Yellen to Protect Only Globalist Banks

In the wake of Treasury Secretary Janet Yellen now admitting that the government will only refund uninsured deposits to banks that pose a “systemic risk” to the financial system and NOT to every bank that fails, it’s vital to acknowledge Alex Jones called it just days ago:

“Next, they’ll start collapsing regional and lending banks to consolidate them into the big six globalist banks that own the private Federal Reserve and the European Union bank and the rest of it,” said Jones Monday. “Then out of that, they will call for Central Bank Digital Currencies to be rolled out…”

Jones went on to say how Biden’s new cyber security initiative is really a push to unleash a Central Bank Digital Currency that tracks and controls everything you do.

“Then they’ll try to ban all the normal cryptocurrencies that are actually independent and decentralized. As I said, look for them to crash the regional banks to bring in total control.”

Jones added that these globalist gambits for control are all different means to the same tyrannical end.

Now, nearly a week after Jones was the first news personality to tell people small banks would not be bailed out, Treasury Secretary Yellen is finally admitting smaller regional banks across America will not be saved by the US government. 

However, larger banks like Silicon Valley Bank and their customers like Democrat California Governor Gavin Newsom or the slew of Chinese business moguls banking there will be protected even beyond the FDIC $250,000 limit.

Read a transcript of the conversation between Sen. Lankford and Yellen below:

h/t the Gateway Pundit

Sen. Lankford: Will the deposits in every community bank in Oklahoma, regardless of their size, be fully insured now? Are they fully recovered? Every bank, every community bank in Oklahoma, regardless of the size of the deposit, will they get the same treatment that SVBP just got or Signature Bank just got?

Janet Yellen: A bank only gets that treatment if a majority of the FDIC board, a supermajority, a supermajority of the Fed board, and I, in consultation with the president, determine that the failure to protect uninsured depositors would create systemic risk and significant economic and financial consequences.

Sen. Lankford: Right. So what is your plan to keep large depositors from moving their funds out of community banks into the big banks? We have seen the mergers of banks over the past decade. I’m concerned you’re about to accelerate that by encouraging anyone who has a large deposit in a community bank to say, we’re not going to make you whole, but if you go to one of our preferred banks, we will make you whole at that point.

Janet Yellen: Look, I mean, that’s certainly not something that we’re encouraging…

 Well, we felt that there was a serious risk of contagion that could have brought down and triggered runs on many banks. And that’s something, given that our judgment is that the banking system overall is safe and sound. Depositors should have confidence in the system, and we took these actions.

Lankford: So there’s a special assessment that’s been done on community banks in my state and all banks across the country. Was there any discussion that that special assessment would only apply to the larger banks? Or was it always assumed the special assessment would cover every bank, including rural banks in my state?

Janet Yellen: I’m not certain what the rules are around that for the FDIC to determine.

Sen. Lankford: It has been reported publicly that Svb had a large number of Chinese investors that are there, including some that were companies directly connected to the Chinese Communist Party. Will those individuals, companies, entities, and investors that are Chinese investors be made whole based on assessments in my banks in Oklahoma? So what I’m asking is, will my banks in Oklahoma pay a special assessment to be able to make Chinese investors whole from Silicon Valley Bank?

Janet Yellen: Uninsured investors will be made whole in that bank, and I suppose that could include foreign depositors, but I don’t believe there’s any legal basis to discriminate among uninsured.

Sen. Lankford: I get it, but I’m just saying my community banks are going to pay this additional fee. It is always fascinating to me as well, the conversation that taxpayers are being made whole in this, that taxpayers are not going to have any kind of consequence on this. I’m sure my bankers are going to be very excited to know they no longer pay taxes.