Collapse of SVB Sets off CCP’s Unrestricted Financial Warfare

On March 10, the California Department of Financial Protection and Innovation closed Silicon Valley Bank (SVB) and appointed the Federal Deposit Insurance Corporation (FDIC) as the receiver to step in for subsequent deposit insurance. The FDIC then created the Deposit Insurance National Bank of Santa Clara, which now holds the insured deposits of SVB, and the FDIC has appointed auditors.

SVB becomes the first FDIC-insured banking institution to fail in the US in 2023. The reason for the receivership announced by the California Department of Financial Protection and Innovation was that SVB was illiquid and insolvent. Silicon Valley Bank was once said to hold about $209 billion in assets, including about $175.4 billion in deposits. This is the second US regional bank to fall into crisis this week, after Silvergate Capital Corp. the holding company for Silvergate Bank, announced a voluntary liquidation of its banking operations, sparking a sell-off in bank stocks and market fears that more institutions could fail.

The collapse of SVB triggered a huge tumble in the US banking sector. The White House economic adviser is concerned whether the SVB crisis could spread into a more systematic crisis. Regulators in the UK and Germany are also monitoring their local banking systems closely.

Regarding this, Miles Guo has repeatedly warned on Gettr Live broadcasts that a financial crisis in the US and the West is imminent. The SVB crisis, which began on the heels of the closing of Communist China’s CPPCC, the central part of the Chinese Communist Party (CCP)’s united front system was planned by the CCP and was the beginning of the CCP’s unrestricted financial warfare against the West.