Run On Banks -- March 10, 2023 -- IN PROGRESS

JPow's two big problems.  a run on banks and the implosion of cryptocurrency. 

SIVB: link here.

• Pre-market: down another 44%. Could open under $60.  [Later: could open under $35. Some feel that SIVB is NOT a one-off.]
  
• Culprit: Treasuries. 
• Five days, from $275 to $106.

  SIVB: wiki -- 

  On 9 March 2023, shares of SVB Financial plunged more than 62% after the company proposed a share sale to shore up its balance sheet which had suffered a $1.8 billion loss on Treasuries due to rising inflation.

•  Cryptocurrency: pending.

• JPow's third big problem. Credibility. 

He's publicly committed to 2% inflation rate. "Everyone" knows that is impossible and in a modern economy like the US, a 2% inflation rate is fantasy and, in fact, is actually detrimental to the well-being of the nation and the working class. A two-percent inflation rate could be seen by some as a personal blood feud for JPow and that he might be willing to take the nation down if he has to, to get to 2%. It will be interesting to see if JPow will moderate his statements at risk of "negative" headlines  on "flip-flopping."