Top News Stories - 16 March 2023

 The Daily Stirrer brings you our selection of the day's top news stories from around the Web. Obviously some of these are from mainstream media but we try to find the important news that the mainstream will not cover because it challenges the propaganda narrative of the globalist movement.

 16 March 2023

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'What the f--- happened?': Shocked Dutch farmers' protest party celebrate surprise win

Farmers-Citizen Movement is projected to become the equal largest party in the senate, in a blow to Mark Rutte's four-party coalition 

by James Crisp, Telegraph

Caroline van der Plas’s Farmers-Citizen Movement is projected to win 15 seats in the senate, from none before the vote: Credit: Sem van der Wal/EPA-EFE/Shutterstock

A farmers' protest party angered by new green laws triumphed in shock Dutch election results, prompting its leader to ask: “People, what the f--- happened?”

Caroline van der Plas’s Farmers-Citizen Movement (BBB) is projected to become the equal largest party in the senate, taking 15 seats from none before the vote.

The Left-wing GroenLinks/PvdA is also expected to win 15 seats, in the wake of months of turbulent farmer protests against government plans to cut nitrogen emissions.

Mark Rutte, the centre-Right Dutch prime minister, insisted his coalition government would survive, after its four member parties lost eight of their combined 32 seats in the 75-seat senate ... Continue reading >>>

 MORE posts on Europe

[ Europe unglues ] ... [ Europe catalogue ] ... [ Net zero reality ] ... [ EU fascist federal Union ]

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'Bailout or Bust'? European Bank Risk Rises As Credit Suisse Stock Tumbles After €50bn Bung

Yesterday we reported the first stage in the inevitable collapse of Swiss banking giant Credit Suisse. Last Friday saw the total failure of the Silicon Valley Bank, the 16th biggest bank in the United States. The biggest bank failure since the 2008 financial crisis. And according to the financial markets news feeds we see, this could be just the start of something much bigger.

Overnight the Swiss National Bank bunged €50 billion plus some small change in fresh liquidity to the collapsing retail bank  Credit Suisse. And even that was not enough to prevent collapse as CS share values have continued to tumble on European, American and far eastern stock markets today. And in the USA where the crisis began last week with the collapse of Silicon Valley Bank on Friday and three other bankers went bust in the days that followed, worries about the stability of the banking system continue to grow.

By Sunday, the Silvergate Bank and Signature Bank had joined SVB in full collapse. All three are now safely under Federal Deposit Insurance Corporation (FDIC) control.

The FDIC has taken the unusual step of fully guaranteeing all deposits kept with the SVB – meaning the federal government will give taxpayer money out to compensate every SVB customer.

But the damage didn’t stop there. Naturally, this put pressure on other regional banks, with two more – First Republic Bank and PacWest Bank – coming close to collapsing themselves, following mini-runs. Neither is yet out of trouble.

The 's activity in the financial markets saw Wall Street’s 4 biggest banks lose over 55 billion dollars in value. Bank stocks around the world are sliding in value.

As of this morning Credit Suisse’s stock is at an all-time low, sparking a sell-off of stocks all over the world.

Yet while fears for the solvency of other EU banks grew and caused further panic throughout the finance sector and among corporate businesses which run on debt and fear their credit cards may be cancelled at any moment, European Central Bank chief Christine Lagarde announced a 50bps (half a percentage point,) increase in the European default lender's base rate. Required to explain the move at a time when Credit Suisse is on the verge of collapse and every incremental rate hike by the ECB makes keeping deposits at the bank that much more difficult, Legarde  explained: "Inflation is projected to remain too high for too long", therefore the Governing Council today "decided to increase the three key ECB interest rates by 50 basis points, in line with its determination to ensure the timely return of inflation to the 2% medium-term target." 

ECB  press releases also stated "the elevated level of uncertainty reinforces the importance of a data-dependent approach to the Governing Council’s policy rate decisions, which will be determined by its assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation, and the strength of monetary policy transmission."

That said, the ECB was quick to note that "the Governing Council is monitoring current market tensions closely and stands ready to respond as necessary to preserve price stability and financial stability in the euro area."

It also said that "the euro area banking sector is resilient, with strong capital and liquidity positions"  and added that "the ECB’s policy toolkit is fully equipped to provide liquidity support to the euro area financial system if needed and to preserve the smooth transmission of monetary policy."

RELATED:

[ Money and Finance ] ... [ Europe in free fall ] ... [ America debt disaster ] ... [ The Debt Crisis
] ... [ Inflation - the cruellest tax ]

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Ukrainian Official Says Kyiv Doesn’t Have the Resources for a Counteroffensive

by Dave de Camp, Anti-War.com

A senior Ukrainian government official told The Washington Post that Kyiv doesn’t have the resources to pull off a big counteroffensive in the coming months as Ukraine is lacking skilled troops, munitions, and other equipment.

“If you have more resources, you more actively attack,” said the official, who spoke to the Post on the condition of anonymity. “If you have fewer resources, you defend more. We’re going to defend. That’s why if you ask me personally, I don’t believe in a big counteroffensive for us. I’d like to believe in it, but I’m looking at the resources and asking, ‘With what?’ Maybe we’ll have some localized breakthroughs.”

