patrick.net

This is not good for Credit Suisse depositors and shareholders.

Patrick says

This is not good for Credit Suisse depositors and shareholders.

It was the same for the Sili-con Valley bank - their risk person was woke AF

from https://rudy.substack.com/p/the-total-and-utter-incompetence

“It is now clear that SVB was run by monkeys.” - Yves Smith
Good interview with Michael Hudson. Transcript is here.

I should note that Michael Hudson is not a conservative Republican. He “identifies himself as a Marxist economist":

President Biden decided to bail [Silicon Valley Bank] out and then blatantly lied to the public by claiming it’s not a bailout.

How can it not be a bailout? He bailed out every single uninsured depositor because they were his constituency. Silicon Valley is a Democratic Party stronghold, as most of California is.

There’s no way that Biden and the Democratic Party was going to let any wealthy person in Silicon Valley lose a penny of their deposits, because it knows that it’s going to get huge campaign contributions in gratitude for the 2024 election.

So the result is that of course they bailed out the banks and President Biden weaseled his way out of things by saying, “Well, we didn’t bail out the bank stockholders. We only build out the billions of dollars of depositors.”

Second institution run by political virtue signaling psychopaths in a confidence game? The Intels are deep, deep into Silicon Valley. Question is, wherefore does this planned detonation lead? They got the principles with their payoffs and prioritized clients out, wonder if there will be a rash of 'suicides' to quash the squealers?

"Never let a crisis go to waste"

The Federal Reserve Announces Its First Big Step Towards a Digital Dollar
https://beckernews.com/the-federal-reserve-announces-its-first-big-step-towards-a-digital-dollar-49617/

The Federal Reserve Bank of the United States has announced that it is launching an instant payment transfer service called “FedNow Service,” which has features of a Central Bank Digital Currency (CBDC) and some analysts believe is the first big step towards a “digital dollar.”

On Wednesday, within hours of our reporting that the Silicon Valley Bank and Signature Bank failures could spur renewed calls for the U.S. to implement a CBDC, the Federal Reserve announced that the U.S. is rolling out the FedNow instant payment transfer service in July.

“The Federal Reserve announced that the FedNow Service will start operating in July and provided details on preparations for launch,” the announcement read.

They don't even want to print the paper any more. You thought the surveillance and censoring was bad already, they are going full Chinese CCP with the fake fiat money.