[ DONATE TO RMN ] [ View Thread ] [ Return to Main Page ] [ Read Prev Article ] [ Read Next Article ] [ CGI Media News Room ] [ SUBSCRIBE TO RMN ]

RMN is Reader Supported

Our Goal for
MAY 6 - JUN 5:
$1,500

Powered by FundRazr

Click Widget
or Click Here to contribute.

Checks & Money Orders:

Raye Allan Smith
P.O. Box 95
Ashtabula, OH 44005


Users Online:
162

Who Founded RMNews?


Dewitt Jones' Video
"Celebrate What's Right
With The World"


"When the
Starships Fly!"

Listen at YouTube


The Theme for The Obergon Chronicles

Listen at YouTube


The Obergon Chronicles ebook


RUMOR MILL
NEWS RADIO


CGI ROOM
Common Ground
Independent Media


WHAT ARE
THE FACTIONS?


THE AMAZING
RAYELAN ALLAN


BIORHYTHMS

LOTTO PICKS

OTHER WAYS TO DONATE





RUMOR MILL NEWS AGENTS WHO'VE BEEN INTERVIEWED ON RUMOR MILL NEWS RADIO

______________

NOVEMBER 2008

Kevin Courtois - Kcbjedi
______________

Dr Robin Falkov

______________

Melinda Pillsbury Hr1

Melinda Pillsbury Hr2

______________

Daneen Peterson

______________

Daneen Peterson

______________

Disclosure Hr1

Disclosure Hr2
______________

Scribe
______________

in_PHI_nitti
______________

Jasmine Hr1
Jasmine Hr2
______________

Tom Chittum Hr1
Tom Chittum Hr2
______________

Kevin Courtois
______________

Dr Syberlux
______________

Gary Larrabee Hr1
Gary Larrabee Hr2
______________

Kevin Courtois
______________

Pravdaseeker Hr1
Pravdaseeker Hr2
______________

DECEMBER 2008

Tom Chittum
______________

Crystal River
______________

Stewart Swerdlow Hr1
Stewart Swerdlow Hr2
______________

Janet Swerdlow Hr1
Janet Swerdlow Hr2
______________

Dr. Robin Falkov Hr1
Dr. Robin Falkov Hr2
Dr. Robin Falkov Hr3

JANUARY 2009 ______________

Patriotlad
______________

Patriotlad
______________

Crystal River
______________

Patriotlad
______________

Dr. Robin Falcov
______________

Patriotlad

FEBRUARY 2009

Find UFOs, The Apocalypse, New World Order, Political Analysis,
Alternative Health, Armageddon, Conspiracies, Prophecies, Spirituality,
Home Schooling, Home Mortgages and more, in:

The Rumor Mill News Reading Room

Credit Suisse: A “Too Big To Fail” Bank In Europe Is Literally On The Brink Of Collapse

Posted By: NightSky
Date: Thursday, 16-Mar-2023 09:43:50
www.rumormill.news/219131

By Michael Snyder

Do you remember when wealthy people all over the world would stash their money in Swiss banks because there were so strong and so private? Well, the second largest bank in Switzerland is literally on the brink of collapse. As I discussed yesterday, Credit Suisse is a prime candidate to be one of the next dominoes to fall. It has been on very shaky ground for a long time, and now the global banking panic has greatly accelerated the outflow of assets from the bank. So why should you care if it fails? Unlike Silicon Valley Bank and Signature Bank, Credit Suisse is so critical to the worldwide banking system that it has officially been designated “as being systemically important by the international Financial Stability Board”…

Credit Suisse is one of just 30 global financial institutions designated as being systemically important by the international Financial Stability Board. In other words, it’s too big to fail.

A “too big to fail” bank has not collapsed in more than a decade.

If Credit Suisse does go under, the shockwaves will reverberate all over the planet. Even though Credit Suisse is now smaller than it once was, it is still vastly larger than SVB…

Credit Suisse had total assets of $574 billion at the end of 2022 — down 37% from $912 billion at the end of 2020. Its asset-management arm supervises another $1.7 trillion in assets. Those numbers dwarf anything seen at Silicon Valley Bank, which had total assets of $212 billion.

So let us hope that Credit Suisse can be stabilized, because the alternative would be a complete and total nightmare.

Just like SVB, one of the reasons why Credit Suisse is in so much trouble is because it loaded up on government bonds that have now gone down in price dramatically…

The balance-sheet problems that took down SVB are probably even bigger at Credit Suisse. While SVB bought mortgage bonds at 1.5% yields, big European banks were forced to buy sovereign debt at sharply negative yields.

At this point, large European banks are holding mountains of such bonds, and that is truly an existential threat to the entire European banking system.

Unless emergency measures are implemented, a whole bunch of these institutions will inevitably implode.

As for Credit Suisse, the stock price hit yet another brand new all-time record low on Wednesday…

Shares of Credit Suisse on Wednesday plunged to a fresh all-time low for the second consecutive day after a top investor in the embattled Swiss bank said it would not be able to provide any more cash due to regulatory restrictions.

Trading in the bank’s plummeting stock was halted several times throughout the morning as it fell below 2 Swiss francs ($2.17) for the first time.