The official said Ukraine doesn’t have “the people or weapons” to pull off a counteroffensive. “And you know the ratio: When you’re on the offensive, you lose twice or three times as many people. We can’t afford to lose that many people,” the official said.

The Post also spoke with a Ukrainian battalion commander who went by the name of Kupol and detailed the grim situation on the frontlines. Kupol said his battalion previously withdrew from the town of Soledar, which is near the eastern city of Bakhmut, and came under Russian control in January.   ... Continue reading >>>

 

[ Ukraine war, Europe sanctions ] ... [ Russians Are Coming ] ... [ Nordstream pipeline attack ] ... [ Pipeline sabotage suspects ] ... [ Putin Europe ]

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Credit Suisse On The Brink, Which Bank Will Go Next?

For the past few days we have been focused on the banking crisis in America, with Silicon Valley Bank, Signature Bank and First Republic Bank went into administration as rising interest rates, falling bond yields and defaulting borrowers combined to make them insolvent. It was always clear this crisis was not going to be limited to America but may be a surprise to people not involved in finance or investing is Swiss retail bank Credit Suisse. Swiss bankers are traditionally known for their cautious approach to lending mess so how did one of their leading banks, and one designated in previous crisies as too big to fail get into the impending mess.

The exposure of Credit Suisse to far too much dodgy debt has been known for a long time, in fact shareholders in the bank have been asked to bail it out several times. This time however, the distressed bank’s biggest shareholder, Saudi National Bank (SNB), which is 37% owned by the kingdom's sovereign wealth fund, has publicly ruled out further investment for the bank.

Shares of Swiss banking giant fell by more than 20 percent and the cost of insuring its bonds against default soared on Wednesday when SNB, its biggest shareholder said it would “absolutely not” provide additional support.

The decline brought shares to an all-time low. Concerns about the bank’s health and stability have been weighing on the stock for three months.

The most recent sell-off appeared to be triggered by remarks from the chairman of Saudi National Bank, the biggest shareholder of Credit Suisse, when asked if the Saudi bank was open to further capital injections.

“The answer is absolutely not, for many reasons outside the simplest reason, which is regulatory and statutory,” Chairman Ammar Al Khudairy said in an interview with Bloomberg TV.

SNB's announcement that it is not prepared to flush any more money down the toilet that is Credit Suisse is just about the worst news stockborkers and bond traders could have been given with markets already in a blind panic following several bank runs and resultant bank shutdowns.

A couple of paragraphs quoted by Zero Hedge in their writeup of the situation explain how this has led to “the cost of insuring the bank's bonds against default in the near term to distressed levels.” 

"One-year credit default swaps for the embattled Swiss lender were indicated at 835.9 basis points on Tuesday's close of business, based on pricing source CMAQ. Other pricing sources point to a further rise on Wednesday, while a level of 1,000 would indicate serious concern," Bloomberg said. 

Credit Suisse’s CEO was on the stump defending the bank and its capital ratios today, but that doesn’t mean much in an investing environment where any hint of negative performance can immediately trigger a collapse of share prices and market capitalisation.Take these examples of recent attempts to reassure investors:

“I would ask everyone to stay calm and to support us just like we supported you during the challenging times,” Silicon Valley Bank’s CEO said just days before the bank was taken over by the FDIC.

“Signature Bank, a New York-based, full-service commercial bank, announced today updated financial figures as of March 8, 2023 and reiterated its strong, well-diversified financial position and limited digital-asset related deposit balances in the wake of industry developments,” Signature Bank wrote in a PR just 3 days before it was also taken over by regulators.

And now, today: "We have strong capital ratios, a strong balance sheet," said Credit Suisse Chairman Axel Lehmann, dismissing rumours that the bank was trying to negotiate terms of a bail - out with the Swiss government.

Earlier this month, while speaking at the Financial Sector Conference in Saudi Arabia, Lehmann said government assistance "isn't a topic" for the lender as the Swiss bank sought to shore up confidence among shareholders and clients.

This may come as a surprise to some, but the Chairman may have 'misplaced' the truth.

The Financial Times reports that, according to three people with knowledge of the talks, Credit Suisse has appealed to the Swiss National Bank for a public show of support.

Credit Suisse also asked for a similar response from Finma, the Swiss regulator.

“It is looking inevitable that the Swiss National Bank will have to intervene and provide a lifeline,” said Octavio Marenzi, analyst at Opimas.

“The [Swiss National Bank] and the Swiss government are fully aware that the failure of Credit Suisse or even any losses by deposit holders would destroy Switzerland’s reputation as a financial centre.”

This latest news comes on top of a report that the ECB has asked EU lenders to disclose their exposures to the Swiss lender, a person familiar with the matter told the Financial Times.

Finally, Bloomberg reports that the US Treasury says it's monitoring the Credit Suisse situation, and is in touch with global counterparts.

Officials at the Treasury Department are working closely with European regulators, said one of the people, who spoke on condition of anonymity.

As we wait for the next bank to collapse I can only quote the words of a wise and articulate man I once worked with, when he was told 'government experts' were being brought in to supervise the multi - million £ project we were working on as it was of national importance."

He said: "We're fucked, I'm fucked, you're fucked, we're all fucked. We're fucking fucked."

