A proposal to prevent/stop a bank-run on midsize US banks.
A coalition of midsize US banks asked regulators to extend FDIC insurance to all deposits for the next two years https://www.bloomberg.com/news/articles/2023-03-18/midsize-us-banks-ask-fdic-to-insure-all-deposits-for-two-years?utm_source=website&utm_medium=share&utm_campaign=twitter via @markets
A coalition of midsize US banks asked regulators to extend FDIC insurance to all deposits for the next two years https://www.bloomberg.com/news/articles/2023-03-18/midsize-us-banks-ask-fdic-to-insure-all-deposits-for-two-years?utm_source=website&utm_medium=share&utm_campaign=twitter via @markets
Bloomberg.com
Midsize US Banks Ask FDIC to Insure Deposits for Two Years
A coalition of midsize US banks asked federal regulators to extend FDIC insurance to all deposits for the next two years, arguing the guarantee is needed to avoid a wider run on the banks.
Your central bank goes woke, you get broke.
Why woke 'Frisco Fed chief missed Silicon Valley Bank's warning signs https://nypost.com/2023/03/17/why-woke-frisco-fed-chief-missed-silicon-valley-banks-warning-signs/?utm_source=twitter_sitebuttons&utm_medium=site%20buttons&utm_campaign=site%20buttons via @nypost
Why woke 'Frisco Fed chief missed Silicon Valley Bank's warning signs https://nypost.com/2023/03/17/why-woke-frisco-fed-chief-missed-silicon-valley-banks-warning-signs/?utm_source=twitter_sitebuttons&utm_medium=site%20buttons&utm_campaign=site%20buttons via @nypost
New York Post
Why woke 'Frisco Fed chief missed Silicon Valley Bank's warning signs
Wokeness has replaced competence and merit across the banking sector, and San Francisco Fed Chief Mary Daly is the poster child of this pernicious trend.
UNS Buys Credit Suisse Latest News: UBS Default Swaps Widen - Bloomberg
https://www.bloomberg.com/news/articles/2023-03-19/ubs-default-swaps-widen-after-reaching-deal-to-buy-credit-suisse#xj4y7vzkg
https://www.bloomberg.com/news/articles/2023-03-19/ubs-default-swaps-widen-after-reaching-deal-to-buy-credit-suisse#xj4y7vzkg
Bloomberg.com
UBS Default Swaps Widen After Reaching Deal to Buy Credit Suisse
The cost of insuring UBS Group AG’s debt against default jumped in Sunday trading after the lender agreed to buy Credit Suisse Group AG.
Hmm ... why do you wish to assure me that you feel assured?
https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.pr230319~744758829c.en.html
https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.pr230319~744758829c.en.html
European Central Bank
Statement by Christine Lagarde, President of the European Central Bank, on the announcement on 19 March 2023 by the Swiss authorities
The European Central Bank (ECB) is the central bank of the European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency.
Central banks are back in crisis mode: The Fed offers USD to the world via liquidity swap transactions - now on a daily basis!
https://www.federalreserve.gov/newsevents/pressreleases/monetary20230319a.htm
https://www.federalreserve.gov/newsevents/pressreleases/monetary20230319a.htm
Board of Governors of the Federal Reserve System
Coordinated central bank action to enhance the provision of U.S. dollar liquidity
The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing a
In other words: It's a shark tank, and some get eaten alive.
https://www.bloomberg.com/news/features/2023-03-20/credit-suisse-ubs-takeover-how-a-166-year-old-bank-collapsed?srnd=premium-europe&leadSource=uverify%20wall
https://www.bloomberg.com/news/features/2023-03-20/credit-suisse-ubs-takeover-how-a-166-year-old-bank-collapsed?srnd=premium-europe&leadSource=uverify%20wall
Bloomberg
Credit Suisse’s Fate Was Sealed by Regulators Days Before UBS Deal
The Swiss bank had no choice but to accept a marriage of convenience with its rival after a crisis of confidence swept across debt markets.
Die Überschrift ist ganz und gar irreführend:
Nicht die Notenbanken(-räte) sind/geraten in Not, sondern die breite Bevölkerung ist/gerät in Not.
