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There is a lot more going on here than just one, no two, now three banks.

Eurodollar University

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The Risk of Contagion From the Failure of SVB and First Republic

The credit crunch that appears to be developing. That's where you get look contagion. The Federal Reserve gets right in its statement from Silicon Valley Bank, by always pointing to the fact that contagion from the failure of SVB or First Republic is a problem. So unlike the Fed's proclamation that SVB was all about SVB, nothing more, we save the system from becoming even worse. There's everything else tells us that those things are not the case. We still have tremendous contagion risk. We still has deflationary money. We still Have banks failing, even though that's not a necessary component of all of this other problems that are just now spilling out into the open.

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