There had been hope that Saudi National Bank would come riding to the rescue, but those running Saudi National Bank have ruled that out…

The fresh losses came after the chairman of the bank’s top shareholder, Saudi National Bank, ruled out investing any more into the bank in a Bloomberg interview on Wednesday. The Saudi bank has just under a 10% stake in Credit Suisse, and crossing that threshold would subject it to new rules.


https://twitter.com/BloombergTV/status/1635933569997582337

After that news broke, Credit Suisse default swaps soared to levels that are absolutely absurd…

The cost of insuring the bonds of Credit Suisse Group AG against default in the near-term is approaching a rarely-seen level that typically signals serious investor concerns.

The last recorded quote on pricing source CMAQ stood at 835.9 basis points on Tuesday. Traders were seeing prices of as high as 1,200 basis points on one-year senior credit-default swaps Wednesday morning, according to two people who saw the quotes and asked not to be named because they aren’t public.

If you can believe it, Credit Suisse default swaps are now “about 18 times the contract for rival Swiss bank UBS Group AG”…

The level recorded on Tuesday is about 18 times the contract for rival Swiss bank UBS Group AG, and about nine times the equivalent for Deutsche Bank AG.

That is nuts!

But that is where we are.

Things have gotten so bad at the bank that employees are reportedly “crying” and having “meltdowns”…

When your employees are weeping uncontrollably, that is clearly a sign that your days are numbered.

But the good news is that an emergency rescue plan has been announced, and so there is hope that the bank can be stabilized…

Switzerland’s central bank said Wednesday it was ready to provide financial support to Credit Suisse after shares in the country’s second biggest lender crashed as much as 30%.

In a joint statement with the Swiss financial market regulator FINMA, the Swiss National Bank (SNB) said Credit Suisse (CS) met the “strict capital and liquidity requirements” imposed on banks of importance to the wider financial system.

“If necessary, the SNB will provide CS with liquidity,” they said.

Just like the emergency rescue plan that we just witnessed in the United States, this isn’t being called a bailout because people hate that word.

But that is what it actually is.

Unfortunately, there are several other European banks that may soon need bailouts as well…

The share price rout renewed a broader sell-off among European lenders, which were already facing significant market turmoil as a result of the Silicon Valley Bank fallout. Some of the biggest decliners included France’s Societe Generale, Spain’s Banco de Sabadell and Germany’s Commerzbank.

Several Italian banks on Wednesday were also subject to automatic trading stoppages, including UniCredit, FinecoBank and Monte dei Paschi.

In the weeks and months ahead, I expect central banks all over the world to wildly create money in a desperate attempt to prop up their most important financial institutions.

But just because these central banks can create an “infinite amount of cash” does not mean that they should actually do it.

When you create crazy amounts of money, it leads to crazy amounts of inflation.

Just ask Argentina. Right now, they are dealing with a triple-digit inflation rate…

Data released Tuesday showed annual inflation surpassed 100% for the first time since the early 1990s, bringing back memories of the hyperinflation that ravaged South America’s second-largest economy.

The United States and Europe are going down the exact same road.

And it is a road that we should not be too eager to travel.

In Venezuela, virtually everyone is a “millionaire” thanks to the rampant hyperinflation that has plagued that nation for years.

But just about everyone is also living in poverty because the money is almost totally worthless.

Having a stable currency is so important, and the U.S. dollar was once incredibly stable.

Unfortunately, our leaders have been treating our currency like toilet paper for many years, and so it is just a matter of time before it has similar value.

About the Author: My name is Michael and my brand new book entitled “End Times” is now available on Amazon.com. In addition to my new book I have written six other books that are available on Amazon.com including “7 Year Apocalypse”, “Lost Prophecies Of The Future Of America”, “The Beginning Of The End”, and “Living A Life That Really Matters”. (#CommissionsEarned) When you purchase any of these books you help to support the work that I am doing, and one way that you can really help is by sending copies as gifts to family and friends. Time is short, and I need help getting these warnings into the hands of as many people as possible. I have published thousands of articles on The Economic Collapse Blog, End Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is definitely a great help. These are such troubled times, and people need hope.

Read More




If you enjoyed this article,
Please consider a monthly subscription to Rumor Mill News!!


RMN is an RA production.

Articles In This Thread

The only pay your RMN moderators receive
comes from ads.
Please consider putting RMN in
your ad blocker's whitelist.


Serving Truth and Freedom
Worldwide since 1996
 
Politically Incorrect News
Stranger than Fiction
Usually True!


Powered
by FundRazr
Click Widget
or Click Here to contribute.


Organic Sulfur 4 Health

^


AGENTS WEBPAGES

Provided free to RMN Agents

Organic Sulfur 4 Health

^


AGENTS WEBPAGES

Provided free to RMN Agents



[ DONATE TO RMN ] [ View Thread ] [ Return to Main Page ] [ Read Prev Article ] [ Read Next Article ] [ CGI Media News Room ] [ SUBSCRIBE TO RMN ]

The Rumor Mill News Reading Room is maintained by Forum Admin with WebBBS 5.12.