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What's REALLY Happening with Big Banks and Should We Worry?
Posted
April 5, 2023
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April 5, 2023
51
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1:56Now PlayingBanks are collapsing all over the place. What is causing this? And should you be worried? Here are the facts. Recently, several pretty big banks with hundreds of billions of dollars of other people's money have come awfully close to going bust, and it's triggering widespread panic within our financial sector. It all started with Silicon Valley Bank, or SVB, which is one of the top 20 biggest banks in America, and the go-to bank for many of the big players and companies in the tech world.
Many people began withdrawing their money from SVB after they found out that the bank sold a large amount of the government bonds that it owned for a loss of nearly $2 billion. Why did SVB sell the bonds in the first place?
Well, the bank was getting into a lot of financial trouble, because the US government treasury bonds it owned went way down in value because, as you've probably noticed, our government has sharply raised interest rates in order to combat the inflation which they created by spending trillions of dollars in order to make up for the shutting down of our economy during the pandemic. Make sense?
Well, since the collapse of SVB, we're now learning that there are several other banks that are holding billions of dollars of other people's money, who are now in a similar financial situation. And this is causing a lot of people to be worried about their money and whether or not it's safe in their checking accounts. But is this fear rational? Are we about to head down a really dangerous path?
Or are these banking collapses just minor bumps on the road? We'll probably learn the answer to these questions in a few months. But one thing is for sure: all of us who are warning that you can't just shut down the world economy to fight a virus and expect that there won't be any unforeseen consequences like widespread bankruptcies, record inflation, and now banking collapses, well, we turned out to be right.
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