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The American Signature Bank also collapsed – Has a "domino" of bankruptcies begun?
Despite the assurances of the US Treasury, something very bad is developing in the US banking market
The developments from the USA are rapid as a second American bank, Signature Bank, also collapsed a while ago.
The financial regulator in New York announced on Sunday that it has taken over Signature Bank.
Its bankruptcy trustee is the Federal Deposit Insurance Corporation (FDIC).
As of Dec. 31, 2022, Signature Bank had $88.59 billion in savings, the agency said.
This is the second US bank to collapse in a few days, after Silicon Valley Bank, while as pronews.gr has already informed, there is also a significant problem with First Republic Bank, based in Santa Clara, in San Francisco, California.
Signature Bank did not immediately respond when asked for comment by the Reuters news agency, according to APE - BPE.
The U.S. Treasury Department assured in a press release issued jointly with the two aforementioned regulators that all Signature Bank depositors will receive their money in full and that "there will be no loss to taxpayers. "
However, despite the assurances of the US Department of Finance, something is NOT GOING WELL.
It is noted that yesterday, in dramatic tones, the billionaire investor Bill Ackman warned of a huge wave of withdrawals that can sweep the American banks on Monday unless the American Administration takes immediate measures, in the few hours that have passed.
Which reinforces a prevailing atmosphere of a total economic collapse, on a global scale as we reported yesterday.
In a strange one-paragraph tweet on Saturday, the billionaire predicted that uninsured bank customers (those who haven't insured their money) will rush to withdraw cash on Monday unless the US government steps in to guarantee their funds and " correct an error in the shortest possible time so that it does not become irreversible.''
The problem appears to be spreading to other banks after California-based First Republic Bank sent an email to its customers, with the bank saying it needs some time "to strengthen its security and stability, which is reflected in continued strength of our capital, liquidity and operations."
The memo is attributed to Jim Herbert, founder and executive chairman of the San Francisco-based bank, and Mike Roffler, CEO and chairman.
But what causes particular concern are China's gold markets and the rapid "unloading" of American bonds.
Information indicates that China is "unloading" US bonds at a rapid pace, while correspondingly buying large quantities of gold which amount to almost 100 tons, only in the last 4 months, strengthening its reserves which reached the end of 2022 to 2,011 tons, while at the end of January 2023 these had risen to 2,025 tonnes.
"I strongly pledge that those responsible for this mess will be held fully accountable and that we will continue our efforts to strengthen supervision and regulation of the largest banks so that we do not find ourselves in this position again," Mr. Biden said in a press release that made public by his services.
"The American people and American businesses can have confidence that their savings will be there when they need them ," the American president assured.
