Have you ever gotten that feeling of deja vu? Ya know, that unsettling sense that history is repeating itself? Well, many of us who lived through the 2008 financial crisis are starting to feel like maybe there’s a glitch in the Matrix, because a lot about these bank failures seem strangely familiar, and once again it’s the everyday person that gets stuck holding the bag.
Interested in Crypto Retirement Accounts? Check out iTrust Capital!➡️
0:00 Intro
0:55 Background
2:25 SVB
5:42 The Problem
7:00 Conclusion
💱 Use this link to trade with us on BitGet, an exchange that puts users and security first. ➡️
₿ Join The BitBoy & BitSqud @ Bitcoin Miami 2023, May 18-20! Receive 10% off your tickets by clicking on this link & using code BITBOY ➡️
Join The BitBoy & BitSqud August 24-26th in Denver, CO! Receive 10% off your tickets by clicking on this link, creating an account & using code BITBOY10: ➡️
NEW to crypto or NEW to the channel, join the BitSquad:
📚 Grab My Book ➡️
📚 Learn more about crypto ➡️
📈 BitLab Trading Suite | Get access to the best trading indicators ➡️
Protect Your Crypto in Cold Storage:
💳 BC Vault Cold Wallet ➡️
💳 Ledger Cold Wallet ➡️
💳 Trezor Cold Wallet ➡️https://bitboycrypto.com/deal/trezor
BitSquad Tools:
🧾 Need crypto tax help? GET 10% off CoinLedger tax tracking services with code: BITBOY ➡️
🔬 Research with Token Metrics ➡️
⚙️Lux Algo Trading Tool ➡️
🛠 Market Cipher Trading Tool ➡️https://bitboycrypto.com/deal/marketcipher
Represent Your Crypto Squad:
👕 Best Crypto MERCH ➡️
Come Stake On-Chain with The BitSquad:
🧐 How to join Cardano (ADA) BitPool ➡️
●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬●
Connect with Me & the BitSquad!
Join Me on Twitter ➡️
Join Me on Instagram ➡️
Join Me on TikTok ➡️
Join Me on Rumble ➡️
Join Me on Minds ➡️
●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬●
All of our videos are strictly personal opinions. Please make sure to do your own research. Never take one person’s opinion for financial guidance. There are multiple strategies and not all strategies fit all people. Our videos ARE NOT financial advice. Digital Assets are highly volatile and carry a considerable amount of risk. Only use exchanges for trading digital assets. Never keep your entire portfolio on an exchange.
Sources:
https://www.levernews.com/regulators-stiffed-low-income-communities-in-silicon-valley-bank-bailout/
#bitcoin #ethereum #crypto #news #nft #economy #money #blockchain #invest #inflation #cardano #cryptocurrency #xrp #litecoin #dogecoin #shibainucoin #world #asia #americas #europe #middleeast #africa #southafrica #unitedkingdom #france #brazil #argintina #mexico #spain #korea #india #germany
Have you ever gotten that feeling of it You know that unsettling sense that History is repeating itself feeding Itself well many of us who lived through The 2008 financial crisis Starting to feel like maybe there's a Glitch in The Matrix because a lot about These bank failures seem strangely Familiar and once again it's the Everyday person gets stuck holding the Bag let's get it Thank you [Music] [Music] Welcome to Big Boy crypto my name is Ben In this video we're going to compare the Strange Deja Vu the 2008 bangy crisis to The recent fall of Silicon Valley Bank 15 years ago the United States Experienced a major financial crisis Pretty much everyone agreed that the big Banks and corrupt financial institutions Were to blame the government responded With a series of big bailouts and Sparked outrage across the entire Political Spectrum Wall Street received A financial Lifeline while Main Street Was left holding the bag the struggling Families who suffered the worst of the Crisis were ignored knowing that their Tax dollars were funding bonuses for the Criminal Bankers who created the mess in The first place the people were told That these Banks were too big to fail
Which confirmed the growing belief among The average person that the system was Rigged this led to a deep-rooted Distrust in that system that Justice Continued to grow over the years as many Of you know Satoshi nakamoto's Bitcoin White paper was initially published in The wake of this crisis the bailouts Were a perfect example of why it had Been developed in the first place when Bitcoin's Genesis block was mined on January 3rd nine Satoshi embedded a Headline into the block the times 0-3 January 2009 Chancellor on brink of Second bailout for the banks so he must Have felt that the bailouts were Important and something the Bitcoin Could fix Satoshi had already been Working on the project for over a year When the bailouts were announced so it's Important to remember that Bitcoin was Not a response to the bailouts of some Journalists have suggested in the past It just happened to be perfect timing a Solution was launching just as the Problem was starting to become painfully Obvious Now in a striking case of deja vu deja Vu we find ourselves standing in a Familiar Crossroads and where's Bone Thugs-N-Harmony Once again the government is forced to Bail out Banks because of their Potential systemic risk or in other
