Bailout of SVB May Be a Bailout for the CCP

Bailout of SVB May Be a Bailout for the CCP

( – The biggest mistake any American politician could make is to assume the People’s Republic of China (PRC) and the ruling Chinese Communist Party (CCP) have any respect, indeed, any real use for the United States. Their potential ties to the recently failed Silicon Valley Bank (SVB) and to President Joe Biden and his son Hunter have caught the attention of Republicans in the House of Representatives, and a group of their members has written to the president asking for the answers to specific questions.

A Dear Joe Letter

Congressman Dr. Rich McCormick, MD, drafted the letter that 19 of his colleagues joined with and gave it, and an exclusive interview, to Fox News. It detailed four areas of concern. First, he recapped SVB’s sudden demise, which left it with “a negative cash balance of $1 billion,” leaving it unable to cover the largely uninsured balances of the bank’s depositors.

McCormick’s letter also drew attention to a joint venture between SVB and the CCP-owned Shanghai Pudong Development Bank formed in 2012, which is called SPD Silicon Valley Bank (SSVB). According to its website, its mission is to provide financial services to its target clientele of “innovation companies” in such fields as life science and healthcare and advanced manufacturing, amongst others.

A third concern that the Congressman expressed came from an article published on the China Briefing website. It listed the assets deposited with SVB by Chinese tech and biopharma companies that will apparently be bailed out at the expense of American taxpayers.

The final point that was brought up came from a memo from the House Committee on Oversight and Accountability. It pertained to its investigation into “the Biden family’s influence peddling and business schemes” and what, if any, impact all the tangled interconnections could “have on Executive Branch policy making.”

The letter concludes by saying the part of the federal government responsible for banking in the country “cannot afford to be asleep at the wheel while the CCP finances its own companies” on the backs of the citizens of this nation. That kind of inattention could have a disastrous effect, just as it does when driving a car, but instead of wreaking havoc on a relatively small group of people, it could destroy the entire country.

No Love Lost

In 2005, The Epoch Times analyzed two speeches by a former Chinese Minister of Defense, Chi Haotian, that left very little doubt as to his opinion of the relationship between the two countries. Excerpts from the speeches include a hypothetical situation where the PRC’s “biological weapons succeed in the surprise attack” on the United States.

Another snippet includes Chi’s thoughts on an attack that might “kill one or 200 million Americans,” which he concedes would be seen as brutal, “but that is the only path that will secure a Chinese century [where] the CCP leads the world.” It’s important to remember not all cultures are as fickle as those in America when it comes to taking over other countries, and that may be especially true of this Asian nation. One can be sure China’s President Xi Jinping understands it, having told the CCP’s officials “time and momentum are on our side” in July 2021.

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