Notenbanken in Not: Das Ende des großen geldpolitischen Experiments https://www.faz.net/aktuell/wirtschaft/notenbanken-in-not-das-ende-des-grossen-geldpolitischen-experiments-18753652.html?GEPC=s3 #fplus
Nicht die Notenbanken(-räte) sind/geraten in Not, sondern die breite Bevölkerung ist/gerät in Not.
Notenbanken in Not: Das Ende des großen geldpolitischen Experiments https://www.faz.net/aktuell/wirtschaft/notenbanken-in-not-das-ende-des-grossen-geldpolitischen-experiments-18753652.html?GEPC=s3 #fplus
FAZ.NET
Notenbanken in Not: Das Ende des großen geldpolitischen Experiments
Die Zentralbanken wurden von der hohen Inflation überrascht. Sie handelten zu spät, mit nicht unerwarteten Folgen für die Märkte – analysiert der frühere EZB-Chefvolkswirt Jürgen Stark in einem Gastbeitrag.
Danke Epoch Times Deutschland!
https://www.epochtimes.de/wirtschaft/schweiz-zwangsheirat-der-bankengiganten-a4199504.html
https://www.epochtimes.de/wirtschaft/schweiz-zwangsheirat-der-bankengiganten-a4199504.html
Epoch Times www.epochtimes.de
Schweiz: Volkswirtschaften in Geiselhaft des Fiatgeldsystems
Die neue Riesenbank aus UBS und Credit Suisse war keine „Liebesheirat“, schreibt Thorsten Polleit. Die Bilanzsumme ist mehr als doppelt so hoch wie das Schweizer BIP. Es ist zwar eine Lösung, doch die eigentliche Ursache wird damit nicht erwischt.
The 11 Days of Turmoil That Brought Down Four Banks And Left a Fifth Teeteringhttps://www.bloomberg.com/news/articles/2023-03-20/four-banks-collapse-and-a-fifth-wobbles-in-11-days-of-turmoil?utm_source=website&utm_medium=share&utm_campaign=twitter via @markets
Bild: "DAS passiert, wenn eine deutsche Bank wackelt"
https://www.bild.de/bild-plus/politik/inland/wirtschaft/banken-beben-in-den-usa-und-schweiz-das-passiert-wenn-eine-deutsche-bank-wackelt-83266668.bild.html
https://www.bild.de/bild-plus/politik/inland/wirtschaft/banken-beben-in-den-usa-und-schweiz-das-passiert-wenn-eine-deutsche-bank-wackelt-83266668.bild.html
bild.de
Banken-Beben in den USA und Schweiz: DAS passiert, wenn eine deutsche Bank wackelt
Gehen die Bankkurse weiter runter, besteht die Sorge, dass das Vertrauen in Papiere von Geldhäusern noch weiter nachlässt! Kommt das Banken-Beben nun auch zu uns?
"Only the naive inflationists could believe that government could enrich mankind through fiat money."
| Ludwig von Mises
| Ludwig von Mises
Credit Suisse Bond-Wipeout Threatens $250 Billion Market
Credit Suisse’s riskiest bonds will be wiped out as part of its deal with UBS Group, dealing a blow to investors who held the lender’s AT1 bonds https://www.wsj.com/articles/credit-suisse-bond-wipeout-threatens-250-billion-market-10be7d04?reflink=desktopwebshare_twitter via @WSJ
Credit Suisse’s riskiest bonds will be wiped out as part of its deal with UBS Group, dealing a blow to investors who held the lender’s AT1 bonds https://www.wsj.com/articles/credit-suisse-bond-wipeout-threatens-250-billion-market-10be7d04?reflink=desktopwebshare_twitter via @WSJ
WSJ
Credit Suisse Bond-Wipeout Threatens $250 Billion Market
The deal would write down more than $17 billion of the bank’s riskiest bonds.
US Treasury Secretary J. Yellen vows to safeguard deposits at smaller US banks.
Deposits at smaller US banks: 5.5 tn US$.
Will it be enough?
Total deposits at US banks are 17 tn US$.
Numbers may become huge:
US mutual funds are 17 tn US$.
Note:
US GDP is 26 tn US$, and
US gov’t debt is 31 tn US$.
Deposits at smaller US banks: 5.5 tn US$.
Will it be enough?
Total deposits at US banks are 17 tn US$.
Numbers may become huge:
US mutual funds are 17 tn US$.
Note:
US GDP is 26 tn US$, and
US gov’t debt is 31 tn US$.