Words they're too big to fail when Silicon Valley Bank was under risk of Collapsing earlier this year Janet fell And Yellen was careful to say that the Government was not giving them a bailout Even though they were bailing out the Depositors of the bank it was Technically different from the bailouts We saw back in 2008 because svb as a Business was not saved and the Executives did not get access to a big Pile of cash this is definitely a good Thing don't get me wrong but if you look Into the details of the case it looks Like Main Street was left holding the Bag yet again Silicone Valley Bank made Huge commitments to support low-income Communities California because they want To look good for Regulators while they Were trying to get a merger approved This is a common practice in the Financial industry of course banks will Make large commitments to low-income Communities as a way of making up for The increased power they will have when They merge into a single company This way they look better for regulators And face less resistance or activists Svb signed an 11 billion dollar Community benefits agreement that Included Promises of affordable Mortgages and small business loans but They were not required to honor that Agreement when they collapsed and
Neither are the new owners that took Over the bank the government stepped in To save the wealthy depositors at svb While the commitment to the low-income Communities are left paying the balance Now before we really dive into the rest Of the details here's a brief ad from Our Channel sponsor steak not quite as Big of a gamble as using a bank [Applause] [Applause] [Applause] [Applause] So First Citizens Bank and Trust Company The new owner of svb was given a 17 Billion dollar discount on their Purchase but The Regulators did not Require them to honor svb's previous Commitments as a result construction has Been totally stopped on some affordable Housing projects in California the Average person the ones who are supposed To be protected by the system were once Again left behind promo Banks growing Too big to fail with their risk being Socialized while their profits are Privatized is still baked into the System Now I want to be clear that this does Not mean that the depositors at Silicon Valley Bank are bad people or deserve to Have their savings or Investments wiped Out many of these people were brilliant Crypto Builders and I'm happy that they
Got their money back but it really shows How the system favors the wealthy Because the health of the system is Dependent upon their success if the Wealthy fail the system fails which Might be another clue that the whole Thing is rigged in the first place But it doesn't have to be that way after Watching how things have gone down in Crypto over the past year should be Clear by now that nobody around here is Too big to fail except for maybe the bit Squad of course make sure to click that Subscribe button if you want to join the Strongest team in crypto No matter how successful or well Connected a business is it will fail if It's a scam or just being run Irresponsibly we saw this with both FTX And Celsius of course it'd be great to See customers of FTX and Celsius get Their money back too but the financial System doesn't really care about crypto Investors either even some of us have a Bit of new money Although I'm not sure it's fair to call Either of them crypto businesses because They were basically centralized Financial institutions that dealt with Crypto this was ultimately their Downfall and their key weaknesses they Were centralized and they became corrupt Very easily ultimately it was a culture Of crypto kept those two in check but in
Their operations were truly Decentralized we may have avoided these Problems and the customers may have been Spared if we look back through the History of crypto the vast majority of The big scams have been centralized Exchanges a ton of D5 platforms have Definitely rugged people too but they Were actually centralized exchanges two They were just calling themselves Decentralized which is something you Always need to be on the lookout for Here in crypto imagine if svb had been Operating on a decentralized platform Where decisions were made by a community Of stakeholders in public instead of a Few Executives behind closed doors There would have been no Shady deals no Surprise commitments that could be swept Under the rug and no need for government Bailouts the bank's fate well it would Have been in the hands of the community And its users from the very beginning And I trust that a lot more than making Executives of the Federal Reserve this Is your series of Bank crashes have been A harsh reminder that the systemic Issues we saw in the 2008 financial Crisis are far from fixed even after 15 Years we're witnessing the same poor Problems banks are still way too big and It's still average citizens who end up Dealing with most of the risks thank God We've got crypto that's all got be
Blessed [Music] Thank you [Music] [Applause] [Applause] [Music] Foreign [Music]