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<blockquote style="position: relative; padding-left: 55px;"><section><a href="https://mastodon.social/users/acmuller/statuses/110036662074823042">Charles Muller (acmuller@mastodon.social)'s status on Friday, 17-Mar-2023 13:10:16 JST</a><a href="https://mastodon.social/@acmuller" title="acmuller@mastodon.social"><img src="https://gnusocial.jp/avatar/22514-48-20221110132429.webp" width="48" height="48" alt="Charles Muller" style="position: absolute; left: 0; top: 0;">Charles Muller</a></section><article><p>Why The US Bank Crisis Is Not Over<br>By Michael Hudson, Geopolitical Economy. </p><p>President Biden has done everything that he could to confuse the public as to what is happening. His March 13 speech assured voters that the SVB “rescue” was not a bailout. But of course it was a bailout. Uninsured SVB depositors who did not qualify for safety from losing a penny were rescued without losing a penny. <br><a href="https://popularresistance.org/why-the-us-bank-crisis-is-not-over/" rel="nofollow noreferrer">https://popularresistance.org/why-the-us-bank-crisis-is-not-over/</a></p></article><footer><a rel="bookmark" href="https://gnusocial.jp/conversation/1328660#notice-2761493">In conversation</a><time datetime="2023-03-17T13:10:16+09:00" title="Friday, 17-Mar-2023 13:10:16 JST">Friday, 17-Mar-2023 13:10:16 JST</time> <span>from <span><a href="https://mastodon.social/@acmuller/110036662074823042" rel="external" title="Sent from mastodon.social via ActivityPub">mastodon.social</a></span></span><a href="https://mastodon.social/@acmuller/110036662074823042">permalink</a><h4>Attachments</h4><ol><li><article><header><div>Domain not in remote thumbnail source whitelist: popularresistance-uploads.s3.amazonaws.com</div><h5><a href="https://popularresistance.org/why-the-us-bank-crisis-is-not-over/">Why The US Bank Crisis Is Not Over - PopularResistance.Org</a></h5><div></div></header><div>President Biden has done everything that he could to confuse the public as to what is happening. His March 13 speech assured voters that the SVB “rescue” was not a bailout. But of course it was a bailout.  Uninsured SVB depositors who did not qualify for safety from losing a penny were rescued without losing a penny.  What Biden implied, correctly, was that it was not a taxpayer bailout. But then what was it?  It was a demonstration of how powerful Modern Monetary Theory (MMT) is. The banking assets sufficient to “make depositors whole” was simply created by the banking authorities.</div><footer></footer></article></li></ol></footer></blockquote>

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Charles Muller (acmuller@mastodon.social)'s status on Friday, 17-Mar-2023 13:10:16 JST Charles Muller
Why The US Bank Crisis Is Not Over
By Michael Hudson, Geopolitical Economy.
President Biden has done everything that he could to confuse the public as to what is happening. His March 13 speech assured voters that the SVB “rescue” was not a bailout. But of course it was a bailout. Uninsured SVB depositors who did not qualify for safety from losing a penny were rescued without losing a penny.
https://popularresistance.org/why-the-us-bank-crisis-is-not-over/
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  Why The US Bank Crisis Is Not Over - PopularResistance.Org
  President Biden has done everything that he could to confuse the public as to what is happening. His March 13 speech assured voters that the SVB “rescue” was not a bailout. But of course it was a bailout. Uninsured SVB depositors who did not qualify for safety from losing a penny were rescued without losing a penny. What Biden implied, correctly, was that it was not a taxpayer bailout. But then what was it? It was a demonstration of how powerful Modern Monetary Theory (MMT) is. The banking assets sufficient to “make depositors whole” was simply created by the banking authorities.

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