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German Health Minister Admits Serious Side Effects From Covid-19 Vaccines, Flips Official 100% Safe Narrative

 

posted by Dr. Dickie Hart, 15 March 2023

German Health Minister Karl Lauterbach doesn't wear a face mask prior to the weekly cabinet meeting at the Chancellery in Berlin, Germany, Wednesday, Feb. 1, 2023. (AP Photo/Michael Sohn)

Official data shows published by the German government shows that more than 330,000 COVID vaccine recipients in German have reported damage from Covid-19 vaccines, and many of them, including young people, suffered serious side effects. In the light of these figures Federal Health Minister Karl Lauterbach (SPD), who has throughout the pandemic been notable for his aggressive promotion of mass vaccination and draconian lockdown policies, has been forced to acknowledge that the incidence of serious side effects from these vaccines in unacceptably high, after he had denied for two years that there were any cooncerns about the vaccines. “That’s right: 1 in 10,000. That is the frequency of serious side effects,” Lauterbach said in an interview with public service broadcaster ZDF’s “Today Journal” on Sunday. “These fates are absolutely disturbing. To be honest, I feel very sorry for the people. Some of the vaccine damage is likely permanent. However, the drugs for treating ‘post-vac’ are not yet available and the health insurance companies’ claims for coverage are very limited. So I understand the people who complain,” he said. Immediately after making these commments Lauterbach was questioned about a comment he tweeted in 2021, in which he said that vaccination was “free of side effects.” In response Lauterbach grew evasive, saying, “That was an exaggeration I once made in an unfortunate tweet.” Lauterbach is known for his enthusiastic pushing of mass vaccination during the pandemic and the coercive measures he pushed through to make life difficily for people who refused the untested, experimental clotshot, but the health minister stated during his interview last week that he did not see any failure on the part of the Ministry of Health. He also stated repeated the misinformation planted by vaccine makers that severe side effects are rare. “So, that no false impression sticks: Severe vaccination damage, based on data from the Paul Ehrlich Institute or the European licensing authority, is on the order of less than 1 in 10,000 vaccinations. So it’s not that vaccine damage is that common,” said the health minister. He is being disingenuous here, prior to the hoax pandemic any drug found to cause serious side effects at that rate would be withdrawn very quickly. German citizens and medical professionalson social media were quickly on Lauterbach's case, with professor Stefan Homburg referencing a Weltwoche article in his post: “Pharma, authorities and Lauterbach knew it beforehand: heart damage in children, thrombosis, cerebral hemorrhage, damage to reproductive ability. After Pfizer was sued, the public now has the evidence. Homburg, who works at the University of Hanover, continued by writing, “Yesterday, Karl Lauterbach confirmed in an interview that he was ‘all aware’ of the registered vaccination damage." Damning stuff but will Lauterbach be forced to resign or will he use a variation on the classic German excuse, "I vass only following ze science." RELATED:

[ Coronavirus fear and panic ] ... [ Covid vaccine harm ] ... [ Covid vaccine fascism ] ... [ Health Tyranny ]

Will Swiss court action over vaccine injuries turn the worldwide tide?
CRIMINAL charges have been filed against the Swiss drugs authority on behalf of six people allegedly injured by the Covid vaccination. A team of lawyers and scientists have compiled a comprehensive evidence report and have made publicly available around 1,200 items of evidence, arguing that Swissmedic has created a risk to public health which significantly exceeds that of SARS-CoV-2.
They assert that the authority approved the new gene therapeutics, although the minimum standards required by law were never met ... Continue reading >>>

1 in every 73 People Vaccinated Against COVID Was Dead by May 2022 in England according to UK Government
The latest week’s data for UK deaths, for the week to 12 August 2022, reports some 1,082 more people than would be expected for this period in a normal year died in the UK. These represent the so - called excess deaths so-called that during the fear and panic stages of the COVID saga were reported so gleefully. Yet now, with the scare narrative winding down, excess deaths in the UK have averaged 1,000 for 15 weeks of this year. Bizarrely this newsworthy story has gone completely unreported by mainstream media, leaving the alt_news community to get out news of what is really happening to the world.

The Conspiracy Theorists Were Right Again: UK Gov. report admits 19.2 million people in England have not had a single dose of a Covid-19 Vaccine,
For two years this blog has insisted that the published data on COVID cases and deaths were fabricated, an essential part of a massive campaign of scaremongering propaganda. There were numerous attempts to make those of us wise enough to refuse the killer vaccines feel as if we are oddballs or freaks. In November 2021 the government's Chief Scientific Advser, back by the chief medical adviser announced that just 5 million people in the United Kingdom were unvaccinated for COVID, having declined the offer of a Covid-19 vaccine.

Bill Gates Developing Virus and Vaccine For Next Pandemic, Wants Global Surveillance Pact with W.H.O. to Track Vaccine Refusniks
Even though the efforts of politicians, the health industries and media doom mongers to keep up the fear factor over COVID looking increasingly desperate in the face of public scepticism, billionaire psychopath and wannabe vaccine messiah Bill Gates, whose 'charitable' foundation owns several for-profit biotech companies and who made $£€billions out of COVID, is already planning his next pandemic scam ...

