I’ve been getting a lot of DMs and texts asking what my thoughts are on the recent bank collapses and what I’m doing to protect my money. In this episode, I break down how the US banking system works and go over key terms, including what a run on the bank is and how it’s changed over the past century.
I explain exactly what happened with Silicon Valley Bank and what the Fed did to ensure the whole banking system didn’t collapse. Plus, I share ways to diversify your money and reduce risk going forward.
Episode Timeline & Discussion Questions:
(1:19) Welcome back to The Chris Harder Show. Today, Chris is sharing what happened in banking this week.
(2:33) Chris explains how FDIC insurance works.
(4:07) Chris breaks down why every single bank has liquidity issues.
(9:09) Chris describes what a run on the bank is and how social media has changed the way that money evaporates from a bank.
(11:31) Chris connects the dots on why so many people took their money out of Silicon Valley Bank in a panic.
(13:45) Chris talks about the Fed’s solution to the impending domino effect.
(15:35) Chris shares ways to diversify your money and protect yourself.
(18:25) Chris summarizes his thoughts on the future of banking.
(19:22) Chris asks listeners to share the podcast and leave a 5-star review.