IPFS News Link • Central Banks/Banking
US Government splurges $12.7B to save 10 wealthy depositors
• Cryptopolitan• The US government has spent $12,700,000,000 to bail out 10 wealthy depositors amid the banking crisis in March 2023.
• Several high-profile regional banks went bankrupt in the spring of 2023, including Silicon Valley Bank (SVB), Signature Bank, and First Republic Bank.
• What happens to other clients? Is the US government headed for worse times than the Great Depression?
The US Government has portrayed a level of injustice to so many in the economic society following the crash of several big banks. According to sources, the Federal Deposit Insurance Corporation (FDIC) has released an unredacted document revealing that the US government guaranteed the accounts of Silicon Valley Bank's (SVB) top ten clients following its highly publicized failure in March. This should not come as a surprise – investors should have seen this coming and known better: The rich get richer, and the poor just sink further deep.
US Government definitely favors the rich
American Catholic priest, sociologist, theologian, and author of racy bestselling novels such as The Cardinal Sins, Father Andrew Greeley, once said, "It should be no surprise that when rich men take control of the government, they pass laws that are favorable to themselves. The surprise is that those who are not rich vote for such people, even though they should know from bitter experience that the rich will continue to rip off the rest of us."




