Think the banking system is stable and your money stored in banks is safe?
https://bikeshed.party/objects/cddd15e5-9f73-44c1-989e-2d1a01b6a139 says that #
WSJ stated 186 banks are in similar condition to recently seized #
SVB. (No link included and I don't feel like trying to dodge their paywall while searching Wall Street Journal for one specific article.) Fears of #
contagion have a real basis ... it remains to be seen whether we weather this without a 2008-2011 style financial panic.
Also, the follow-up post says that more than 20 private jets flew to Omaha #
NE yesterday ... speculation being that regional bank CEOs are coming to see Warren Buffett for some sort of bailout. I don't necessarily hold to that view, simply because with so many publicly traded entities, someone would have said something that required a disclosure filing with the #
SEC (the real one, not the South Eastern Conference of college football, but the Securities and Exchange Commission). They may or may not have filed such a filing, but for sure, those CXOs would go out of their ways to avoid the appearance of needing to file.
Note also that most recent problems in the #
cryptocurrency space have been caused by entanglements with traditionally regulated commercial #
banks, #
exchanges, and other regulated #
financial companies. I don't think people should consider cryptocurrency an "investment" so much as a secondary channel for transactions that may offer continued access when your bank is inaccessible.
I recently experienced a bank being inaccessible, as the bank I'd been using since the 1990s sold the branch where my account was located and I've spent the last couple of months dealing with a bungled transition. Coming on top of six months without income, it has been highly stressful. Just yesterday, they notified me that they think they've cleared the last obstacle.
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