As we have said previously, 75% of Silicon Valley workers are foreign workers in the US on H-1B and other work visas.
100,000s of them got laid off over the past few months.
When they get laid off they have to leave the US if they don’t find jobs within 60 days.
Since the vast majority of them are probably anticipating having to leave the US soon, they all took their money out of SVB and other local banks and moved it offshore to their home countries.
And we’re talking billions of dollars.
All at once.
No bank can withstand 75% decapitalization in 2 months.
The MSM and talking heads won’t even mention these facts, but that is in fact, what has actually happened – and is the real cause of the collapse.
We told you years ago this would happen due to too much reliance on foreign workers, and now it has.
Should have stuck with American workers who would have left their money in the bank when they got laid off.
Correct and you are the only one who explained the root cause. We need to end all visas, ban overseas remittances in most cases and bring back oil and manufacturing in the USA for American workers only or this country is doomed to collapse.