Treasuries investments plummeted rapidly. Due to 40-year record-high inflation, the Fed lifted rates eight times by a total of 4.25 percentage points in 2022, raising interest rates from 0.25 percent to 4.375 percent. Interest rates ruined the typically "ultra-safe" investment. Then came the magic cocktail-record-high inflation and rising interest rates. In other words, it is typically very safe. Unlike other forms of investments, investing in Treasuries means the government will do everything within its legal power to pay back the money used to fund itself. These are considered "ultra-safe" investments because they are backed by the "full faith and credit of the federal government."
Treasury Securities, which are the government's means of funding itself without using taxation (in a nutshell). Since they had reached their lending limit, they decided to invest it in U.S. To make a return on their available cash, SVB wanted to invest it, as many banks do. In fact, SVB's deposits doubled in 2021 alone, bringing in more money than they could lend out to their clients. Due to the uncertainty of the future and lockdowns limiting ways to spend money on recreational activities, like restaurants, bars, and other outlets, many Americans stocked up money in their accounts. The pandemic saw a rapid decrease in spending and a massive increase in bank deposits. Why didn't SVB have enough money for its depositors? To explain this, we have to go back to the pandemic era. Or the one involving Sandia Labs executives seminar. Or the 12-year-old boy who was stabbed for being white.Īnti-racism seminars, like the one in Seattle. Or the 12-year-old boy who was sucker-punched. They come in many forms.īeatings in public-like the mob attack on Rand Paul. Struggle sessions have been revived, and exported to America. They brought workers and peasants into the meetings, and they could not understand what was happening. But I also thought there were many ignorant people, people who did not understand what was happening, so I pitied that kind of person. "I thought there were some bad people in the audience. "down with You Xiaoli! Down with You Xiaoli!" "I had many feelings at that struggle session," recalls You Xiaoli. From the audience came repeated, rhythmic chants. Workers from local factories and peasants from nearby communes had been bussed in for the spectacle. In the audience were You Xiaoli's students and colleagues and former friends. The scene was taking place at the university, too, in a sports field at one of China's most prestigious institutions of higher learning.
_session_1964.jpg "struggle session patreon code")
On both sides of the blackboard were chalked her name and the myriad crimes she was alleged to have committed.
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It was the position known as "doing the airplane." Around her neck was a heavy chain, and attached to the chain was a blackboard, a real blackboard, one that had been removed from a classroom at the university where You Xiaoli, for more than ten years, had served as a full professor. Her body was bent over from the waist into a right angle, and her arms, elbows stiff and straight, were behind her back, one hand grasping the other at the wrist. They also took place at universities, like the struggle session for the professor You Xiaoli, as recounted by Anne Thurston, in Enemies of the People: You Xiaoli was standing, precariously balanced, on a stool.
These struggle sessions often took place in busy areas.
It was a way to punish anyone who so much as disagreed with Communist Party dogma. If you don't bend your knee to communism, you will be destroyed. It was also a warning to everyone watching: If you don't bend your knee to communism, you will be destroyed. Their focus is on the elimination of the power base and/or class position of enemy classes or groups. The point was to publicly degrade the person until they swore allegiance to the Communist Party. One specific kind of public humiliation is what's called "The Struggle Session." It was a punishment reserved for people who committed wrong-think. This included public humiliation and public executions. These became more and more advanced over time. During the Cultural Revolution, the Chinese Communist Party used a variety of torture techniques.
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