In short order, a greenback is as worthless as a Weimar cigarette rolled with a fifty-billion-mark note. The Fed goes into overdrive, printing new money to cover its debts. Furious, President Alvarado, America’s first Mexican-born head of state, announces that the U.S. But those disasters are minor compared with the latest: an economic collapse set in motion by the introduction of the bancor, a new global reserve currency meant to replace the dollar on the international market and backed by a coalition of countries led by Russia’s ruler-for-life, Vladimir Putin. Americans are still reeling from the Stone Age of 2024, when the electric grid crashed, wreaking technological havoc: pileups on unlit roads, airplanes dropping from the skies, pacemakers pumping double-time, looting and riots from sea to shining sea. “Dryouts” are commonplace, though it’s not clear whether scarcity of water or the dilapidation of the infrastructure meant to distribute it is to blame. The good news is that the United States has hung on for another thirteen years. If you think times are tough now, just wait until 2029. In her latest novel, Lionel Shriver brings the country to the brink of economic apocalypse Photograph by David Azia / AP The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines. On the date of publication, Dana Blankenhorn held no positions in any company mentioned in this story.
Its value was cut in half by the crisis, but the stock was little changed over the weekend and now offers a dividend yielding 3.88%. Analysts will want to watch the stock of Western Alliance Bancorp (NYSE: WAL), which was also hit hard by withdrawals during the SVB crisis. The government hopes the sale of First Republic ends the crisis that began at Silicon Valley Bank. That bank was also bought by JPMorgan Chase. history, after Washington Mutual’s failure in 2008. The First Republic Bank’s failure is the second-largest in U.S. The decision to have JPMorgan, the largest bank in the country, buy First Republic flies in the face of that. There is fear of Big Banks acquiring the whole sector. What had been the country’s 14th largest bank at the end of 2022 had $229 billion in assets against just $104 billion in deposits when it was closed. All those deposits, however, will be protected. The bank’s quarterly report, showing a loss of $100 billion in deposits despite a $30 billion inflow from a consortium of big banks, proved the last straw. Shares worth $138 in early February quickly became worthless, with our Samuel O’Brient warning investors away last week.
Speculation of First Republic failing began as Silicon Valley Bank went under in March.
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