The disastrous collapse of Silicon Valley Bank has sent shockwaves across the financial sector. According to The Epoch Times:
The Federal Deposit Insurance Corporation (FDIC) has assumed control of Silicon Valley Bank (SVB) to protect depositors from losing all of their money after it was closed by the California Department of Financial Protection and Innovation.
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Federal banking regulators on March 10 took custody of the country’s 16th largest bank, which was a top lender for American tech and life sciences firms and start-ups, according to a press release.
The collapse of the California bank is the largest bank failure since Washington Mutual in 2008, during the last major bank crisis.
One Twitter user posed an idea to Elon Musk and he seemed to be open to the notion.
I’m open to the idea
— Elon Musk (@elonmusk) March 11, 2023
The logistics of such a maneuver may not be as excessive as some might think. Banks are relatively straightforward with trackable assets and the roadmap has been drawn out for such acquisitions hundreds of times in recent years. Could Twitter actually convert the failed bank into an all-digital bank? We may find out soon.
Editor’s Note: The flurry of bad news is not just hitting Silicon Valley Bank. Financial titan Wells Fargo took their lumps yesterday as well. This all bodes ill for an economic situation that has looked increasingly bad since the Biden-Harris regime took over. Things got worse when the “red tsunami” failed to materialize last November. This is likely why everyone from central banks to U.S. states are making a rapid transition to physical gold. You can too. I recommend three America First precious metals companies.