Mic Drop

https://www.tiktok.com/t/ZTRvxDPeV/

Actually...

UK FINANCE MINISTRY ON CREDIT SUISSE: BOE HAS CONFIRMED THE UK BANKING SYSTEM REMAINS SAFE AND SOUND AND WELL CAPITALISED.

"Steady Lads"

SWISS AUTHORITIES CONSIDER IMPOSING LOSSES ON CREDIT SUISSE BONDHOLDERS AS PART OF BANK'S RESCUE DEAL -SOURCES LOSSES ON BONDHOLDERS COULD NEED TO BE LARGER IF CREDIT SUISSE WAS WOUND DOWN RATHER THAN TAKEN OVER BY UBS -SOURCE

“We know that many of you will have been following the intense media coverage over the past 48 hours on the future of Credit Suisse and appreciate the enormous uncertainty and stress that this has caused” CS Chairman Lehmann and CEO Koerner said in a memo to employees

After the Credit Suisse takeunder, UBS will manage $5 trillion in AUM.

A few more bank failures and UBS will be almost as large as the Fed.

Swiss Central Bank will print up to $100 billion for UBS/CS merger. That's 12.5% of Switzerland's GDP.

In Sunday's trading session, Credit Suisse’s AT1 debt traded between 20 cents on the dollar to as high as 70 cents as the UBS deal was finalized. Then it got donut

Every single day there are more twists and turns to this new banking panic.

In fact, we just learned that the big banks have gotten together to save First Republic.

That is good news, because a collapse of First Republic would have been a major catastrophe. But First Republic is just one in a very long list of banks that are in very serious jeopardy. For months, I relentlessly warned that our financial system could not handle higher interest rates. It was inevitable that financial institutions would start to break, and that is precisely what has happened. We are in far more trouble than most people realize, and we are still only in the very early chapters of this crisis. Initially, there were rumors that a buyer was being sought for First Republic, but instead the “too big to fail” banks agreed on a plan to deposit a total of 30 billion dollars into the troubled institution… Needless to say, executives at First Republic are greatly relieved. So much money had been pulled out of the bank in recent days, and at one point on Thursday the stock was selling for less than 20 dollars a share… So why was First Republic in so much trouble? Well, just like Silicon Valley Bank and Signature Bank, they were sitting on enormous unrealized losses because the government bonds that they were holding had lost a ton of value thanks to rapidly rising interest rates. Ultimately, those unrealized losses made a potential purchase of First Republic quite “unappealing” to the “too big to fail” banks… This crisis is just getting started.

Every domino that falls is just going to make things even worse, and ultimately I believe that the entire system is headed for an unprecedented meltdown.

So I would encourage you to do whatever you need to do to protect yourself, because things are only going to get crazier from here.

There are many weird ideas in physics, but that one... that, as Einstein said, "distinction between past, present & future is an illusion" is just too weird.