Uh... "fees on other banks" seems like a pretty good proxy for "anyone holding dollars worldwide", though. I don't think you disagree. The idea that there won

Uh... "fees on other banks" seems like a pretty good proxy for "anyone holding dollars worldwide", though. I don't think you disagree. The idea that there won't be losses here is a little laughable. If their assets were so solid then some other bank would happily have written a loan with them as collateral. SVB transparently couldn't get financing, so they had to sell a bunch of stuff last week and booked a $1.8B loss (which is the proximate cause of the bank run). No, this will end up being a bailout. It'll be obscured enough that people will be able to claim it wasn't. But it is.