Leaked Documents suggest Moderna created its Coronavirus Vaccine BEFORE Covid-19 was known to exist
A confidentiality agreement shows potential coronavirus vaccine candidates were transferred from Moderna to the University of North Carolina in 2019, nineteen days prior to the emergence of the alleged Covid-19 causing virus in Wuhan, China.And now further evidence suggests the American pharmaceutical and biotechnology company that has made billions through the sale of said experimental injection, is actually responsible for creating the SARS-CoV-2 virus.

COVID cover-up: UK media refuses to report that 4 of 5 coronavirus deaths over the past month occurred in the vaccinatedEarlier this evening Prime Minister Boris Johnson, in a broadcast to the nation, implored British citizens to continue doing what they’ve been told to do throughout the COVID-19 pandemic. Unfortunately everything the government has told us to do: Stay at home, Work from home, Wear masks, wash your hands every twenty seconds, do not touch anything, Shun your friends and relatives especially if they are sick, Get a vaccine, Get a second, vaccine, Get a booster vaccine, ... etc, etc, etc,
Continue reading >>>

Covid Vaccine Refusers 'Thrive On Attention' Says Prime Attention Seeker And Chief Clown Boris JohnsonIronic isn't it that the one person guilty of telling more lies and spreading more misinformation about COVID throughout the pandemic, our so - called Prime Minister and according to observable evidence, the chief idiot Boris Johnson launched another attack on 'anti - vaxxers' today, saying they “thrive on the attention”? This outrageous farrago of lies and calumnies spewed at people who have simply chosen not to be injected with a shot of toxic shite that does not immunise anybody against anything
Continue reading >>>

We have menioned the name of the eminent doctore Sucharit Bhakdi, M.D. in these pages before. Indeed, Dr. Bhakdi has been one of the most prominent criticts of the "science led" responses to the COVID pandemic from day one and has consistently warned against the mRNA vaccines rolled out around the world, citing the scientifically sound reasons this technique for modifying DNA has in the past been studied and abandoned because of the unpredictable side effects. ... Continue reading >>>

Vaccines Do Not Stop COVID-19 Spread As Governments Claim: Legal Advocacy Group

Vaccines are less effective effective in stopping the spread of COVID-19 that governments have claimed, an analysis of government narratives carried out by a constitutional rights group shows. The report was published Tuesday by the Justice Centre for Constitutional Freedoms, found that claims made by governments promising vaccination will reduce or stop the spread of COVID-19 are not supported by either medical science or empirical evidence

Germany is Now A “Total Dictatorship” Says Dutch Journalist
A Dutch journalist has claimed that Germany is now a “total dictatorship”. This may seem like a case of the pot calling the kettle black given the Dutch government's plan to evict up to 3000 farmer from their land and return those acreages 'to nature' in a bid to lead the way among EU member states, to enforce total compliance with the latest loonytoons EU climate policy which requires EU members to reduce that dangerous pollutant nitrogen, which accounts for 78% of the air we breathe ...

An Energy Crisis In Tandem With A Food Crisis On Top Of An Economic Crisis And A War. This Cannot End Well
As politicians in North America and Europe try to deflect from their own failure that have contributed to the current plethora of crises by blaming Russia and Vladmir Putin for all the current problems, while the war in Ukraine is a contributory factor in each, the real blame lies closer to home.

Swedish Media Outlet Publishes Leaked U.S. Document On How to CRUSH Europe Economy via Ukraine War Effort
Swedish news organisation Nya Dagbladet has published a leaked top secret US plans to use the war in Ukraine and an induced energy crisis to destroy European economies. The report claims the RAND Corporation a defence and foreign policy think tank founded by military aircraft maker Douglas has the official aim of improving policies and decision-making, is the source of its evidence.

Rishi Sunak Reveals How Boris Sold Us Out To Big Pharma and Globalism
it seems most people in Boris Johnson's cabinet during the run up to lockdowns were kept in the dark about many things, including the fact that 'The Science' on which lockdown policy was based was not science at all. Government was effectively reduced to a “quad” of ministers and their 'scientific advisers' deciding on Britain’s future. Rishi Sunak, at that time Chancellor of the Exchequer (finance secretary) was one of them. There were rumours at the time that Sunak repeatedly warned that lockdowns would inflict economic damage that was likely to endure for decades.

The Federal Republic of New Normal GermanySo, the government of New Normal Germany is contemplating forcing everyone to wear medical-looking masks in public from October to Easter on a permanent basis. The fanatical New Normal fascists currently in charge of Germany’s government are discussing revising the “Infection Protection Act” in order to grant themselves the authority to continue to rule the country by decree, as they have been doing since the Autumn of 2020, thus instituting a “permanent state of emergency” that overrides the German constitution, indefinitely ...

