Bloomberg: Credit Suisse Wouldn’t Have Lasted Another Day, Minister Says
The Swiss government was compelled to intervene to save Credit Suisse Group AG as the troubled bank wouldn’t have survived another day of trading amid a crisis of investor confidence, Finance Minister Karin Keller-Sutter said.
“CS would not have survived Monday,” Keller-Sutter said in an interview with Zurich newspaper NZZ. “Without a solution, payment transactions with CS in Switzerland would have been significantly disrupted, possibly even collapsed.”
The impact of a disorderly bankruptcy may have been as much as double Swiss economic output, the minister said, citing expert estimates. More broadly, “we should have expected a global financial crisis” as “the crash of CS would have sent other banks into the abyss.”
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Update: Credit Suisse accessed billions in liquidity last weekend - finance minister (Reuters)
WNU editor: Finance Minister Karin Keller-Sutter is confirming what all the doomsayers were saying last week. The global banking system was one day away from experiencing a complete meltdown.
Its just a matter of time, sucks to say. Completely man made and avoidable. A result of total incompetents heading US fiscal policy.
ReplyDeleteAND,
GOVERNMENT,
ET AL,
R,
Who increased demand? Democrats giving away tax money and future tax obligations against the labor of future workers to those who do not work.
ReplyDeleteWho decreased supply? Democrats, liberals, leftists and communists with lockdowns for personal gain.
Prices are determined by supply and demand. High inflation is a sign that, across the economy, demand for goods and services exceeds their supply.
Demand has been strong due to strong employment and wage growth, cheap credit, pandemic-related payments from governments and pandemic-related shifts in demand towards goods consumed at home.
Supply has been disrupted by the pandemic’s effects on Chinese factories, international supply chains, container shipping, trucking and the Russian invasion of Ukraine that led to recent spikes in food and energy prices around the world.
- Nicholas Li (Economist with a real PhD)
These asshat banks are just glorified parking garages for money. But who the F knows what else they've been involved in. Not nothing, that's easy to figure out. Just make sure the Fjobs in charge get their golden parachutes for a private chalet on some quiet shore, cover up what they've really been doing (with government assistance), then beat it back into place, apply some plaster and paint to match. Presto! Nothing more to see here, move along. It's all rotten the f-n core.
ReplyDelete1:03 AM
ReplyDeletewhat is a real and what a fake PhD?
how does middle school student know?
yes. democrats are the only ones who run banks, who regulate them, who increase inflation. You do not have a real PhD, or if you have it was huge mistake. You are biased arse
ReplyDeleteBiden and the Dems run a Swiss banK wow. good to know they are spreading out from
ReplyDeleteAmerica
"Biden and the Dems run a Swiss banK wow. good to know they are spreading out from
ReplyDeleteAmerica"
Cnt obviously has a problem with their reading comprehension.
"Democrats, liberals, leftists and communists "
"“This Market is Going to be Different in a Couple of Weeks” – Kenyan President Ruto Urges His Constituents Who Hold US Dollars to Get Rid of Them"
ReplyDeleteOn a side note, notice how Obama has nothing to do with Kenya despite supposedly being half Kenyan? He got some mileage out of before he was elected president and then nothing. Very odd.
Is it because his real baby daddy is Frank Marshall Davis?
did Obama's grandparents fix his mother up with a well to do Kenyan to camouflage the fact that his mother made out with a man old enough to be her father?