UBS has just bought Credit Suisse to save it from a total collapse.
So UBS buys Credit Suisse, shareholders don’t get a vote, UBS gets $100 billion credit line from central bank …
Crazy times this week. Bandaids flying everywhere to keep the system from falling apart. 🤔 pic.twitter.com/5xNdt9dbBr
— Wall Street Silver (@WallStreetSilv) March 19, 2023
It is being admitted that if Credit Suisse fell, it would have caused all sorts of economic damage.
NOW – Swiss government confirms Credit Suisse takeover by UBS and says, "the bankruptcy of a global systematically important bank would have caused irreparable economic turmoil." pic.twitter.com/tAP88HMKu3
— Disclose.tv (@disclosetv) March 19, 2023
This may buy them some more time, but they can only plug so many holes to prevent a systemic failure.
The entire banking system in the West has been run like a casino and now we are seeing the end result of that.
Banking stocks are continuing their declines.
WATCH: Banking stocks fell sharply following an unprecedented weekend that saw the historic state-backed rescue of Credit Suisse by UBS and a coordinated central bank effort to bolster the flow of cash around the world https://t.co/xFG1j8t4QE pic.twitter.com/TPxfuqBCQs
— Reuters Business (@ReutersBiz) March 20, 2023
I can’t reiterate the importance of having assets outside of this system. There’s no telling what domino will fall next.
