Soon after Silicon Valley Bank went bust on March 10 in the second largest bank failure in U.S. history, the Biden administration stepped in and bailed out SVB’s depositors, the majority of whom are wealthy donors to the Democrat Party.
“For Washington, this was no big deal,” independent journalist Steve Rodan noted in a March 14 substack.com analysis.
Following the collapse of Silicon Valley Bank, ‘Americans are learning something that the rest of the world long knew: In the end, the dollar is nothing more than a piece of paper.’
Team Biden “has been printing so much money over the last three years that it can bail out anybody, regardless of size. It’s that easy,” Rodan wrote.
In the past, the dollar had “stood on nothing more than the reputation of the United States. This was the most powerful country in the world, and it could force anybody to trade in the American currency,” Rodan added.
The prime example was Saudi Arabia, which agreed to sell its oil to the world in U.S. dollars in return for American security guarantees.
“Over the last decade, Riyad has regarded U.S. guarantees as worthless,” Rodan noted.
And the rest of the world is not impressed, either.