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Roth on SVB bank run: Be prepared for potential contagion

Roth on SVB bank run: Be prepared for potential contagion

Here’s a story that everyone should be concerned about but not many are talking about.

Silicon Valley Bank is no longer. And now it’s spreading to four other banks.

Glenn Beck sat down with Carol Roth to discuss the fall of one of America’s banks, and she has a lot to say about.

Roth begins, “You want to not panic, but be prepared for potential contagion in the financial services arena.”

After all, she continues, this was “the second-largest bank failure in U.S. history, per the Financial Times, after the 2008 collapse of Washington Mutual.”

In addition, Bloomberg has been reporting that north of 93% of SVB’s deposits were not insured, and did not qualify for the FDIC because of the size of the deposit — or other reasons.

While absolutely concerning, Roth says, “This is a really good lesson.”

How? Well, she’s got an answer. Roth says, “If you are in the fortunate position that you have a lot of deposits with any sort of financial institution, make sure they are FDIC insured, or that you have not exceeded the limit, or that you move them around to different accounts with different names on them, so that you are able to have each of those accounts covered.”

Unfortunately, it's too late for those who had their money in Silicon Valley Bank to receive this tip, as many of them are not going to be getting their money back.

Beck asks Roth a question for the less-financially savvy folk: “What does this mean for the average person?”

Her answer is basically to get prepared.

She says, “Go check your accounts and check that FDIC insurance. Or if you’re with a credit union, they have a similar entity that does credit for credit unions and make sure that you have that insurance. ... Hedge your portfolio. Make sure that you’ve got 5 or 10% of your portfolio in alternative hard assets ... things that you can control.”

While all of this is concerning, there is one element that inspires even more fear.

Roth says the “most concerning about the long term is that they’re going to use this as a cover story for a central bank digital currency.”

Beck agrees.

She continues, “This is a very scary situation that can threaten our freedom, and it can threaten your wealth.”

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