Way to go losers.
Hordes of cheap foreign labor imported from 1906-1921 played a huge part in the Great Depression which began in 1929.
Now the same effect is finally coming home to roost. 25 years of mass importation of cheap foreign labor has caused a fun-on bank collapse.
Just like in the Great Depression.
All these highly skilled and talented foreign workers were supposed to be a boon for America.
Instead they collapsed it – mainly because they destroyed the tax base, sent their money out of the US in the form of remittances, and didn’t create new jobs and innovate as promised.
It’s highly likely this will turn into a full-on run on banks everywhere, which will lead to another huge depression as the banking system collapses.
The Fed has already been printing money 24/7 for decades to try to keep the US banking system capitalized, but now mass immigration has caught up and remittance levels are so huge that no amount of money printing can make up for it.
You’re money’s not here.
It’s not in homeowners’ assets either.
It’s not in fake foreign-born-founder startups either. At least not any more.
It has gone offshore.
And it’s not coming back.
zerohedge.com/news/2023-03-10/bank-run-silicon-valley
