The banking industry has taken a hit as of late. Silicon Valley Bank, worth $209 billion, was the first to collapse due to a bank run, and its ripple effects have caused Signature Bank to go under as well. And this is certainly not the end of it.
This is happening because the Federal Reserve raised interest rates on bonds in an effort to curtail inflation from the COVID era, at the same time that tech startups are withdrawing large amounts of cash because the industry isn’t as profitable now that lockdowns are ending. In other words, the contradictions are accumulating.
However, it should be no surprise that the system will bail these merchants out instead of helping the people of Palestine, Ohio, where that kind of money is actually needed. When they make mistakes, we suffer the consequences.
This should serve as a reminder that fiat currency isn’t actually backed by anything. It has no intrinsic value. Your money is best used to prepare for what is coming.
The last time something like this happened was in the 1930s.