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Svb + Ftx + Sbf = Wtf?

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As if all the operations around finance in this land were not already unsound and degenerate enough, the alleged president just cancelled moral hazard altogether. It’s now official: from here forward there will be no consequences for banking fraud, poor decision-making, fiduciary recklessness, self-dealing, or any of the other risks attendant to the handling of other people’s money. Bailing out the Silicon Valley Bank and Barney Frank’s deluxe Signature Bank means that the government will now have to bail out every bank every time something goes wrong.

 The trouble, of course, is that the government doesn’t have the means to bail out every bank. Its only resort is to ask the Federal Reserve to summon new money from a magic ether where the illusion of wealth is conjured to paper-over ever greater fissures in the splintering matrix of racketeering that America has become. That will quickly translate into US dollars losing value, that is, accelerating inflation, which is how nature punishes you when your government lies and pretends that it has a bad situation well-in-hand.

     Be advised: the situation is not in-hand and is going to get a whole lot worse as new and subsidiary shocks thunder through the weeks and months ahead, until the whole wicked business blows. Likewise, the reactions of our government will only get more tragi-comically pathetic. The harder this gang of feckless, wannabe control freaks pretends to control events, the faster events spin out of control.

     Money dies when it loses its direct connection to the generation of wealth from the real things of this earth: fuels, crops, metals, materials, labor, and the value-added products made from them. Since that divorce has already happened, the need arises for something else that can function as money (a store of wealth, an index of value, and a medium of exchange). The government will pretend that a Central Bank Digital Currency is that something else. Since banking is now nationalized by the Federal Reserve backstopping everything and everybody, then theoretically all the wealth of the nation is under its command. That would be another illusion.

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Source: https://ncrenegade.com/svb-ftx-sbf-wtf/


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