It didn't just begin with Silicon Valley Bank a week or two ago.

It was these other banks.

And before that, it was all these crypto companies that were failing or that were outright frauds, including like Celsius 3A and Terra.

I think we're actually in the larger picture seeing kind of a breakdown in banking, perhaps, because VCs made a lot of bad bets.

And some of these companies were outright criminal operations.

And the effects are starting to radiate through the VC and financial world.

Thank you. Hello and welcome to Tech won't save us. I'm your host, Paris Marks. This week my guest is Jacob Silverman.

Jacob is a journalist who's written for The New Republic, the Baffler, and many other publications discussing crypto, venture capitalists, and really so much more.

He's also been on the show several times in the past. And if you do like this interview,

he's also the host of a new podcast on CBC called The Naked Emperor, digging into the collapse of FTX and everything that has

gone on with that. So if you're interested in this podcast, I think you're going to like that one as

well. I was really happy to have Jacob back on the show because with the collapse of Silicon

Valley Bank in the past couple of weeks, it just seemed obvious that we had to discuss this,

and Jacob seemed like the obvious person to have on to dig into it with, not only to discuss,

you know, the aspect of this, that is the bank collapse part of it. And of course, we also

extend this into the difficulties and collapse of Silvergate and Signature Bank, which were

tied into the crypto ecosystem and what all that tells us,

but also what the reaction of the venture capitalists in Silicon Valley have told us about

this industry, about the model that they were built on, and about where all of this goes next.

Because for a long time, these venture capitalists wanted us to see them as the people driving

us into the future right the people creating all of these amazing tech products that we're going to

change the world and that we're going to improve everything and clearly they have not delivered on

...