Since the rotted-to-the-core Wall Street Ponzi scheme known as the "markets" have been shaky as of late, and even more so after the collapse of Silicon Valley Bank (SVB) last Friday, Biden's job, along with that of Treasury Secretary Janet "Hobbit" Yellen, is to dispense false hope and lies to the American public about how their "money," also known as Federal Reserve Notes, are "safe."
"Americans can rest assured that our banking system is safe," the Pedophile-in-Chief blabbed in front of a teleprompter.
Americans who held cash deposits at SVB will apparently be just fine, according to Yellen, even if their holdings exceeded the Federal Deposit Insurance Corporation's (FDIC) $250,000 limit for coverage. The reason for this is that a lot of "important" people and entities banked at SVB, and thus require special treatment that nobody else gets.
On the flip side, anyone who invested in SVB and lost big time is out of luck – because apparently nobody "important" held any shares, and thus will not be afforded the same kind of bailout that depositors are getting.
"They knowingly took a risk, and when the risk didn't pay off, investors lose their money," Biden the "big guy" proceeded to mumble during his address, which very few people bothered to watch.
(Related: The Health Ranger published a piece that unpacks Yellen's "non-bailout bailout.")
The reason we know Biden is lying, other than the fact that he opened his mouth, is that he conveniently and systematically ignored all questioning for reporters about the contagion effect of SVB's collapse.
When pressed for comment about the "ripple effect" of SVB's demise, Hunter's dad ignored every single question that was addressed to him and moved on with his pre-written script.
The first day of market trading since last week's implosion was dismal. Numerous bank stocks plummeted, suggesting that contagion is already happening, the full extent of which will soon be seen.
Recall from the 2008 financial collapse that it took about a month after the government assured Americans that everything was "just fine" for Lehman Brothers, Washington Mutual, and the others to implode. Do we even have that much time this time around before everything hits the fan in a more noticeable way?
On Monday, Biden promised that he would address the country again to "deliver remarks on how we will maintain a resilient banking system to protect our historic economic recovery." This is a sure sign that things are actually not okay, just to be clear.
"Is he really going to maintain the narrative that the economy is 'strong as hell' amid a systemic financial crisis?" asked Zero Hedge.
According to Biden, Yellen and the National Economic Council Director have been ordered to work with banking regulators immediately to address the problems at SVB and now Signature Bank, which has also collapsed.
"I'm pleased they reached a solution that protects workers, small businesses, taxpayers, and our financial system," Biden said.
"I'm firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again," the Biden Twitter account further tweeted.
The message these crooks want us all to believe is that this is not another 2008 event in motion, which it is – but much worse this time. They will also inevitably come up with a scapegoat to blame instead of going after the true culprits, which are the financial terrorists using fractional reserve banking and endless money printing to financially rape the public.
American finance is a corrupt, usurious joke. To learn more about it, visit Collapse.news.
Sources for this article include: