Biden is transforming the Federal Reserve into a high-tech version of the Soviet Gosbank.
Banks are falling like dominoes. First Silicon Valley Bank collapsed and was taken over by federal regulators. Then they took over faltering Signature Bank. Depositors and investors as far away as Europe got nervous about their money. Share prices plunged in Credit Suisse, the second-largest bank in Switzerland, and depositors wondered if they’d be able to get their money. Credit Suisse was gobbled up at discount rates by the largest Swiss bank, UBS. First Republic Bank has started to teeter. A bunch of banks have loaned it billions to keep it upright, but regulators might be intervening there next.
Read more at “America Just Nationalized Its Banking System”