After Silicon Valley Bank failed, President Biden told Americans they "can rest assured that our banking system is safe. Your deposits are safe." Yet, for many, it is increasingly clear that this is not the case.

Across the Western world, banks are unsafe for those holding views that diverge from state-approved media narratives. Banks routinely close accounts of depositors with views that diverge from the accepted narrative, often without notice, a practice called "debanking."

Even a cursory review of recent debanking incidents makes it clear that conservatives and conservative groups are disproportionately affected. And the advent of a cashless economy fueled by central bank digital currencies (CBDC) will exacerbate this trend. With CBDCs, governments will be able to directly control access to financial services.

Though it has accelerated, debanking is not uniquely American, nor is it new. Across the West, digitized banking has resulted in a top-down politicization of financial services, enabling the debanking of individuals and large enterprises.

A decade ago, the Obama Administration's "Operation Choke Point" pressured banks to cease relationships with businesses perceived to hold unacceptable ideological views. The trend has only picked up steam since then.