"Just 2 days ago Hi tech tried to crash the Shekel in order to stop Judicial Reform. 2 days later, The CEO of the Universe crashes two hi tech Silicon (Woke) Valley banks to rudely inform them that they are not in charge of Israel's economy.... 2 DAYS.... THIS IS WHAT GEULAH LOOKS LIKE!” End of Days blog
SVB Proves Israel is the Safest Investment
By Hillel Fuld
It’s very, very sad and equally scary.
But… I can’t help it. I have a kippa on my head, which means I believe that Someone else is pulling the strings, that He is controlling our world.
Before I continue, I will not let anyone twist my words or misunderstand what I’m saying. I am not saying or implying, nor do I believe that anyone deserves to lose money. I am not happy about any of this, nor do I think anyone had it coming to them. This whole story is terrible for everyone involved. That is a stand-alone fact. I am not in any way happy about this.
But I’d be lying to myself if I said I didn’t see G–d’s involvement here. People say G–d works in mysterious ways? People also say that man plans, and G–d laughs. A part of me thinks that G–d has a really ironic side to Him.
In case you haven’t heard, the 16th largest bank in America and the bank that basically controls a massive majority of startup money has totally collapsed in the last 48 hours. Silicon Valley Bank is no more.
You’ve surely seen it being spoken about on the Internet and perhaps you are in finance so you understand what went down. I didn’t. But in a wild oversimplification, the bank announces that it needed to raise $2.25 billion to fix its balance sheet.
The market freaked out, their customers pulled out $42 billion and ran. This caused the bank to totally crash and then the bank was seized by the federal government yesterday, and basically shut down.
This is the biggest US banking failure since 2008.
[…] For entire article go to Hillel Fuld’s link below
We haven’t seen the end of this SVB story. It hasn’t even begun. The domino effect will be very scary for Americans and Israelis alike. Good chance that it’ll affect the Israeli tech ecosystem, and no one knows where it will end.
I’m just sayin, Israel is ok and will continue to be ok. If that offends you, I’m sorry.
I hope somehow that this SVB story has a happy ending, or at least, a non-catastrophic ending.
Again, because I know what’s coming, I’m not saying this is a good thing, nor am I saying that the crisis in Israel isn’t causing damage to the economy. It is. That’s a fact.
All I’m saying is, we will be ok. We’ve been through worse.
Published on Hillel Fuld’s Facebook Page
Hillel Fuld is a tech blogger/vlogger/podcaster, startup marketer, online influencer, and public speaker. He has been featured on several tech publications and does keynotes on tech marketing worldwide.
“I am closely monitoring the collapse of the American investment bank Silicon Valley Bank (SVB), which has led to a major crisis in the high-tech world. From Rome, I have held talks with senior high-tech figures in Israel. Upon my return to Israel, I will discuss the scope of the crisis with the finance and economy ministers and the governor of the Bank of Israel,” said Netanyahu.
The Israeli premier arrived in Italy on Thursday for a three-day diplomatic visit.
“If necessary, out of responsibility to Israeli high-tech companies and employees, we will take steps to assist the Israeli companies whose center of activity is in Israel to weather the cash-flow crisis that has been created for them due to the turmoil,” he said. SVB was the sixteenth largest bank in the United States, and its failure following a bank run is the country’s second-largest ever after the collapse of Washington Mutual during the 2008 global financial crisis.
It held an estimated $150 billion in uninsured deposits, according to the company’s financial statements from last month, and more than $200 billion in assets at the end of last year. Regulators estimate that the bank had seen roughly $40 billion in outflows in a short period of time, leading to the bank’s collapse.
The U.S. Federal Deposit Insurance Corporation said that all customers with insured deposits—namely, accounts worth less than $250,000—would have full access to their money by Monday morning. The FDIC said that uninsured depositors—those with accounts exceeding $250,000—would get some of their money back, but did not specify how much.
Bloomberg reported that 93 percent of SVB’s accounts were uninsured. Companies that did business with SVB have warned that the bank’s failure may force thousands of layoffs, and prevent workers from receiving their next paycheck.
California Gov. Gavin Newsom said Saturday that he was in talks with the White House to help “stabilize the situation as quickly as possible, to protect jobs, people’s livelihoods, and the entire innovation ecosystem that has served as a tent pole for our economy. Federal officials were facing growing pressure on Sunday to bail out even huge customers of the failed bank.
Israeli Finance Minister Bezalel Smotrich said that he was forming a special committee to investigate the potential consequences for Israel from the collapse.
“We promised to work for the Israeli economy so that it is an island of stability and certainty amid the world’s turbulent economic waters, and we will do so, with God’s help,” said Smotrich on Saturday.
“The State of Israel stands with the local high-tech industry and will help it get through the crisis so that it can continue its developmental momentum and success.”
READ ALSO:
Silicon Valley Bank, Nation’s 16th-Largest, Suffers Historic Collapse
https://www.theyeshivaworld.com/news/headlines-breaking-stories/2172626/silicon-valley-bank-nations-16th-largest-suffers-historic-collapse.html
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