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Nexus X HumectressSix weeks later, operation chokepoint 2.0 has brought crypto to its knees… along with america’s entire financial system
Six weeks ago, Pirate Wires published Nic Carter’s explosive Operation Chokepoint 2.0, laying out the case that the Biden Administration was quietly attempting to ban crypto. A month later, the US financial system was thrust into chaos after a series of historic bank failures, most notable among them Silicon Valley Bank. But the failures actually began a couple days earlier, after crypto-friendly Silvergate was targeted by the government. By the end of the following weekend the last-remaining crypto-friendly bank, Signature, was shut down under circumstances still unclear, and for some reason largely unreported.
In a bombshell new feature for Pirate Wires, Nic Carter returns: today, the entire global financial system teeters on the brink of a disaster created by the Fed.
-Solana
A bank run that began with a small Californian regional bank has now escalated into a worldwide crisis. As a response to the failures of Silvergate, Silicon Valley Bank, and Signature, the Federal Reserve prepared a veritable bazooka of new funding for financial institutions and reversed its plans to contract the money supply. Switzerland is busy negotiating the merger of two of its largest banking institutions, UBS and Credit Suisse. This represents the biggest challenge to financial stability since the Great Financial Crisis in ‘08 and a sea change in the structure of US banking. Attention has rightly been focused on the prospect of further runs and the knock-on effects of Fed policy on banking institutions.
But lost amidst the chaos is another subplot: the escalating crackdown by the Federal government against a wholly legal US industry. A month ago, I warned that banks dealing with crypto clients were facing a concerted effort on the part of regulators and supervisors to redline the entire crypto space. What has happened since was utterly shocking. The two most crypto-focused banks, Silvergate and Signature, were forced into liquidation and receivership, respectively. The established narrative is that they made “bad bets” and lost, or that they couldn’t handle flighty depositors in the form of tech and crypto startups.
Attack the System
Categories: Economics/Class Relations
