Banks are failing around the world. Could it happen here?
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Silicon Valley Bank's Collapse
Silicon Valley Bank was the 16th largest bank in America. Peter Teal, a co-founder of PayPal and an early investor in Facebook, warned Silicon Valley Bank's exposure to risk. His advisory firm started putting out newsletters or advising companies of Silicon Valley Bank’s risks. And what this precipitated was a bank run, which is effectively a contagion of fear. $42 billion, about a quarter of their assets, were withdrawn in one day. The US government have now guaranteed all deposits.
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