Why 3 US banks collapsed in 1 week: Economist Michael Hudson explains
Geopolitical Economy Report
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The Federal Reserve Is Paying Par Value, Not Current Market Value
The Federal Reserve has created a scheme to bail out Silicon Valley Bank and its clients without calling it a bail out. Instead of using as collateral the treasury securities and other assets that are owned by Silicon Valley Bank, instead of using their market value, the Fed is paying par value. In short, what it is is socialism for the rich, for big corporations and for the commercial banks and capitalism for everyone else.
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