- New bankruptcy filings and exclusive interviews with confidential sources suggest Silvergate could have survived if not for pressure from regulators, which allegedly included an informal mandate to cap its crypto deposits at 15 percent
- Sen. Elizabeth Warren all but accused Silvergate of aiding and abetting FTX’s crimes, creating an “atmosphere of concern” around Silvergate that possibly contributed to a run on the bank
- Sources told us the FHLB (Federal Home Loan Banks) refused to renew their monthly loan agreement with Silvergate due to political pressure from Warren, accelerating the bank’s losses
- Claims of criminal wrongdoing related to Silvergate’s association with FTX have never been proven, and no criminal charges have ever been filed against the bank
- Silvergate’s downfall may have been a primary cause of the 2023 regional banking crisis, which ultimately took down Signature, Silicon Valley Bank, and First Republic
In late 2022, Silvergate Bank was on top of the crypto world. Once a small California savings and loan association, Silvergate had transformed itself into the most important bank in the crypto sector, allowing it to stage an IPO and claim a majority of the sector’s institutional deposits. The bank’s Silvergate Exchange Network (SEN) had grown to become a crucial piece of infrastructure for crypto’s institutional players, and shares in the company had surged from $35 at the end of 2020, to $220 at the end of 2021.
Today, Silvergate no longer exists. Although its depositors were made whole, common shareholders were completely wiped out, and preferred shareholders are getting back pennies on the dollar. The bank paid out large fines to its regulators: $43 million to the Federal Reserve, $20 million to California’s Department of Financial Protection, and $50 million¹ to the Securities and Exchange Commission. After having announced their intent to voluntarily liquidate in March 2023, they finally filed for Chapter 11 bankruptcy last week.
Those who still remember Silvergate see the bank as emblematic of crypto’s worst elements and the most reckless behavior exhibited by regional banks during the crisis of 2023. A perfect storm of risk-seeking, turning a blind eye to crypto criminals, and compliance failures. Or at least — that’s how the story goes.
Silvergate was a sleepy, small regional bank until it discovered crypto. When the space experienced surges of interest in 2017 and again in 2020, balance sheet expansion caused Silvergate’s deposits to swell. The bank then turbocharged its usefulness to the crypto space when it created SEN, allowing its clients — which now included many of the world’s largest crypto exchanges and trading firms — to settle between each other 24/7/365. (Because crypto settles 24/7, and bank wires only clear during banking hours, firms linking fiat and crypto often experience serious friction. SEN helped alleviate these issues.) Most crypto firms that mattered were clients of Silvergate, lending SEN powerful network effects. […]
— Read More: www.zerohedge.com
Controlling Protein Is One of the Globalists’ Primary Goals
Between the globalists, corporate interests, and our own government, the food supply is being targeted from multiple angles. It isn’t just silly regulations and misguided subsidies driving natural foods away. Bird flu, sabotaged food processing plants, mysterious deaths of entire cattle herds, arson attacks, and an incessant push to make climate change the primary consideration for all things are combining for a perfect storm to exacerbate the ongoing food crisis.
The primary target is protein. Specifically, they’re going after beef as the environmental boogeyman. They want us eating vegetable-based proteins, lab-grown meat, or even bugs instead of anything that walked the pastures of America. This is why we launched a long-term storage prepper beef company that provides high-quality food that’s shelf-stable for up to 25-years.
At Prepper All-Naturals, we believe Americans should be eating real food today and into the future regardless of what the powers-that-be demand of us. We will never use lab-grown beef. We will never allow our cattle to be injected with mRNA vaccines. We will never bow to the draconian diktats of the climate change cult.
Visit Prepper All-Naturals and use promo code “veterans25” to get 25% off plus free shipping on Ribeye, NY Strip, Tenderloin, and other high-quality cuts of beef. It’s cooked sous vide, then freeze dried and packaged with no other ingredients, just beef. Stock up for the long haul today.
Coffee the Christian way: Promised Grounds
