March 10, 2023
Silicon Valley Bank collapses due to a run on its deposits, in the second largest bank failure in US history. Its operations are taken over by the FDIC.
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Source: Wikipedia (CC BY-SA)
On March 10, in the year 2023:
Silicon Valley Bank collapses due to a run on its deposits, in the second largest bank failure in US history. Its operations are taken over by the FDIC.
A bank run or run on the bank occurs when many clients withdraw their money from a bank, because they believe the bank may fail in the near future.
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Why March 10, 2023 matters:
Silicon Valley Bank collapses due to a run on its deposits, in the second largest bank failure in US history. Its operations are taken over by the FDIC.
What began on this day left a lasting mark on history. The effects were felt immediately and continued to shape events, ideas, and lives long afterwards.
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Historical context: March 10, 2023
The 21st century has already seen profound shifts: the digital revolution has connected billions while reshaping politics and culture; climate change has emerged as a defining crisis; and new powers have risen to challenge the world order that followed the Cold War.
The event on this day: Silicon Valley Bank collapses due to a run on its deposits, in the second largest bank failure in US history. Its operations are taken over by the FDIC.
Source: https://en.wikipedia.org/wiki/Bank_run (Wikipedia, CC BY-SA)
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