As of Saturday morning, 18 March 2023, the Banking crisis is getting a lot worse; fast. CREDIT SUISSE CFO TEAMS ARE BEING CALLED IN TO WORK OVER THE WEEKEND TO CLEAN OUT THEIR DESKS!
This is just days after Credit Suisse received a $54 BILLION assistance package from the Swiss National Bank.
Word from corporate contacts says that Credit Suisse is "Weighing options and is under pressure to merge with UBS."
Swiss regulators informed their US and UK counterparts on Friday night that the merger of the two banks is their Plan A in hope of preventing a total loss of confidence in Credit Suisse. The Swiss National Bank would like a simple and uncomplicated solution before the markets open on Monday. However, there is no guarantee that an agreement will be reached in the discussions.
There were also rumors overnight that US firm Blackrock wanted to make a bid for Credit Suisse, but that rumor was quickly refuted.
Meanwhile, Global stock markets tumbled again Friday over continuing fears of a broader banking crisis, despite elected officials' pledges to shore up banks that may be in trouble.
Shares of First Republic Bank tanked 30% Friday despite $30 Billion of support from other banks. First Republic Bank stock ended the week down 72%.
An interesting note: The Balance Sheet of the US Federal Reserve jumped to $8.69 TRILLION on March 15, up from $8.39 TRILLION on March 8. They're literally making "money" out of thin air by simply adding digits to computers which "creates" money in accounts.
They don't have the money for that! If they try to run the printing press to cover that amount of debt, the dollar would collapse overnight. Foreign countries would dump all their dollar reserves. People would drain their accounts to go and buy hard assets while they still could.
Today's financial turmoil is beginning to look a LOT like the 1980's movie "Rollover" starring Kris Kristofferson, Jane Fonda, and Hume Cronin. Here's a scene from that movie showing what a world economic collapse looks like:
It __appears__ to many people that this is exactly where we are all heading.
VIDEO UPDATE: YouTube has deliberately obfuscated YOUR ability to SEE this video. They are deliberately trying to CONCEAL the video because it is so applicable to the current financial crisis!! The direct link to the video is: https://www.youtube.com/watch?v=UPl77UeHfd8
