First I haven’t said it had found its way. My point is to assume that it will “percolate”.
Second you can refer to this article from reuters for the total amount at stake (250billions). Whatever you call it, it is liquidity, liquid flows down one way or another.
"Public support for the bank comes in three ways. Credit Suisse had already been drawing on the Swiss National Bank’s (SNB) emergency liquidity assistance scheme.
Credit Suisse said last Wednesday it would take 50 billion francs from the scheme, which provides funding secured against collateral such as mortgages and securities.
On top of this, the Swiss National Bank offered the combined bank an emergency liquidity loan of up to 100 billion Swiss francs. That loan is protected in the event of a default.
The third tranche of support allows Credit Suisse to draw on a further 100 billion francs of funding via a public liquidity backstop"
P.S. Actually Kraken Pro app can be also used for free Lightning Network BTC payments. Just a bit cumbersome, as every payment has to be approved via email.
I am honstly extremely pissed off that this happened already for a second time within 14 years after the UBS bailout and politicians promissed us this would never happen again. Now they have created an even bigger monster bank that has so much power and holds the whole country hostage. Again like last time there was no public vote on the issue, nobody will go to prison and we the taxpayers are supposed to pay for the corruption within the banking and political system. This is exactly the reason for BTCs invention. I am out!
Another zombie company kept artificially alive, we will all pay for this. As usual these costs will be printed away and hidden in inflation, we will never receive a bill, instead costs of living will just continue to rise and productivity will continue to shrink.
FTC is more about criminal management / Ponzi scheme.
It is a few levels further than Credit Suisse in my opinion. And it is nont only FTC. Terra and celsius are also under fire.
Both organisations CS and FTX were involved in not only bad managment but in repeated criminal activities and and the people responsible should be in both cases convicted. Credit suisse was saved by the political establishment under the “too big too fail” argument again. The costs will be paid by the taxpayers and society in one form or another. Bitcoin supply is controlled by nobody and can not be dilluted the governement. FTX was also anti BTC and ETH and tried to push Solana instead.
In the space of a few years, the SNB freed itself from the illiquid securities of UBS and even came out CHF5 billion better off; the federal government, too, earned CHF1.2 billion thanks to an interest rate of 12.5% that it applied to the loan granted to the bank. [1]
Was the return worth it when risk-adjusted? With the money SNB has at disposition, and taking a lot of risk, high gains are sometimes expected.
I have little knowledge in the operation, but the fact that returns were positive does not imply statistically that it is probable or not to repeat the same way.
True, I also have a mortgage that is still in fiat and is slowly depreciating with inflation while the value of the property doubles every 10 year (in CHF) . But is this a lesson we want to teach our kids? Don’t produce anything real, let the state pay for everything and make debts you’ll never repay?
Wages didn’t really rise for as long as I have been working (over 30 years now), only investable assets did due to the excess liquidity added to the system and therefore the wealth gap widens. So did rents, health and other essentials living costs. My grandparents were still able to live well of their AHV (as house owners) today you are poor if you try to retire without 3a. Buy now pay later.
If you invest in productive assets and keep minimum cash – a small emergency fund - you barely need be in the monetary system at all
Whether you like it or not that’s the current system and it isn’t likely to change anytime soon. Many governments have debt of 100% of GDP so it is in taxpayers’ interest
Policy makers have been trying to avoid deflation and create some inflation for >10 years and only recently succeeded. Now they are just trying to slow it to a predictable level, they do not want to stop it
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