the foreseeable future, we were at that point already.
I would not eliminate the possibility that this was always part of the plan. Our gov’t has been laundering billions through drug cartels, forever wars (and now Ukraine), Covid, FTX and hundreds of other schemes. If the goal is to decimate the middle class, this would be the best way to do it. Poof, 75 years of savings gone. Millions will ultimately die as a result. Goal achieved?
Oh, it was definitely part of the plan.
I’d venture to say that everything we see on a smallish scale is a test to see how it all goes down. Gives them information for the real deal.
Couldn’t happen to a nicer bunch of liberals… Hope you lose it all..
Sorry to break it to you, but it will greatly effect you as well.
Please reconsider posting this. Humility serves us all well when we use it.
Wishing bad things on other people. That’ll get you through hard times.
Try just being a human.
This was always my concern on gold and silver and digital currency …. Dollar collapses…. They go to digital currency and tell everyone you also have to we will give you .70 on a dollar…. Then after a few months that .70 goes down and so on. But who is going to take silver and gold? You wont be able to go to the grocery store and purchase items with it, they will all be playing the game of digital.
The answer is to learn to barter… now. There are always people willing to take other forms of payment. The key is to find those people and start participating now. Barter requires trust. So you need to start building that trust now before things get really bad. And that means having discussions with the people you interact with. And not just about trade and barter, but getting to know them and they getting to know you. Building trust.
As an example, my barber will always take silver in exchange for a hair cut. We just started talking about it one day and she said how great it would be if people would pay her in silver. The next time in, I gave her the choice between the posted haircut price in cash and an ounce of pure silver. She took the silver and has ever since. She trusts me and I trust her. That’s where you need to be.
As with the housing collapse of 08-09′ the real question is there other connected investments to the bank, that will have ripple effects in other parts of the economy.
Recall some declared the housing collapse of 08-09′ would not spread to the larger economy (sorry, dont recall the name of the Fed chairman of the time, just he got on his knees before Pelosi and begged her to bail out the banks at the taxpayers expense). Then we came to understand what SIVs, CDOs were and how they were connected to the housing market and why housing collapse did in fact spread to the larger economy.
Regardless, the way I see it, the FDIC (and by extension, the government) is doing everything it can to keep things calm.
After all, if it happened to those Silicon Valley types, who says it cannot happen to anyone of us.
Start messing with peoples savings, money, they tend to get really, really, really, pissed of the torches and pitchforks kind.
Reading other articles noting the same about what other effects this bank run/closure could have.
If SVB was just a run of the mill small bank, I do not think this would of got so much attention.
However, from what I am reading, a lot of Silicon Valley start up companies, venture capitalists, and others with a whole lot more than the FDIC $250,000 insured coverage. It has been estimated only 3-7% of deposits are insured.
Now, seeing talk about a government bail out. Rep. Matt Gaetz (R-FL), is saying he will not support a government bail out.
Of note, it appears a number of those who had deposits in SVB, are also Democrat donors.
Yeah the republicans and churches grifted off their PPP loans “forgiveness”.
So did a whole bunch of people who are not Republicans or churches.
republicans are squealing the most about “forgiveness” and fraud. And quote your non-faux news, non-alternative source for aforementioned donors.
You know what? I really think that sometimes you add to the conversation, and I enjoy having a different perspective – nobody needs an echo chamber. But your delighted zeal about this situation is really not kind, helpful, or conducive to real discussion.
I dont watch or read Fox news if that is what you are inferring.
I am not brainwashed to watch MSM like CNN, MSNBC.
It also being reported that SVB received “stimulus” funds, and put those funds into mortgage-backed securities.
At the time it made sense.
However, in order to combat Bidenflation, the Fed had to raise rates, putting an end to the hot housing market, and mortgage-backed securities took a big hit.
Here is a warning from Home Depot co-founder, Bernie Marcus,
“I can’t wait for Biden to get on the speech again and talk about how great the economy is and how it’s moving forward and getting stronger by the day. And this is an indication that whatever he says is not true. And maybe the American people will finally wake up and understand that we’re living in very tough times, that, in fact, that a recession may have already started. Who knows? But it doesn’t look good,”
I would argue that some Americans are fully aware we are living in tough times. They see it at the grocery store check out line, at the fuel pump, when they open their utility bills.
Reports of people lining up outside of SVB, and other SVB related/exposed banks, trying to pull their money out.
