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This could mean something but probably doesn’t.
It’s still worth taking note of – biggest loans in history.
RT:
US banks took out a combined $164.8 billion in loans from two Federal Reserve facilities over the past fortnihght, Fed statistics released on Thursday showed. This came as lenders rushed to backstop liquidity in the event of bank runs in the wake of the Silicon Valley Bank collapse.
According to the data, US lenders borrowed $152.85 billion from the discount window in the week ending March 15, up from $4.58 billion in the previous week. The figure, which marks an all-time high, topped a record set during the 2008 financial crisis.
The borrowing came via the Fed’s discount window, which is a tool whereby the Fed provides liquidity to banks in the form of loans against safe collateral for up to 90 days. US lenders also obtained another $11.9 billion in loans through the Fed’s Bank Term Funding Program, a facility launched following the SVB collapse and under which funding is available for up to one year.
.@DavidSacks tells @jimmy_dore that all the money would have ended up in the hands of the four largest banks if the Federal Reserve didn’t support regional bank depositors:
“The person who is licking his chops over this whole thing, who doesn’t want a bailout of the regional… https://t.co/HHbSzl6sge pic.twitter.com/1YfmPyIHd5
— kanekoa.substack.com (@KanekoaTheGreat) March 16, 2023
Earlier this week, the Financial Times reported that the top six Wall Street banks have lost around $165 billion in market capitalization this month, about 13% of their combined value, in the wake of the fallout from the largest US bank failure since 2008.
Last week, SVB, which focused on the tech and startup sectors, was shut down by the US financial authorities, thus sparking a crisis in the sector. This followed the liquidation of California-based, crypto-focused Silvergate and New York-based Signature Bank.
This might seem like problem, but it’s literally not, because the Federal Reserve can print infinite amounts of money.
“There is an infinite amount of cash at the Federal Reserve”
— Wall Street Silver (@WallStreetSilv) March 14, 2023
I’m serious. Not even joking.
If the fed wants to secure your deposits, they absolutely can. There is no printing necessary. It’s just numbers on a screen.
Of course, the real threat is actually the fact that the US dollar is not going to be the reserve currency forever, and this collapse is hastened by the sanctions on Russia, which were totally insane, and drove much of the world to back away from the US.
Now you have China brokering peace between Saudi and Iran – and where do you think that goes? Towards more reliance on the American financial system?
Anyway, the other thing to remember is that the US government could organize a banking crisis. I don’t really understand why they would do that, but I also don’t understand what they are doing in the Ukraine or with the sanctions.
Basically, game theory is of limited use, as the US government is not acting in rational self-interest.
