Wed Mar 22, 2023 – 2:07 pm EDT
This article was originally published by The Defender – Children’s Health Defense’s News & Views Website.
(Children’s Health Defense) — A week-and-a-half after the second-largest bank failure in American history ignited uncertainty throughout the global economy, experts warn bank failures and the stabilization measures taken by the Federal Reserve and Wall Street are creating even greater bank consolidation – and might further pave the way for a central bank digital currency (CBDC).
Silicon Valley Bank’s (SVB) collapse earlier this month led to the collapse of Signature Bank, the voluntary closing of Silvergate Bank, and the takeover of all three banks by the FDIC.
In response, top credit rating agency Moody’s lowered the outlook for the entire U.S. banking system to “negative.”
Now the banking crisis is spreading to Europe. Swiss regulators engineered a “forced marriage” between UBS and the troubled Credit Suisse this past weekend as part of an effort to stabilize the bank in the face of increasing concerns that a major financial crisis is imminent.
The collapse and downgrading of these banks have bolstered the position of what has come to be called the systemically important banks (SIBs) – financial institutions whose failure could trigger a
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