Boston Private Bank, recently acquired by SVB.
First Republic Bank in Brentwood, Los Angeles.
Some are speculating a possible bank run come Monday.
Marketwatch is reporting there are 10 other banks of a similar profile as SVB.
Note, they were not owned by SVB.
Does not mean they will fail like SVB. But I would not sneeze in their general direction.
SOP. FDIC takes over failing bank on Friday, opens back up following week, usually Monday. Bank assets are sold to other banks. SSDD
Multiple banks fail annually. FDIC has teams they deploy to clean these up. Usually, it’s a No Worries situation.
Maybe not in this case. SVB had over $171 Billion on deposit but less than $26 Billion was insured by the FDIC. The rest had exceeded the threshold amount of $250,000 per account. One thing is almost absolutely certain, the wealthy that take this loss will not be quiet about it and when they get loud a lot of others will listen.
You are correct Javell. I was out in WA state when WA Mutual failed and then a few years later Frontier bank. Things seem to bounce back. I had money in Frontier, but I kept a watch on their ratings. When they started to go down, I moved my money before the closing.
The Fed will find a buyer, or should I say a bank looking for brownie points/good will. Happens in the banking sector as well as the insurance sector. Seen it happen in both sectors.
The answer to this problem is simple; at least for the little people like us. Only keep enough money is a bank to facilitate your normal activities. Things like bill paying, check writing, etc.
Never, and I do mean NEVER, keep your savings in a bank. They don’t pay any amount of interest that will ever make a difference, and those deposits don’t belong to you. The minute you “deposit” money in a bank it ceases to be your money. You only have a claim against the bank’s assets. And as we just saw in this case, if there is an issue with the bank, small depositors are the last in line.
Gold, silver, and cash in a secure location (not a safety deposit box) are the best was to save your money. Iff you can’t immediately lay your hands on it, then it doesn’t really belong to you.
Matt, or anyone.
where would suggest keeping it?
it’s always amazing to me how many people have opinions on this subject, but no-one has any real solutions, not even one. i have no answers to the problem either. but i’m looking.
to bury my money in the back yard, in the barns or hide it under the bed is not the answer.
gold and silver is a great hedge against inflation, but only if you can hold it in your hand.
God forbid if a true grid down situation should ever happen ( EMP-CME , it’s not coming back for a long, long time kind of thing thing), coinage won’t buy anything, just like paper money. commodities like food, water and medicine will become the new gold. that’s where i stash my money. that and land, enough to keep people far away from me. and IF i were to sell a spot to someone, i can always pick my neighbors.
Personally, I think the way to go is “Secret Squirrel”, and hide it someplace safe and make sure loved ones have a means of finding it if anything happens to you.
Like buried in an old coffee can, or inserted into a wall cavity or whatever…
Not everyone lives in America. Americans, in my experience, tend to forget that!
In some parts of the world we do get decent interest rates and retirees often rely on that for a significant chunk of their income. It’s a better option than having everything locked into a pension fund.
Yup, inevitable this is the result of policy and possibly some other” things”
Some folks say to move money in FDIC insured banks (Fib) to credit unions or non-FDIC insured banks (nFib). Fib folks will notify federal folks when you try to transfer your money. Fib folks may refuse to release your money until a later time. What are you gonna do then, sue the fib? If they have your money, how do you plan to pay the legal prices?
Federal folks may then assault you via investigations. Federal folks may seize your money if they decide that your withdrawal is suspicious. Looks to me like if most of your money is in a fib, you are raped.
I just tried to find out if there are any nFibs in my part of the world. I found nothing. Those folks who talk about nFibs can do better by citing links to such banks or by telling folks how to find nFibs.
The US govt will bail out SVB and the others that will come after it. Too much pressure at the worse of times, must avoid systemic risk. It’s the pedal to the metal printing age.
This has happened before, a lot during the 1980s. Until they can’t stop the avalanche anymore, then there will be blood in the streets. Or a war. Or both. Probably both.
But it will take some time, it’s early and we’re just entering systemic risk phase.
First Republic Bank had a run today.
Do what you can to keep your assets safe.
