ONE OF THE LARGEST banks in America went belly-up Friday. Silicon Valley Bank, with nearly $190 billion in deposits, was seized by federal regulators, leading to questions about how far this financial contagion will spread.
We also discuss the global split between the West and the rest of the world, led by the BRICS nations—Brazil, Russia, India, China, and South Africa—with Saudi Arabia clearly moving out of the US orbit.
China has brokered a rapprochement between the Saudis and Iran, a move that has serious implications for the role of the US Dollar as the world’s de facto reserve currency. Coupled with what may be a looming economic meltdown heralded by the collapse of SVB, we could be looking at the first step toward the creation of a Central Bank Digital Currency put forward as a way to stabilize the global economy.
The question is how an increasingly divided world comes together to form the infrastructure of a future global government.
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