What's up, ladies gentlemen? This is the global macroeconomic update episode of the Action Academy

podcast. It has taken me a little bit of time to consume content, to read news sources, to see

differing opinions on either side of the aisle, to finally be able to talk about what's going on

with Silicon Valley Bank and the United States and global banking system as a whole.

So the macroeconomic environment. And I really wanted to dive deep before I made this episode

because there's really two levels of understanding on any topic or subject. And that is first

the level of understanding to where you just are regurgitating data. And that's what I feel

a lot of podcasts have been doing lately,

where it's just grabbing different clickbait headlines

and piecing them together and did this Frankenstein's monster of episodes.

And I didn't want to do that.

I didn't understand what was going on.

And that's the second level of understanding is where you understand something

enough to where you could explain it to a fifth grader. So I feel now after about a week and a half of research,

we've got enough of an understanding to explain the situation to you guys and then talk about

what are best practices and best steps moving forward. So for those of you that I have no

idea what's been going on in the macroeconomic environment, Silicon Valley Bank has gone under. It has failed. This is the second largest bank failure in

U.S. history second to Washington Mutual. So WAMU failed in 2008 for $300 billion in assets.

And SVB was $212 billion in Q4 of 2022. Silicon Valley Bank was the

go-to bank for venture capitalist and these tech and media companies over in California. So they

were the spot, the White Glove Service, where Peter Thiel and all of his VC friends were

investing hundreds of billions of dollars.

...