It would be understandable to get caught up in the details of the Silicon Valley Bank (SVB) collapse, and the ensuing chaos in the banking world. Yet, there is one major over-arching signal that is the linchpin to why SVB collapsed, and why other regional banks are having trouble: the cancer of woke ideology.
While there are many disparate elements contributing to the collapse itself, I contend all of the issues driving the disaster are linked by overall fealty to the cancer of wokism, impacting much of our infrastructure and affecting all of our lives.
You see, the moment any organized entity looks away from basic governing principles and instead commits to failed far-left political governance based on identity politics and Marxist theory, that tells you they have already completely lost the plot. Woke virtue signaling and responsible organizational decision making are like oil and water, one does not work with the other.
Many observers and analysts are appropriately pointing to woke-based decisions by SVB management as the culprit for the downfall. Reports are saying SVB chose “environmental, social, governance” (ESG) investing eschewing sound investment standards. This leftist scheme is nothing more than sleight of hand allowing the redirection of investment funds to enrich the left’s cancerous agenda.
Moreover, the New York Post exposed that the governing board of the bank was composed of leftist and Democrat Party activists and donors. For all entities drowning in woke, merit is not merely ignored it is considered inappropriate to be replaced by identity politics. Only one of the directors had investment banking experience. “SVB touted its diversity, though, noting in its 2022 proxy statement that 45% of its board are women, in addition to ‘other diversity’ like ‘one black’ member, ‘one LGQBT+’ and ‘two veterans,'” reported the Post. This virtue signaling by fetishizing certain kinds of people is typical of the woke cult.
Moreover, Fox Business reported SVB had no Chief Risk Officer leading up to the crash but employed a Diversity, Equity, & Inclusion Officer. Why? Because woke policy was the priority, not safe and proven best practices.
And now, courtesy of a new database created by the Claremont Institute and reporting by Just the News, we have learned that SVB and Signature Bank of New York, another failed woke bank, pledged or donated a shocking $71.5 million dollars to organizations affiliated with the Black Lives Matter movement.
While stunning, we also know the trouble regional banks are having is due in part to their treasury and bond assets crashing in value with the Federal Reserve Bank raising interest rates to combat Biden’s inflation crisis. Oh the tangled web the establishment weaves.
There are now all kinds of arguments and debates about which was more serious, who is to blame, and how to stop it from happening again. But it’s time to recognize that all of these details are linked to an attitude infecting most of our infrastructure. Whether it be banking, education, the military, business, law, and government itself, we are witnessing something akin to mass hysteria with the implementation of idiotic and dangerous Leftist demands which are designed to cause division, destruction, and failure.
A company or an institution which has succumbed to wokeness manifests publicly in a variety of ways. In the military it may be about pronouns, transgender extremism, and downgrading standards.
In education, it’s about erasing parental rights in the name of transgender extremism, pronouns, teaching of the Marxist critical race theory, and attempts to destroy standards and meritocracy.
No matter the kind of company or type of institution the primary signal of ultimate failure and impending collapse comes not from the symptoms of wokeness but the turn to it in the first place. The original management & leadership decision to turn away from original, sound missions and embrace the political requirements of a theory designed to destroy the American way of life and the functioning elements of western civilization dooms the involved entity.
The series of unforced errors leading to this bank crisis required leftist nonsense at every level. Ranging from Biden extending the government’s COVID emergency postition, pouring trillions into the system without considering the inflationary impact, pushing disastrous ESG policies, and encouraging woke policies throughout our national infrastructure, has led to the collapse of confidence, functionality, and cohesiveness in this country as a whole.
This mindless frenzy affects all of us as it leads to the failure of social cohesion and structural stability which all of our families rely upon. There are immediate things you’ve probably already engaged in to mitigate the impact of this new banking crisis. The very first thing that everyone can do now is make sure that your deposits, no matter what kind of bank they’re in, are covered by FDIC insurance. You can get the details in this New York Times explainer and at the FDIC. Current regulation insures accounts up to $250,000. These days, while you may conduct most of your banking online or through an app, now would be a good time for you to talk to a person in your bank branch to get an overview of what’s happening with your accounts and with the bank itself.
In the meantime your local and state representatives can also take steps to make sure that leftists embedded in important institutions do not continue to put your money and future at risk. To that point, a new coalition of governors are working together to forbid the use of pension money to fund leftist projects through ESG policies. AMAC Action has numerous resources with which you can engage to make a difference at every level. Now is the time to make sure your voice is heard!