Mon May 8, 2023 – 7:13 pm EDT
(LifeSiteNews) — With almost eight months left to run in 2023, this year’s banking collapses already eclipse those of the financial crisis of 2008 – and 2009 – combined.
According to a piece by Michael Snyder, published on May 1 in Zerohedge:
Collectively, the three big banks that have collapsed in 2023 had more assets than all 25 banks that collapsed in 2008 did.
Three down – more to go?
The Federal Deposit Insurance Corporation (FDIC) published detailed figures of every failed bank in the U.S. since the year 2000. It acts as receiver for ruined banks, assuming some of their liabilities with tax payer funded purchase agreements and guarantees.
Signature Bank, New York, NY and Silicon Valley Bank, Santa Clara, CA collapsed in March 2023, joined by First Republic Bank, San Francisco on May 1.
These collapses were caused by capital flight – a fancy term for a bank run. Despite the reassurances of the management, this is not a minor crisis limited to a few bad apples. The tree is rotten from the roots.
What is a bank run?
Money follows confidence. When a bank loses
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