The financial meltdown – 22 March, 2022

The financial meltdown – 22 March, 2022

I picked up Hal Turner’s story and went looking for confirmation.

I found one item on Twitter (below).

There was a story on Reuters, based on a story in the Financial Times.

When I tried to access it the Reuters site said “access denied”.

When I checked just now the story that I found on the search engine has DISAPPEARED.

Hal Turner says “rumors”. I don’t think so.

***** BULLETIN ***** UBS Seeking to TERMINATE Credit Suisse Deal

If UBS Backs out, then Credit Swiss will fail, enter Bankruptcy, and that will mean a Bulge-Bracket-Bank (a.k.a. “too big to fail”) has gone under. 

The effects on the Global Financial System are, right now, incalculable.   A Credit Suisse Default would trigger Credit Default Swaps, and would put the bank in DEFAULT on all its Derivative Contracts. 

This could be a “Black Swan Event” that sets in motion a Domino effect, taking out  BIG  banks all over the world.

Credit Suisse customers feel mix of anger, relief after sale

Fury at top Credit Suisse managers. Lament over damage to Switzerland’s image as a stable, reliable banking center. Relief that authorities stepped in to help protect deposits, but worry about keeping cash invested in a bank that failed to manage its own money adequately.

On Swiss streets, emotions were running the gamut among Credit Suisse customers after the government this weekend orchestrated a takeover of the country’s second-largest bank by rival UBS — a bid to prevent further upheaval in the global financial system that began with the collapse of two U.S. banks.

How the merger, with a fire-sale price of 3 billion Swiss francs ($3.25 billion), will play out and its impact on worldwide finance are largely unknown. That has left those stuck in the middle — customers and bank workers — uncertain about what comes next in the deal to create one Swiss megabank.

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