ECON [FINANCE] First Deathburger Thread of the 2023 Banking Crisis. ALL welcome (hall passes at the door). Have At It.

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vector7

vector7

Dot Collector
At this rate we will need not one but two trillion dollar coins by end of trading just for the margin calls
trillion-dollar-coin-1.jpg

https://twitter.com/i/web/status/1636052026348978177
View: https://twitter.com/zerohedge/status/1636052026348978177?s=20
 
Hfcomms

Hfcomms

EN66iq
Hognutz said:
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If we can avoid a nuclear exchange by having the Western financial system imploding on itself like the old USSR did in 1991 then I think that is a price worth paying. Unfortunately it's being done intentionally in order to get people to cry out for the governments to do 'something' and do something they will. Uncle has this great central bank digital currency for you and then the noose is closed around the necks of the people.
 
vector7

vector7

Dot Collector
Timeline of Credit Suisse, $CS, Collapse:

- 2009: Fined $536 million for bypassing US sanctions

- 2014: Fined $2.6 billion for evading US taxes

- 2021: Lost $5.5 billion due to risky exposure to Archegos fund failure

- 2021: Froze $10 billon in funds due to Greensill collapse

- 2022: Pleads guilty to defrauding investors over $850 million loan, fined $475 million

- 2023: Delays annual report to address accounting concerns from the SEC

- 2023: Saudi National Bank said they won't provide further financial support

- 2023: US Treasury and ECB announce they are monitoring CS situation

Now, Credit Suisse is asking the Swiss Central Bank for support.

Their Credit Default Swap premiums are trading above 2008 levels.

At this point, they have dug their own grave.
https://twitter.com/i/web/status/1636034355179945986
View: https://twitter.com/KobeissiLetter/status/1636034355179945986?s=20
 
Doc1

Doc1

Has No Life - Lives on TB
In the real, macro view, this entire crisis is the result of the century-long 'experiment' in fiat currency, both domestically and globally.

Of course it did not occur overnight. The US has long engaged in deficit spending - especially in WW1 - and eliminated its citizens access to gold coin in 1933. In 1964 - with ever-increasing deficit spending - it eliminated silver from most US coinage and then in 1971 ended the US Dollar's gold backing. By '71, this was mostly a fiction in any case, but Mr. Nixon officially cut any gold link to the Dollar. The debasement became so ridiculous that in 1982 the government even removed the copper from US pennies, replacing it with 'copper washed' zinc slugs.

So, we have seen just over fifty years of wholly un-backed fiat currency (fiat meaning 'by decree') and the average life expectancy of a un-backed fiat currency has been, you guessed it, fifty years.

For these fifty years we've seen people slaving away for and 'saving' in what amounts to Monopoly money. Countries, with the US in the forefront, have operated entire economies on this inherently-valueless Monopoly money. Our unbacked fiat currency is only supported by military strength, law enforcement and of course the poor, deluded citizen's misguided faith in the worthless, green-printed, pieces of paper.

Now, slowly, and then more rapidly, the scam is starting to come apart at the seams. There is nothing at all unique about the US fiat currency experiment except for its size. Fiat currency collapses have occurred hundreds of times throughout history and the results have always been tragic, leaving fiat savers destitute and often starving. Additionally, these collapses have often precipitated wars.

Do any of you see anything like this starting to happen now?

Best
Doc
 
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