Events are spiraling out of control in Joe Biden’s America.
The globe is on the cusp of World War 3 and the economy is heading into a recession.
And Tucker Carlson just told every American to go buy one essential item.
In a 24-hour timespan, federal regulators shut down Silicon Valley Bank after the bank lost $1.8 billion in asset sales due to rising interest rates imposed by the Fed in effort to combat Joe Biden’s inflation.
Customers tried to withdraw a total $42 billion from the bank as management desperately tried to execute a sale.
That failed and Silicon Valley Bank became the second largest bank failure in American history next to the collapse of Washington Mutual Inc. in 2008.
The Federal Government only insures deposits up to $250,000 and 93 percent of account holders with Silicon Valley Bank held balances above that amount.
Runs on banks can become contagious, especially if customers at smaller, regional banks with accounts balances of more than $250,000 fear they could lose out on their life’s work or savings.
Tucker Carlson addressed the situation on his show that very night and warned Americans that now might be a good time to start purchasing gold with rising interest rates threatening the stability of regional banks.
“We’re starting to get a better, more precise sense of what it means when Joe Biden brags about the strongest and most equitable economic recovery in history,” Carlson, a co-founder of Daily Caller News Foundation, said.
“What it means is it could be time to buy gold and stockpile food.”
“Some of the biggest banks in this country, Wells Fargo, Bank of America, J.P. Morgan, Morgan Stanley collectively lost more than $50 billion in market value in one day. That’s quite a hit. On the other hand, those banks still exist,” Carlson stated. “You can’t say that for Silicon Valley Bank. As of this morning, Silicon Valley Bank, or SVB, has gone under completely. That makes the second biggest bank failure in the history of this country.”
“This could be very, very, very serious. We hope it’s not,” Carlson added. “We hope it ends today in an isolated story.”
Unfortunately, the contagion may be spreading.
Stocks for small regional banks such as First Republic, PacWest Bancorp, and Signature Bank plummeted after the news of Silicon Valley Bank’s collapse.
Regional and midsized bank stocks fell sharply on Friday as SVB Financial failed to find a buyer amid a rapid outflow of cash from clients and was shut down by regulators.
Shares of First Republic fell nearly 15%, while PacWest Bancorp dropped more than 35%. Signature Bank, which has heavy exposure to the crypto industry, slid almost 23%.
The last banking meltdown was what led to the 2008 Great Recession.
And now all the warning signs are flashing bright red that Joe Biden is about to drive the American economy right over the cliff. Conservative Revival will keep you up to date on any new developments in this ongoing story and the rest of the breaking news in politics, please bookmark our site, and consider making us your homepage and forward our content with your friends on social media and email.