INTRO: Two West Coast banks go belly up amid rising fears of a financial meltdown in the U.S.

Lots of news on the central bankers’ drive to create a global digital currency.

Congress has passed a bill that would make is harder for investment fund managers to invoke ESG scores on companies, but Joe Biden is waiting with his veto pen.

BlackStone is buying Ancestry.com for just under $5 billion.

Electric vehicle makers are suddenly falling on hard times.

And 19 attorneys general have sent a letter warning a group of pharmaceutical retailers of legal ramifications should they decide to mail abortion pills.

All these stories and more when the Worldview Financial Report starts, right now!

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Good evening and welcome to the Worldview Financial Report.

Starting off tonight, it appears that the bank-run genie is now out of the bottle.

Financial regulators have closed Silicon Valley Bank and taken control of its deposits, the Federal Deposit Insurance Corp. announced March 10th, in what is the largest U.S. bank failure since the global financial crisis more than a decade ago.

CNBC reports that the collapse of SVB, a key player in the tech and venture capital community, leaves companies and wealthy individuals largely unsure of what will happen to their money.

SHOW TWEET

https://twitter.com/MichaelSCollura/status/1634239191616765956?s=20

The bank failure was touched off when its long-established customer base of tech startups reportedly grew worried and yanked deposits.

The company provided funding to 44% of all venture capital-backed tech and healthcare companies that publicly listed on a stock exchange last year, according to its website.

As the Gateway Pundit reported, the bank’s customers tried to pull millions of dollars out and were stopped. Online banking and mobile services showed as unavailable for some customers. The feds stepped in and shut it down.

The FDIC has created the Deposit Insurance National Bank of Santa Clara, which now holds the insured deposits from SVB in receivership.

SHOW TWEET

https://twitter.com/GRDecter/status/1634184585843032066?s=20

As you can see from this tweet, the CEO of SVB sold $3.5 million in stock in the last two weeks leading up to the federal shutdown.

It should have been obvious that SVB was in trouble when, just one month ago, CNBC’s Jim Cramer started pitching it to the ignorant masses as a great investment.

SHOW VIDEO

https://twitter.com/GRDecter/status/1634060787802071040?s=20

The FDIC said insured depositors would have access to their deposits no later than Monday, March 13th. 

If all goes according to plan, SVB’s branch offices would also reopen at that time, under the control of the regulators.

The FDIC’s standard insurance covers up to $250,000 per depositor, per bank, for each account ownership category. It is unclear exactly how larger accounts or credit lines for companies will be impacted by the closure, but there’s a good chance that money will be at least partially lost. 

SVB was a major bank for venture-backed companies, which were already under pressure from higher interest rates and a slowdown for initial public offerings that made it more difficult to raise additional cash.

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Meanwhile, a second California bank, Silvergate Capital, also collapsed last week and was taken over by the feds on the same day as Silicon Valley Bank.

Also on that same day, Wells Fargo, the nation’s fourth largest bank, put out a warning that its customers should be aware of possible “incorrect balances or missing transactions.”

The bank has acknowledged the reports which are affecting “some customers,” and is chalking it up to a potential “technical issue.”

SHOW TWEET

https://twitter.com/WellsFargo/status/1634250856915673098?s=20

Wells Fargo added, “We are working quickly on a resolution and apologize for the inconvenience. Customers’ accounts continue to be secure.”

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The big question now is, how much of a domino effect could be set off by the collapse of these two California banks?

Could larger banks be vulnerable?

Yahoo Finance posed the question as a very real possibility.

“The problems of two small banks on the West Coast are rippling across markets and causing new investor concerns about some of the country’s largest financial institutions. Why? Three words: rising interest rates.”

The Federal Reserve’s aggressive campaign to bring down inflation helped set the stage for major problems at two California lending institutions — SVB Financial and Silvergate Capital — as an outflow of deposits forced both to sell assets at a loss. Those assets were bonds.

Yahoo Finance explained that banks are big investors in assets like Treasury bills because they need lots of safe places to park their cash. Many financial institutions piled into these investments during a period of historically-low interest rates that spanned the early years of the pandemic, as banks took in scores of new deposits and lending was somewhat restrained.

But now the Fed is hiking rates at a rapid clip, with Fed Chair Jay Powell warning earlier this week the central bank may have to speed up the pace of its rate increases to cool the economy further. The problem that creates for banks is simple: higher rates lower the value of their existing bonds.

The withdrawals at SVB's Silicon Valley Bank have come from startups and technology firms, many of which also ran into new trouble once the Fed began raising rates.

In short, this may very well be a deliberate attempt by the Fed to crash and burn the current economic system and collapse the dollar.

Why would the Fed want to do that, you ask?

