President Biden  has done everything that he could to confuse the public as to what is happening. His Monday speech assured voters that the SVB “rescue” was not a bailout. But of course it was a bailout. Uninsured depositors who did not qualify for safety from losing a penny were rescued without losing a penny. What Biden implied, correctly, was that it was not a taxpayer bailout. But then what was it? It was a demonstration of how powerful Modern Monetary Theory (MMT) is. More

The post Why the Bank Crisis isn’t Over appeared first on CounterPunch.org.