A Fortress Built on the Ashes of SVB A fresh front has opened in the war for control over your money and your data. Peter Thiel—yes, that Peter Thiel—and fellow defense-industrial oligarchs Palmer Luckey and Joe Lonsdale have unveiled their latest contrivance: a national bank called Erebor, named after Tolkien’s mountain of hoarded treasure. Fitting, isn’t it? A fortress of capital guarded by a small elite, now vying to become the de facto gatekeepers of everything from stablecoins to defense technology. This ambitious gambit was sparked by the engineered implosion of Silicon Valley Bank back in 2023—an event that rattled startups and conveniently paved the way for consolidation by bigger players. Let’s not pretend this was the free market correcting…
Continue reading as a Citizen
Dedollarize News is free to read for signed-up members. Become a Citizen to finish this article, save what matters, and get the daily “While You Were Distracted” briefing.
No credit card required.
