NEWSLETTER
Warnings continue to permeate financial and market news this week, with Monica Crowley, former assistant secretary for public affairs at the US Treasury Department, indicating “catastrophic” consequences if the US dollar loses its status as the world’s reserve currency. In related news, billionaire Bill Ackman has warned that the US economy is “heading for a train wreck.” Meanwhile, First Citizens Bank has acquired SVB, and the US government remains a major bitcoin holder with its stash seized. All this and more, just below.
Former Treasury Official Warns Of Full Economic Implosion If US Dollar Loses World Reserve Currency Status
Former US Treasury Department Assistant Secretary for Public Affairs Monica Crowley has warned of “catastrophic” consequences if the US dollar loses its status as the world’s reserve currency. “That would mean the end of the US dollar,” she said, predicting that “there would be a complete implosion of the world economic system.”
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Billionaire Bill Ackman on the US banking crisis: ‘I’m afraid we’re headed for a train wreck’
Billionaire Bill Ackman has warned that the US economy is “heading for a train wreck” if the government allows the current banking crisis to continue. “Trust and trust are earned over many years, but they can be gone in a few days,” he said. “Hopefully, our regulators will get it right.”
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The US government remains one of the major holders of Bitcoin with a seized stash valued at $5.6 billion
As of March 25, 2023, the US government held 205,515 bitcoins worth $5.6 billion, which is about 1.06% of the circulating supply, according to current statistics. The bitcoin cache is the result of three forfeitures beginning in 2020. On-chain data from Glassnode reveals that around 9,860 bitcoins worth approximately $269 million were sent to a Coinbase address on March 9.
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First Citizens Bank acquires Silicon Valley Bank, costing the FDIC Deposit Insurance Fund an estimated $20 billion
According to the Federal Deposit Insurance Corporation (FDIC), troubled Silicon Valley Bank (SVB) was acquired by Raleigh, North Carolina-based First Citizens Bank & Trust Company. First Citizens acquired all of SVB’s deposits and loans, as well as the 17 branches that SVB owned in the United States.
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Where do you think the world economy is headed? Are the collapse warnings overstated, understated, inaccurate or accurate? Let us know in the comments section.
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