Under the Tile: Put Your Money Beneath the Floor

●      Date: 13-3-2023

-       The public mood, after bank collapses, the latest of which was Silicon Valley Bank... last Friday... and given the potential repercussions for the financial markets... is to look for a safe place to keep their savings ..and خمائرهم!..away from interest-rate movements ..up ..down..!

-       The "invisible hand" that capitalists have long praised is no longer, as is widely claimed, capable of maintaining market balance between risks and rewards....and of magically directing it in favor of the people..!

-       You sleep peacefully ..and wake up terrified for the "كحوشة" of your savings..and your investments..from the deeds of a "bad old woman" — that is this invisible hand.! That is what they long taught us…to let it work and let it run (leave it alone)..and in the end ...yes, destiny. But .contrary to how things were presented ..what a poor destiny..!

-       So all you have to do is bury your money under the tile..as the elders used to tell us in their tales when we were chicks..! along with the stories of Basima bint al-Ghoul..! ..they would not neglect interest ...not a point went up..nor a dollar rose...nor a shekel dropped....

-       (I woke up) — I awoke from this dream, and I had indeed stayed up late last night, following developments at Silicon Valley Bank SVB ..and what people of money in America are expected to do... of measures to protect uninsured depositors!

-       And after waking I heard what US Treasury Secretary Janet Yellen said in this regard, that she is working to protect or support depositors, but that there is no idea of a rescue plan for the bank so far.....and some said they are waiting for Monday, the day the bank branches open under the supervision of the Federal Deposit Insurance Corporation FDIC...and it was said there are buyers for the bank in order to protect the banking and financial market from collapse..

- And I also heard... that more than 3,500 CEOs and founders who represent about 220,000 employees on a petition, launched by Y Combinator, are appealing directly to Yellen (the U.S. Secretary of the Treasury), and other officials, to support depositors, warning that more than 100,000 jobs are at risk.!

-       -       The Washington Post cited three informed sources saying that US authorities are considering protecting all uninsured deposits at SVB, and also intervening to prevent what they fear could be contagion in the US financial system...

-       -       And others said “other sources” ... that the collapse of Silicon Valley Bank.... was exacerbated by depositors making massive withdrawals from the bank, becausethebankholdsdepositors’fundsintheformofbonds, which dealt a knockout blow to a bank that was already suffering from financial problems!

-       In the end and before performing the dawn prayer..this Monday... I heard that informed sources had told Reuters that US authorities are preparing to take “substantial measures” to support deposits at Silicon Valley Bank (SVB) and to prevent the spread of repercussions from its sudden collapse...

·       And we, for our part..say to those affected and concerned ..we have a meeting in the valley this Monday afternoon ..which valley? ..Silicon Valley…you’re used to it!