Contagion/signature bankAnother Crytpo bank was taken over by the feds over the weekend .,New York based signature bank .Depositors protected ,investors in the bank not .
The primary cause of these bank failures is the fed raising interest rates to combat inflation.People have been rapidly moving money out of banks savings accounts etc as they pay low interest into t bonds and insured cds which pay 5%.
The primary cause of inflation is the incompetence of the US federal government printing too much money ,this was due to the incompetent management of the covid epidemic as well as multiple other unfunded mandates.Interest on Us debt now rapidly rising .
In a survey I saw when asked if they felt financially secure about thier future 87% said no .A reflection of the TOTAL incompetence of the Biden administration.
Silicon valley bank management all of whom have been fired was more concerned about "wokeness"trans rights etc than running the bank .
Gold up very strongly ,these bank failures will likely cause the fed to pause.
BTC up about 10% over these last 24th ours in a relief rally .
The underlying issue is can BNXA survive or not ????