😯 ‘Several readers called it “fear porn” but as it turns out, it wasn’t’ 😮
Readers who thought that, I’ll be blunt and call these folks ignorant, w/ heads in the sand. Right before the last financial fiasco, there were a few canaries in the coal mine, like one of largest Money Market Funds collapsing, also we all know what happened to Lehman Bros., everything was fine, until it wasn’t! As a financial advisor for over 20 years I gave 🆙 on folks who don’t listen & focused on one’s that do. People get caught up with lies & propaganda on the boob tube 24/7 and don’t check for the Truth independently. They will end up being shorn 🐑 or the boiling 🐸!
Btw Jim Cramer once again on his tv program proved what a buffoon he is saying a few weeks ago that SVB was fine, same as he did in ‘08 telling people to buy as market was collapsing! Who watches this 🤡?
This is the way a bank that collapses this fast is supposed to be resolved. The FDIC ensures that insured depositors can get their quarter mill (in this case by setting up a DINB – usually accounts get split between different banks if the FDIC has to get involved), and tries to figure out how to serve uninsured depositors. At this point, we’re waiting on the books to get done to see if SVB’s assets are sufficient to fill its liabilities. If not, uninsured depositors, and insured depositers in excess, will take a write down – there just isn’t the money to pay them.
SVB’s assets were not managed correctly, and it is also possible the people triggering the run were short-selling it. A collapse this fast is not normal. Most of you in these comments sections don’t have more than 250k at any bank. You’ll be fine. Those who do, well you can probably weather this. Utilities, your mortgage, and any other creditor you have (except wage workers, who have their own creditors who may not be flexible, so they can’t be) should be reasonably flexible – “the bank I’m with just collapsed, can you give me some extra time?” but you may have trouble getting through to customer service due to the depths of the queues.
Topical to this blog, as I recognize that as a non-prepper, I’m very much a guest, I will likely reiterate the tired lines: it’s important to have, in a central location, stocks of non-perishable food, any meds you depend on to survive, battery banks to last you days and laptops, all fully charged, a way to cook, refrigerate (especially if you have diseases like diabetes) and stay warm that doesn’t rely on grid electricity or firegas nor on a propane guy coming, a way to repair your house should it fall apart, and a knife (more useful than a firearm, which you also should have if local laws allow, and which you should store safely unless practicalities (such as active gang or rogue law enforcement operations) require you to be ready to fire), and any other things you think you might need if things do go very sideways on you. You should also have a CB radio, and know how to use it, and you should have redundant up-to-date and tested backups of your irreplaceable computer files in the same place as your other go-items. I commend you to build a NAS device (Network Attached Storage) if you can.
Mind that currency is inherently a state thing, and the state (whatever that is, be it USG or Satoshi Nakomoto) has full control over it. It’s helpful to have value in the form of goods you can use to eke a living – a “means of production,” if you will – readily available to you, as in a situation where the state has gone rogue, you may have to use goods and services to pay for goods and services (give the local thigh-high wearer a case of eggs and she’ll fix your computer for you if she can find the parts, or make your local hillbilly’s truck stop misfiring in order to get some of his maize). Bars of gold will not help you. If the sky is falling and you bring me what is a shiny brick and you expect me to fix your phone, I can’t just nip down to the exchange and get useful things with that – consider bringing me a few pigs’ loins and half a cow’s liver instead.
You hit the nail on the head. Silicon Valley thought the dream would go on forever, but Socialist policies of of taxing the rich has pushed the rich to greener pastures. Responsibility for bad laws and policies would mean a politician would have to first admit a mistake- has that ever happened? So what are the repercussions? Jobs move away with the Tech companies together with tax paying employees, followed by skilled labour who serviced those tax paying families. The bank closures are another symptom of the disease. I am inclined to expect more bank closures and a banking crisis which could lead to a fall in the stock market as the ‘herd’ spook and run for the door. As risk increases so will interest rates which will create more pressure on households. What the Fed is not saying as they jawbone on about employment etc. Is the neocon war to take control of Russian mineral and oil resources. Wars make banks nervous, and interest rates are another form of insurance premium to buffer that war risk.
In no way a bail-in – a mismanaged bank that SURPRISE, gave out bonuses right before the Fed took them over. Just remember this wasn’t a particularly large bank. When a bank’s big boys and/or board members start unloading stock, not a good sign. The big four will likely STFU about having to increase their reserve amounts, at least for a while.
And so it begins. Step one in assuring digital currency. The end game is now for the government to take over banks and convert their assets into digital in the name of fairness and being able to dole out reparations for losses.
The feds created the problem knowing that they had this solution in the wings.