Thousands Protest In Germany Ahead Of COVID Measures Set To Go Into Effect Tuesday
Thousands of people took to the streets of Germany on Monday in protest over COVID-19 restrictions that are set to go into effect on Tuesday.The demonstrations were biggest in Mecklenburg, northern Germany, where roughly 15,000 demonstrators took to the streets to protest against tighter measures, according to local reports. In Rostock, a city along the Warnow River on the north coast of the country, roughly 6,500 people demonstrated, while in Schwerin there were roughly 2,700 and in Neubrandenburg, around 2,400 joined a demonstration. Continue reading >>>

p>"Our Country Is Facing The Biggest Crisis The Crisis We Ever Had": German Employers' Association Warns Over Russian Gas Cut
With the Nord Stream 1 pipeline closed for maintenance, with the possibility that President Putin will not allow it to reopen at the end of the scheduled 10 days downtime in retaliation for the EU's continued support or Ukraine in their conflict with Russia, Germany is facing an unprecedented crisis that could erase the prosperity Germans have grown accustomed to, warned Rainer Dulger, head of the Confederation of German Employers’ Associations.

Vaccine Safety: Germany Unleashes Spike Protein Bombshell
A new report from Germany has launched this bombshell at the parties stil promoting the vaccine in spite of the fact that almost every day new evidence emerges that this untested and experimental medication, (which is not truly a vaccine as it does not make recipents immune to the virus,) should never have been approved for use on humans or animals. [...]  A review of autopsy reports revealed "The existence of highly unusual tissue inflammation in individuals who died soon after receiving the vaccine" ...

Will Swiss court action over vaccine injuries turn the worldwide tide?
CRIMINAL charges have been filed against the Swiss drugs authority on behalf of six people allegedly injured by the Covid vaccination. A team of lawyers and scientists have compiled a comprehensive evidence report and have made publicly available around 1,200 items of evidence, arguing that Swissmedic has created a risk to public health which significantly exceeds that of SARS-CoV-2.
They assert that the authority approved the new gene therapeutics, although the minimum standards required by law were never met ... Continue reading >>>

Rishi Sunak Reveals How Boris Sold Us Out To Big Pharma and Globalism
it seems most people in Boris Johnson's cabinet during the run up to lockdowns were kept in the dark about many things, including the fact that 'The Science' on which lockdown policy was based was not science at all. Government was effectively reduced to a “quad” of ministers and their 'scientific advisers' deciding on Britain’s future. Rishi Sunak, at that time Chancellor of the Exchequer (finance secretary) was one of them. There were rumours at the time that Sunak repeatedly warned that lockdowns would inflict economic damage that was likely to endure for decades.

The Conspiracy Theorists Were Right Again: UK Gov. report admits 19.2 million people in England have not had a single dose of a Covid-19 Vaccine,
For two years this blog has insisted that the published data on COVID cases and deaths were fabricated, an essential part of a massive campaign of scaremongering propaganda. There were numerous attempts to make those of us wise enough to refuse the killer vaccines feel as if we are oddballs or freaks. In November 2021 the government's Chief Scientific Advser, back by the chief medical adviser announced that just 5 million people in the United Kingdom were unvaccinated for COVID, having declined the offer of a Covid-19 vaccine.

Bill Gates Developing Virus and Vaccine For Next Pandemic, Wants Global Surveillance Pact with W.H.O. to Track Vaccine Refusniks
Even though the efforts of politicians, the health industries and media doom mongers to keep up the fear factor over COVID looking increasingly desperate in the face of public scepticism, billionaire psychopath and wannabe vaccine messiah Bill Gates, whose 'charitable' foundation owns several for-profit biotech companies and who made $£€billions out of COVID, is already planning his next pandemic scam ...

Leaked Documents suggest Moderna created its Coronavirus Vaccine BEFORE Covid-19 was known to exist
A confidentiality agreement shows potential coronavirus vaccine candidates were transferred from Moderna to the University of North Carolina in 2019, nineteen days prior to the emergence of the alleged Covid-19 causing virus in Wuhan, China.And now further evidence suggests the American pharmaceutical and biotechnology company that has made billions through the sale of said experimental injection, is actually responsible for creating the SARS-CoV-2 virus.

How COVID Corrupted Science
Politicians who criticised AstraZeneca vaccine 'probably killed hundreds of thousands', says Oxford scientist in an outburst that reveals how the science acedemy have been totally owned by corporate money and thus have been guilty of lying, scaremongering, fabricating evidence, publishing fake statisics and spreadsing misinformation. And the politicians who told us to 'trust The Science' are just as guilty. ... Continue reading >>>

[ Coronavirus fear and panic ] ... [ Covid vaccine harm ] ... [ Covid vaccine fascism ] ... [ Health Tyranny ]
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Market Panic As US Banking Crisis Spreads

 

 

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. " Henry Ford.

by Phil T Looker, 14 March  2023

After the dramatic collapse of Silicon Valley Bank (SVB) at the end of last week, the biggest US bank failure since 2008, governments and regulators around the world are running around in headless chicken mode, trying to find a way to avoid a descent into turmoil throughout the banking sector and head off any further bank runs as depositors get their money out while they can.

Already, with regional bank First Republic following SVB into insolvency, panic in the market has seen a third  bank in the US fall into the arms of regulators: New York-based Signature Bank, with assets of $110bn, was seized on Sunday night, becoming the third largest bank failure in US history.

In the US, the Fed on Sunday guaranteed all SVB deposits and launched an emergency lending facility, while President Joe Biden pledged to do “whatever is needed” to protect deposits.

