Posted on 03/13/2023 9:42:38 AM PDT by Jan_Sobieski
The fallout from the collapse of Silicon Valley Bank is beginning to spread around the world.
Startup founders in California’s Bay Area are panicking about access to money and paying employees. Fears of contagion have reached Canada, where the bank’s loan book has doubled in the past year. SVB’s unit in the UK is set to be declared insolvent, has already ceased trading and is no longer taking new customers. On Saturday, the leaders of roughly 180 tech companies sent a letter calling on UK Chancellor Jeremy Hunt to intervene.
“The loss of deposits has the potential to cripple the sector and set the ecosystem back 20 years,” they said in the letter seen by Bloomberg. “Many businesses will be sent into involuntary liquidation overnight.” This is just the beginning. SVB had branches in China, Denmark, Germany, India, Israel and Sweden, too. Founders are warning that the bank’s failure could wipe out startups around the world without government intervention. SVB’s joint venture in China, SPD Silicon Valley Bank Co., was seeking to calm local clients overnight by reminding them that operations have been independent and stable…
(Excerpt) Read more at m.jpost.com ...
I didn’t go to the party... I don’t want to PAY for the party!!
Just got an email from a B2B tech business I buy from saying they can’t accept payments right now because of Silicon Valley Bank. Wasn’t this supposed to be resolved over the weekend? A friend of mine who sells on Etsy is saying they’re having problems too. Is it “contagion” yet?
And I suppose a global crisis requires intervention by a global government?
This article implies as much, but stops just short of saying so. No matter. Others will soon be saying it.
Spread!
PANICKING!
CRIPPLE!!!
Wait a day or two if you can. The FDIC knows how to resolve these banks, and get the new ones up and running.
Watch and see. At least one of those ‘dying on the vine’ start up businesses will have Greta The Grouch lobbying for them. “If this Green Mutual Fund is ‘murdered by the Capitalists’, we will only have 3 years left to live before Globa Warming destroys us all!!”
Square uses svb and I got my 12.39 cent deposit this morning. (I use it as rarely as I can)
She thinks she's in charge, but she's not even in charge of her own thoughts. She's a troubled child who's been weaponized by the oligarchs.
Senile Biden, Crazy Greta, Stupid AOC ... lots of puppets on the stage. The Oligarchs prefer to remain offstage. Then when an election or revolution comes, it's the puppets who are removed, while the Oligarchs place new puppets on the stage.
...And the beat goes on.
If insurance covered your deposits, you will get all of that.
If not, pound sand.
I am waiting for the jumping out of buildings by the woke Aholes who authored this mess. Videos, please.
Global warming causes banks to fail.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.