It’s well known that the Fed has an all-new form of money that it wants Americans to adopt. It’s also a well-known fact that the large segment of the American population would not accept turning in their greenbacks for digital blips in a computer system. But if their dollars are made worthless, they may be convinced to change their minds about the Fed’s new CBDC.

Patrick Wood, an expert on technocracy, said central bank digital currency is the “end game of total control,” adding:

“The central bank cartel, headed by the Bank for International Settlements, is playing its CBDC card to dominate the world. Welcome to Fintech, the new financial arm of the Great Reset, the ordained financial system for Sustainable Development, aka Technocracy.”

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Iain Davis also has a landmark article on the central bankers’ drive to remake the global money system, from one based on the U.S. petrodollar to one that is based on a one-world digital system.

An excerpt from his article at the Off-Guardian states:

Central Bank Digital Currency is the most comprehensive, far-reaching, authoritarian social control mechanism ever devised. Its “interoperability” will enable the CBDCs issued by various national central banks to be networked to form one, centralized global CBDC surveillance and control system.

Should we allow it to prevail, CBDC will deliver the global governance of humanity into the hands of the bankers.

CBDC is unlike any kind of “money” with which we are familiar. It is programmable and “smart contracts” can be written into its code to control the terms and conditions of the transaction.

Policy decisions and broader policy agendas, restricting our lives as desired, can be enforced using CBDC without any need of legislation. Democratic accountability, already a farcical concept, will become literally meaningless.

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Republican Speaker of the House Kevin McCarthy announced on Twitter that he had officially signed the first bipartisan legislation of the year on March 9th, blocking a Labor Department rule that would have facilitated environmental, social, and corporate governance (ESG) investing.

McCarthy stated:

“Congress voted to block Biden’s woke ESG rule. The House and Senate both passed it. I just signed it. Next stop → The President’s desk. I hope he sides with American workers over Wall Street.”

WATCH VIDEO (clip from 0:45 mark to 2:42 mark)

https://twitter.com/SpeakerMcCarthy/status/1633858508092506113?s=20

According to a report from Reuters, the U.S. Senate voted 50-46 to adopt the resolution to block the Labor Department’s rule that would have made it easier for fund managers to “consider environmental, social, and corporate governance, or ESG, issues for investments and shareholder rights decisions, such as through proxy voting.”

The House of Representatives initially passed the bill in late February, voting 216-204 to kick the ESG rule to the curb.

Biden is unlikely to sign the bill.

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In an effort to expand and overhaul its navy, Australia has signed a deal with the U.S. defense contractors to purchase five Virginia-class nuclear submarines beginning in the next decade. 

Armed Forces Press reports that both U.S. and European officials have disclosed the deal as part of a landmark defense agreement between the U.S., Australia, and the U.K. in an effort to counter China on the open seas.

The agreement is central to the newly formed AUKUS partnership. The sub deal is expected to be announced on Monday when President Joe Biden meets with Australian Prime Minister Anthony Albanese and U.K. Prime Minister Rishi Sunak in San Diego.

At the time of the partnership's formation 18 months ago, Biden said, “We all recognize the imperative of ensuring peace and stability in the Indo-Pacific over the long term,” adding that “We need to be able to address both the current strategic environment in the region and how it may evolve.”

The Virginia-class submarines cost $3 billion each and will be built in Virginia and Connecticut. Some sources, however, have said that the subs will be built in the U.K. and Australia using U.S. technology and assistance.

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Natural News reports that the world’s largest provider of DNA services has been gobbled up by Wall Street investment giant BlackStone.

BlackStone purchased Ancestry.com for $4.7 billion from private equity rivals Silver Lake, Spectrum Equity, and Permira, placing a “big bet,” as Reuters describes it, “on family-tree chasing as well as personalized medicine.”

In case you are unfamiliar with the services it offers, Ancestry.com allows customers to not only trace their genealogy but also identify specific genetic health risks using testing kits. Remember, we and others have previously reported that Communist China is stealing people’s DNA from these at-home testing kits.

BlackStone’s hope is that because of Covid, bird flu and all of the other fear porn surrounding contagious diseases in the 21st century, more customers will stay home and use Ancestry.com’s services, generating more profits for the investment firm.

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Nike, the popular athletic shoe brand, has been selling shoes called Nike Adapt that are connected to the internet and are capable of tying themselves.

Technically, the shoes cannot be tied because they have no laces but are compression fitted to adapt to a variety of foot sizes. The shoes must be connected to a smartphone or smartwatch per the Nike Adapt app. Users can control how tight and loose the shoe fits by adjusting a meter on the app. Presets for casual and athletic use are included.

This is the internet of things converging with the internet of bodies.

Nike writes on its website:

“Instantly adjust your Nike Adapt shoes, check battery levels and more using just your smartphone. Five customizable voice commands work with Siri Shortcuts—or Google Voice, for Android users. The Nike App comes loaded with two preset fit modes: one tuned for activity and the other for relaxing. You can easily create your own with custom modes, as well.