After the dramatic collapse of Silicon Valley Bank (SVB) last week – the biggest US bank failure since 2008 – governments and regulators around the world are scrambling to avoid a spiral into turmoil and stem contagion.

Already, panic in the market has seen a second bank in the US fall into the arms of regulators: New York-based Signature Bank, with assets of $110bn, was seized on Sunday night, becoming the third largest bank failure in US history.

 US central bank, The Federal Reserve, guaranteed all SVB deposits on Sunday and launched an emergency lending facility, while President Joe Biden pledged to do “whatever is needed” to protect deposits. We can excuse Dementia Joe of course, but every senior banker, accountant, economist and political policy maker ought to be fired if they don't know what is needed. The question that needs to be asked is why these wombat felchers did not do what was clearly needed, long ago.

What confuses global policymakers so much?

The banks create the money first, and then they have to get it back again. Global policymakers don’t notice the claim on future spending power piling up in the banking system.

At 25.30 mins in the video linked below you can see the super imposed private debt-to-GDP ratios.

https://www.youtube.com/watch?v=vAStZJCKmbU&list=PLmtuEaMvhDZZQLxg24CAiFgZYldtoCR-R&index=6

The banks create the money for loans to buy assets. They do this by turning a claim on future earnings into an asset. As a business banking manager for a major UK bank I created £millions by lending my clients money. Every £ I loaned made the bank £1 richer. The assets sit on one side of the balance sheet and the loans on the other. If anyone defaults the bank can repossess that asset to recoup the money. Everything balances and the system is fine, unless the person negotiating the loan miscalculates the risk and lends money secured against a worthless asset.

Central bankers provide easy money to prop up the markets by issuing treasury bonds at low interest rates. Everything is still fine. Central banks stop providing easy money to prop up the markets. Borrowers can no longer borrown more to cover their interest payments on existing loans. Asset prices fall and suddenly a bank's liabilities are greater than its assets. Nobody wants to buy debt when the debtor cannot pay the interest due and black holes start opening up in the banking system.

The effects are far reaching, Bank credit effectively brings future spending power into today.

Private and corporate banks create the money supply.

https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-creation-in-the-modern-economy.pdf

Money and debt come into existence together and disappear together like matter and anti-matter. Bank loans create money and debt repayments to banks destroy money. Bank loans create 97% of the money supply

Bank loans create money and debt repayments to banks destroy money. What does this mean in the real world?

Bank credit effectively brings future spending power into today. They create the money out of nothing for you to spend today, and you make the repayments in the future. When you make the repayments, this destroys money. Interest is the charge you pay for the service of borrowing your own money from the future.

Early success can be achieved at the expense of an impoverished future. Global policymakers just don’t notice the claims on future spending power piling up in the banking system.

Obviously what needs to be done to get us out of the boom and bust cycle is a reform of the regulatory system to ensure that loans are properly secured against real assets with real value and not against fairy dust.

This concludes lesson one of our Banking for Wankers course. 

 
RELATED:

 

 

Baltic Dry Index Crashes. The Global Economy Is Coming To A Standstill
Since we reported in November that The Baltic Dry Index, published by London's Baltic Exchange, had hit record lows, this little known but very important trade index has continued falling. Which means there is not much stuff moving round the world, which means not much trade is getting done. Which means we're in trouble.

Naked Bankers Go For Gold
... That gold sale in 2013 was a naked short. The seller had no gold to sell. COMEX reported having gold only equal to about half of the short sale in its vaults, and not all of that was available for delivery (quite a lot of it belonged to the german government) In effect the naked shorting of gold could only work because really the right hand was selling to the left hand.

Globalization and the Retrun To Serfdom
When the power elites promise something that will benefit people everywhere it can be taken what the world will get is the opposite. Thus when we were told globalisation would make everybody more prosperous, abolish poverty and narrow the gap between rich and poor, only a fool would have failed to regognize what was on offer comprised a return to medieval poverty and servitude for the masses while the rich became richer.

Swiss Decoupling Sets The Euro Adrift, Triggers Vast Losses For Banks, And Currency Traders
Nobody is shedding any tears over the news that the deciusion by the Swiss central bank to sever the link that kept The Euro single European currency from the Swiss Franc, it is just another example of really important news you will never read of hear of from mainstream media. It is however bad news for all of us.

A Republic Always Decays Into Oligarchy. Here's Why
Almost a rehash of Schumpeter's warning, that capital alwaysd contains the seeds of its own destruction while socialism always leads to fascism. I guess the old Austrian economist was trying to tel us the only thing that works is chaos. I can live with that.

Things That Make You Boggle ... Like The Misplaced Confidence Of Academics
Why are economics academics always so sure that their predictions are correct. Given the abysmal record on economists on calling the economic trends correctly even after they have happened let alone ahead of the trend, you would think exponsents of the dismal science would be a little more cautious in proclaiming their gusses as evidence backed facts. They never seen to learn however.

Things That Make You Boggle ... Like The Misplaced Confidence Of Academics
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What Would George Orwell Think Of The Screeching Left's Horror At Plans To Shrink The State. In part one of his classic social commentary, The Road To Wigan Pier, George Orwell wrote of the grinding poverty and appalling living conditions endured by people in industrial areas. The second part, which is more revevant to the 21st Century is a rant against the superiority of the upper class 'Fabian' socialists who have hijacked the Labour movement and whose Paternal Liberalism is in almost all ways more repugnant that the uncaring attitude of the old elite.

