Bingo. They only have enough to cover less than 2% of deposits. It is all fiat.
Discussion
Come on. We all know the Ukraine deserves that money a lot more than American startups and depositors.
Clown world indeed.
My theory is Ukraine isnāt getting all that money directly, and it is more of a European excuse to put money in that area. Guessing Ukraine is more of a ālaundererā for billions needed to prevent Europe/euro from collapsing.
āSupporting Ukraineā is a narrative way easier to digest that āpreventing the collapse of Europeā.. Now we need to pivot and start saving our ass, enter the $6.7trilly package that WILL get bipartisan approval..
Itās all based on trust but thereās no one to trust.