Actually the SVB run was caused by the 75% Asian foreign workers in Silicon Valley who didn’t perform as promised and who collapsed the bank by all taking their money out all at once when they all got laid off and had to leave the US.
Most of them were here on temporary work visas and knew they had to leave the US within 60 days if they couldn’t find a new job.
Anticiapting this, they all moved their money back to Asia at once.
We’re talking millions of foreign workers.
But yeah, indirectly it’s the cheap foreign labor policies of the US business establishment that did it.
The lesson here is: don’t allow too many foreign depositors all at once in US banks.
Billions in remittances get sent ouf of the US every single year by foreign workers and that drains US banks’ capital.
Of course racist Asia Times has to make sure to blame the US again – not their own failed workers who stole and have occupied Silicon Valley for 1/4 century.
Someone needs to make a new TV show about how Asian looters in Silicon Valley caused the bank collapse.
Perhaps a good title for the show would be Asian-induced Bank Runs Everywhere All At Once.
asiatimes.com/2023/03/feds-try-to-stop-bank-crisis-of-their-own-making/
