Banking failure

[Old Cowzilla]

Is this true ??

Yes RM of WESTLAKE-GLADSTONE It was in the news another RM to the northwest of us lost funds also through a Credit Union account but I do not know of the details. Maybe just strange coincidence.

[TSIPP]

I did read some of the long winded article, cyberattack during Christmas break with 47 different withdrawals around 10 thousand each, it took counsel 9 months to report it to the ratepayers, sounds like an inside job to me.

[LEP]

I think it happened in Saskatchewan as well. The one in Saskatchewan was related to the payroll account.

City of Saskatoon had a problem with accounts payable. They had an email come asking to change the payment instructions for a major contractor. $1.5 million there.

It comes down to an administration ****up.

[errolanderson]

Media Release: The recent collapse of Silicon Valley Bank has brought regional banks in the U.S. into turmoil and has threatened one of Canada’s biggest bank mergers. TD Bank agreed to buy Tennessee-based First Horizon Bank in late 2022 for US$13.4 billion, but its stock has sunk more than 20% since SVB’s failure. As The Globe and Mail reports, this has complicated the deal in several ways, affecting the potential regulatory framework and opening the possibility of renegotiating the agreement.

Weren't we just assured that Cdn banks had little exposure to SVB fallout?

[flea beetle]

Media Release: The recent collapse of Silicon Valley Bank has brought regional banks in the U.S. into turmoil and has threatened one of Canada’s biggest bank mergers. TD Bank agreed to buy Tennessee-based First Horizon Bank in late 2022 for US$13.4 billion, but its stock has sunk more than 20% since SVB’s failure. As The Globe and Mail reports, this has complicated the deal in several ways, affecting the potential regulatory framework and opening the possibility of renegotiating the agreement.

Weren't we just assured that Cdn banks had little exposure to SVB fallout?

I have no sympathy for TD. They are the first pushing the digital currency bullshit. Let them tumble.

[biglentil]

In 2008 the great financial crash began 6 months after Bear Sterns failed. Now that SVG set off the dominoes I dont think we have to wait 6months this time around.

[crusher]

Elon has more to lose than anyone on the planet

[TASFarms]

Media Release: The recent collapse of Silicon Valley Bank has brought regional banks in the U.S. into turmoil and has threatened one of Canada’s biggest bank mergers. TD Bank agreed to buy Tennessee-based First Horizon Bank in late 2022 for US$13.4 billion, but its stock has sunk more than 20% since SVB’s failure. As The Globe and Mail reports, this has complicated the deal in several ways, affecting the potential regulatory framework and opening the possibility of renegotiating the agreement.

Weren't we just assured that Cdn banks had little exposure to SVB fallout?

You have to think of this way. What the govt is saying isn’t going to happen is probably going to.

[biglentil]

Rumour is banking holliday begins April 1.

https://twitter.com/wmiddelkoop/status/1639975239403667460

[jazz]

At some point the brics currency will be launched. It will be backed by Russian and Saudi oil, Russian commodities (including ag commodities) and gold and then greased by the yuan.

When that happens, the US will have no choice to repeg its paper to something as well. Same reason they are trying to go all electric as a hedge when the petro dollar buckles.

In that scenario, farmers, and Canada in general could see our net worth skyrocket as all valuations get reset.

We might see Macdons $53 canola yet. Flea Beatle will be the first farmer billionaire along with Gates. Maybe thats the reason we are seeing corporate farms with 8 figure debts these days. Sitting on cash deposits could be the worst decision.

[shtferbrains]

"Overly simple, but accurate explanation:

"Most of the world's oil is traded for dollars
That means every nation needs dollars to buy oil, regardless of who they buy from.
To get dollars, foreigners must work to create real goods and services to sell to the US.
US agencies and banks can pay for these goods by typing dollars into existence — at almost no cost.
This means that the United States gets some percentage of its imports and maybe 10% of the world's oil completely free of charge, every year.
That is an incredible deal for the US and a lot less good for everyone else."

[LEP]

I don't see the USD getting replaced as the most popular world currency.

When people trade in the black market in Asia or Africa can't see them trusting rubles or yuan or anything backed by those governments.

Russia and China might trade back and forth with each on some agreed to currency, but if you want to move that money out of those countries you would be hooped.

[shtferbrains]

The Russian embargo by a relatively few countries is definitely going to bring more geopolitical prominence and probably expand the BRIC trading alliance.
Countries like Iran and N Korea seem to be benefitting.
Lots of rerouting and back door import/ export going on.

[jazz]

I don't see the USD getting replaced as the most popular world currency. .

Not replaced, it will be a parallel currency. The pound sterling is still in circulation and at one time it was used in the entire british empire. 6B people are not going to take marching orders from the other $2B and thats good for all of us.

If I gave you a currency backed by something real vs one that is not, which would you hold.

[sumdumguy]

But who will want to trade in Communist dollars? No one, US dollar is only safe trading currency.