Technology Is Gradually Exposing The Fragility Of The (US) Banking System With Regional Banks Collapse
A republican senator is likening the US banking system crash to the advancement of technology which I will would say that this context means cryptocurrency. Since the beginning of this year it has been reported that a lot of bank crashes and seems the numbers is till counting. In an interview session the republican senator who happens to be who represents Louisiana in the state house says that banks today are no different from Ponzi schemes.
In he’s words which he says that he knows the world is different now with technology and the way we can communicate so quickly. Banks exist on the basis of trust. They are really just, don’t take this the wrong way, sophisticated Ponzi schemes, and they work when everybody trusts each other. You get on that iPhone and start sending text messages and you have the herd panic and stampede, anybody can go broke. It’s breathtaking.
The past week has seen several banking cooperations lose their their share prices which is PacWest Bancorp that’s down by 44%, Western Alliance Bancorporation (WAL) which is down by 27%, Metropolitan Bank Holding Corp (MCB) which is down by 30%.
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Twitter:Hironakamura