Dark clouds of retribution are gathering over the hubris of economic optimism
If we listen to economically illiterate idiots like Barack Obama, George Osborne, Paul Krugman and the EU leaders Jean Claude Drunkard, Gauleiter Martin Schulz and Herman Van Rumpy Pumpy we might get swept up in the belief that global economic recovery is surging ahead. The statistics they recite suggest so. Unfortunately statistics are easily manipulated. The views of people who actually run businesses tell a different story.

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The U S A Deliberately Destroyed The Two Nord Stream Pipelines

 

From Chris MacIntosh, Capitalist Exploits

8 March 2023

By destroying the two Nordstream pipelines, the United States broke the German and by extension European economy. They did this deliberately.

In Dubai, I was speaking with an escapee from Germany — a very wealthy industrialist, and what he told me was interesting and has been corroborated by many similar discussions.

Germany doesn’t want to fight Russia. Europeans don’t want to fight Russia. Their leadership is doing their damndest to drum up support for it, but on the ground Europe doesn’t want it. This makes perfect sense. Wars are fought by young ambitious powers. Europe is an old man.

Most telling however is that, as this man put it, “How can you believe America is your ally?”

Now, consider all of this just as Seymour Hersh published his research on the Nord Stream pipeline bombings. Here’s his extensive piece on the bombing.

Subsequently, we’ve been subjected to watching the captured media whores scrambling to discredit him, which simply has the Streisand effect and will only do more damage to their already collapsing credibility.

I mention this not only because the bombing was an act of war against both Russia but also against Germany.

Despite what the lamestreet media may be yabbering on about those in positions of power and influence will realise what has happened.

The distrust level will be rising and at some point here, the splintering of Europe will go hyperbolic.

- Chris MacIntosh
Capitalist Exploits | Glenorchy Capital Macro fund | Subscribe to Insider | Rebel Capitalist Pro

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U S Regional Bank First Republic Crashes As America's Banking 'Crisis In Confidence' Becomes Contagious

by Phil T. Looker.

Shares in America's First Republic Bank's crashed when the New York stock market opened for trading this morning. The crash was triggered by a statement issued on Sunday night that sought to ease investor worries about the bank's liquidity situation in the wake of the failure of Silicon Valley Bank. Shares in the San Francisco based regional bank are down 60% on last week's close.

Customers queue outside a First Republic branch hoping to get at least some of their money out.

In the Sunday night statement the bank claimed that it had more than $70 billion in unused liquidity to fund operations from agreements that included the Federal Reserve and JPMorgan Chase & Co.

"The additional borrowing capacity from the Federal Reserve, continued access to funding through the Federal Home Loan Bank, and ability to access additional financing through JPMorgan Chase & Co.increases, diversifies, and further strengthens First Republic's existing liquidity profile," the bank said, adding that more liquidity is available through the Fed's new lending facility. 

Unfortunately this information, coming only days after Silicon Valley Bank had issued similar assurances shortly before being declared insolvent, failed to assure investors and depositors.

Bloomberg's Ven Ram opined, "The plunge in its shares is classic market psychology at work, with investors starting to question the credentials of any lender that may be remotely in the same category of Silicon Valley Bank," . 

Zero Hedgepointed out over the weekend, "as a result of the SVB failure - one look at what is already taking place at some smaller, vulnerable banks such as this First Republic Branch in Brentwood should be sufficient to see what comes to morrow if the Fed makes the wrong decision today."

Despite the emergency lending program announced by the Fed and Treasury on Sunday to increase the availability of funds to meet bank withdrawals and prevent runs on other banks, fears have not been alleviated as other regional banks, which are sitting on some $620 billion in unrealized losses on all securities (both Available for Sale and Held to Maturity) at the end of last year, according to the Federal Deposit Insurance Corp," continue to experience significant pressure."

How was this allowed to happen? I worked in a British financial institution and do not claim great expertise in the American way of doing things but one flaw in U.S. corporate law allows companies to skew their balance sheet with outmoded accounting methods which maintain asset values at the original level rather than using the more modern, (and better suited to current financial volatility,) mark to market, in which market values current at the closing of an accounting period are used. Thus a company may claim $100 billion in assets against only $75 billion in liabilities, but when assets are calculated to market values only have assets with actual worth of $70 billion thus being insolvent.

 

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Corporate Banker's $1.5 Quadrillion Conspiracy: EU Accuses 13 Banks Of Operating A Derivative Trading Cartel Debt, how much of a threat to ordinary people is it? The truth might frighten you which is why bank bosses, government leaders and media pundits are not eager to tell the truth. What can we do? Not much in the short term, in the long term, reclaim the sovereignty of our nations and our individual sovereignty and tell the world view thinkers their crazy ideas have maxed out their credit.

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When the power elites promise something that will benefit people everywhere it can be taken what the world will get is the opposite. Thus when we were told globalisation would make everybody more prosperous, abolish poverty and narrow the gap between rich and poor, only a fool would have failed to regognize what was on offer comprised a return to medieval poverty and servitude for the masses while the rich became richer.

Another Reason To Get Out Of EU. UKIP MEP Hits Out At Fishing Policy That Penalises British Fishing Crews
As the General Election campaign starts to heat up, we try to shift focus away from the squabbling between Conservative and Labour about who can make the most promises they have no intention of keeping and to the real issues concerning jobs, social breakdown , mass immigration, and an often overlooked area in which our EU membership has perhaps done more damage than any other, the fishing industry.

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Silicon Valley Bank Collapse: Get Woke Go Broke

 

Collapsed tech industry lender Silicon Valley, which collapsed last week as borrowers defaulted on loans and investors withdrew funds is proof of the mantra: Get Woke, Go Broke. News emerging from the wreckage reveals that the  Bank operated without a chief risk officer between April 2022 and January 2023 while the operation's United Kingdom-based CRO stands accused of prioritizing pro-diversity initiatives over her actual role.

This revelation comes after the firm,, which ceased trading on Friday 10 March, became the largest bank to collapse since the 2008 financial crisis - disclosing a $1.8 billion loss in its finances. The news is expected to trigger chaos when stock markets resume trading on Monday.

Last Thursday, March 9, Founders Fund, a prominent venture capital firm founded by billionaire investor Peter Thiel advised its companies to move their funds out of SVB, according to one person familiar with the matter who asked not to be identified discussing private information.

SVB Financial Group Chief Executive Greg Becker held a conference call on the same day advising clients of SVB-owned Silicon Valley Bank to “stay calm” amid concern about the bank’s financial position, according to another person familiar with the matter.

SVB CEO Greg Becker, not in the running for Businessman of the week award (Picture: LA Times)

Becker held the roughly 10-minute call about 11:30 a.m. Pacific time. He asked the bank’s clients, including venture capital investors, to support the bank the way the bank has backed its customers over the last 40 years, according to the person.

Worries surrounding the lender ricocheted around Silicon Valley on Thursday. There is “a good deal of panic,” said Jenny Fielding, managing partner at the fund, which invests in early-stage companies.

SVB's former head of risk, Laura Izurieta, who formerly performed a similar role for Capital One, left the bank in April 2022. She wasn't replaced until January 2023 when the bank hired Kim Olson, formerly of Japanese bank Sumitomo Mitsui.

But the story here is not the change of personnel, it is that after Izurieta left, SVB's Chief Risk Officer's office in the bank's Santa Clara headquarters stood empty, instead of overseeing and managing risks associated with SVB's European, African and Middle Eastern portfolios, the nominal deputy CRO, Jay Ersapah -- a self-described "queer person of color from a working-class background" -- was busy organising an assortment of woke programs, including a month long LGBT Pride event as she co-chaired SVB's "European LGBTQIA+ Employee Resource Group."   

On taking over the role of CRO in January, Kim Olsen said, "SVB has an impressive track record of sound growth and remaining true to its strategy of serving the innovation economy. I am excited to lead SVB’s outstanding risk management team and continue to build SVB’s risk management framework and capabilities in this important next chapter of the firm’s trajectory," 

Just six weeks later the bank went broke. For the sake of fairness we must assume Olsen was given misleading information in the handover from her predecessor.

The bank's CEO Greg Becker credited Olson's 'deep and multi-faceted financial services experience as a senior risk leader and former regulator and bank supervisor positions her perfectly to actively manage SVB’s financial and non-financial risks.'

An exerpt from Diversity, Equality and Inclusion, a brochure SVB 14 months published before it collapsed

Obviously Kim was not fully conversant with the risks of taking over a job from an LGBTQWERTYIA activist whose priorities were noting to do with the company or its business. In fact in naming Ersapah as a top 100 LGTBQ Future Leader, professional network Outstanding said: 

'Jay is a leading figure for the bank’s awareness activities including being a panelist at the SVB’s Global Pride townhall to share her experiences as a lesbian of color, moderating SVB’s EMEA Pride townhall and was instrumental in initiating the organization's first ever global "safe space catch-up", supporting employees in sharing their experiences of coming out,' her bio on the Outstanding website states.

It adds that she is 'allies' with gay rights charity Stonewall and had authored numerous articles to promote LGBTQ awareness.

These included 'Lesbian Visibility Day and Trans Awareness week.' 

Separately she was also praised in a Facebook post by the group 'Diversity Role Models,' a charity which campaigns against homophobic, biphobic and transphobic bullying in UK schools.

While obviously too busy to oversee financial risk exposure, Jay Ersapah found time to run a program for SVB 'non - straight' employees to share their coming out experiences (Picture Daily Mail)

 

The bank's website says that the CRO at the bank reports to a seven-person committee made up of board members and the CEO.  

One would hope other businesses can learn from the SVB collapse and in future ensure they hire only people whose professional focus is on profit and loss rather that LGBTQ awareness and minority rights. A story that was often told when I was studying economics concerned Lord Northcliffe, founder of lowbrow and sensationalist newspaper The Daily Mail which sold for a penny.

When outraged criticts accused Northcliffe of appealing to the lowest levels of society, he reputedly replied: "And why not sirs, their penny is as good as yours and there's a damn sight more of 'em."

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