Why 3 US banks collapsed in 1 week: Economist Michael Hudson explains
Geopolitical Economy Report
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The Bankruptcy Law Is Changed to Protect Non-Bank Lenders
In 2009, the banks went to the Federal Reserve and they did sort of repo deals. They would pledge their securities and the Fed would lend them money against their securities. This wasn't a creation of money. None of this quantitative easing appeared as an increase in the money supply. It was all done by balance sheet manipulation. President Biden weaseled his way out of things by saying, well, we didn't bail out the bank stockholders. We only bailed out the billions of dollars of depositors. He bailed out every single uninsured depositor because they were his constituency. And there's no way that Biden and the Democratic Party was going to let any wealthy person in Silicon Valley lose a
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