“Your Apple Watch can also personalize your shoes. Instantly change the color of your lights or switch up your fit modes, all from your wrist.

“With 13 iconic Nike colors available to illuminate your lace engines, complement your personal style with pulsing and static options. Or, for a low-key look, simply turn off the lights.

“Charging your shoes is as easy as setting them on the mat and watching the lights change. If the battery runs out while you’re wearing them, your shoes will still unlace so you never get stuck.”

If you want a pair of these high-tech shoes, they will set you back anywhere from $408 to $784.

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Electric vehicle makers are scrambling for cash as demand dries up for their products.

Rivian Automotive plans to raise $1.3 billion in cash via a sale of convertible notes, joining a growing list of EV makers scrambling to hoard cash as demand falters for electric vehicles, reports CNBC.

Shares of Rivian closed down over 14% on Tuesday.

Rivian recently made a series of moves to conserve cash, laying off 6% of its workforce and delaying the launch of its new R2 smaller car.

Rivian also said last week it expects to produce 50,000 vehicles in 2023, fewer than the roughly 60,000 that Wall Street analysts had expected. That’s a sign that demand for its high-priced pickups and SUVs is falling short of its expectations, the CNBC report said.

Lucid, another startup making high-priced electric vehicles, also guided investors to lower-than-expected production in 2023 and said that it plans to ramp up its marketing in coming months, suggesting that it too is seeing fewer orders than expected.

Rivian raised nearly $12 billion when it went public in late 2021, helping it amass a cash hoard that still dwarfs that of most other EV startups. But the company’s shares have lost over 80% of their value since the debut.

It seems the honeymoon era for electric cars is over as consumers realize they are not only more costly to buy, but also to maintain, and that most can’t travel more than 100 miles or so without having to recharge. With a faltering electric grid due to increased reliance on solar, wind and other renewables, these electric vehicles also pose more of a risk that you will be stranded right when you need a charge.

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Nineteen attorneys general warned a group of pharmaceutical retailers of legal ramifications should they decide to mail abortion pills.

According to an article at World Net Daily, Missouri Attorney General Andrew Bailey, along with 18 other attorneys general, sent a letter to retailers including Walmart, Kroger and Costco encouraging them not to send abortion pills through the mail. 

The letter states:

“We write to advise you of why the FDA’s invitation is unlawful and risky and to urge you to continue rejecting it. You may not yet be aware that federal law expressly prohibits using the mail to send or receive any drug that will ‘be used or applied for producing abortion.’”

The letter further states that “although many people are unfamiliar with this statute because it has not been amended in a few decades, the text could not be clearer.”

Anyone who, according to the law, “knowingly takes any such thing from the mails for the purpose of circulating is guilty of a federal crime.”

In addition to Missouri, the letter was signed by AGs from Alabama, Alaska, Arkansas, Florida, Georgia, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Montana, Ohio, Oklahoma, South Carolina, South Dakota, Texas, Utah and West Virginia.

A similar letter was sent last month to CVS and Walgreens pharmacies, pointing out that distributing the abortion pill through the mail violates federal and state laws. Currently, 19 states have restrictions on abortion pill distribution.

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The New York Post reports that Amazon delivery drivers are chafing under the company’s Big Brother-like system that tracks their every move.

The system checks to make sure their seatbelts are fastened, they’re not sipping coffee while in motion, they make a full stop at stop signs, and they don’t go more than 6 miles per hour over the posted speed limit.

Amber Girts, a 21-year-old Amazon van driver, posted a viral video on social media describing the “dystopian” surveillance methods used by the e-commerce giant to force its army of delivery people to comply with road safety regulations.

“We’re tracked, right?” Girts says in the now-viral TikTok video.

“That little guy is how we’re tracked,” the driver says, pointing to the four-lens camera affixed to the front windshield.

“It’s probably recording me recording it, but it can’t hear me, so that’s nice,” Girts says as she films the nearly two-minute-long clip in which she describes the company’s elaborate array of cameras.

SHOW TWEETED VIDEO

https://twitter.com/WallStreetSilv/status/1630697050516910085?s=20

Twitter user Wall Street Silver dubbed the use of tracking cameras as “dystopian.”

The fact is, all vehicles are soon going to be outfitted with this type of technology, as well as a remote kill switch that will disable your vehicle if you show too many signs of disobedient behavior while behind the wheel.

We have Joe Biden to thank for that. He buried the kill switch requirement in his 2021 infrastructure bill, requiring all new cars to have remote kill switches by the year 2026.

That does it for this edition of the Worldview Financial Report. Thanks for tuning in, and for supporting this viewer-supported broadcast…

Until next time, I’m Brannon Howse. May God save America! Take care.

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