SWISS NATIONAL BANK SNB collapses – in real time – In Walks BRICS??
Could we be seeing the complete collapse of the U.S. dollar, the euro, Blackrock and Vanguard have both declared bankruptcy. The banks are collapsing, the NWO and the WEF are collapsing?
Equity almost at 2008 levels, but debt inflated to the point of no return. No More Money for spoiled communities.
Three Swiss icons collapse: Electricity giant Axpo, money colossus CS, banknote house SNB.
No electricity, no credit, and now no more free lunch from the Casa de Papel of the Swiss Confederation.
According to Tages-Anzeiger, the loss of the National Bank from July to today could have increased by another 50 billion.
Total minus in the current 2022: almost 150 billion.
Mount Everest instead of Jungfrau.
Every twitch in the markets, every bang in politics, every crash of the currencies corrected the SNB kings with even more money.
So credit. Debt.
They opened the floodgates, increased intervention and became the largest hedge fund in the world.
In the US alone, Thomas Jordan and his colleagues bought Tesla, Apple, Facebook, Google, Microsoft as if there were no tomorrow.
For Wall Street a blessing. When nothing more went, one bought: the SNB.
Now it’s over, the US stocks give the Swiss high losses. There are even gigantic with the even more important investment, the bonds.
These are collapsing like never before as a result of skyrocketing interest rates, and because they are quoted in euros and other soft currencies, the foreign exchange loss is on top of that.
The bank of banks has landed in a perfect storm – Ian, on the other hand, is a lukewarm breeze.
What to do?
Nothing. Finished funny. The SNB is nosediving towards the ground. If the markets continue to explode, the supposedly indomitable guardian of the world’s best currency will no longer be just under-covered, but over-indebted.
In other words, its capital becomes negative. Hole in the balance sheet. Abyss.
What has changed since the Great Financial Crisis with the 70 billion bailout of UBS is the other relevant variable in the Central Bank’s balance sheet: the sum of all assets and liabilities.
So the assets on the left in the accounting and the debts on the right. There was a historical inflation, thanks to new rescue and support actions.
The balance sheet is ready to be dismantled, and from now on money sluices are set up again – whatever it takes.
The consequence is clear: the indebted Häusli owners and the speculators of the Pension Funds are saved at the expense of the devaluation of money and the pound.
The “poor” pay the bill, with skyrocketing energy, health and food prices and a currency with which you can make up the Costa Blanca until further notice.
Credit Suisse Shares Plunge 10% Ahead of Restructuring Plan
Early trading Monday saw as much as 10% wiped off Credit Suisse share value reflecting market concern despite a major effort to reassure investors and clients over the weekend.
The Swiss lender’s euro-denominated bonds dropped to record lows while longer-dated bonds suffered their sharpest declines ahead of Q3 results due at the end of October.
Last month Reuters reported the bank – which holds assets totalling around $735.68 billion, but has made losses of just over $4 billion over the last three quarters – was also considering approaching investors for fresh cash injections. (RT)
Mmmmmm, In walks BRICS????
BRICS holds talks on reserve currency – diplomat
The BRICS countries are working on establishing a new reserve currency to better serve their economic interests, ambassador at large of Russia’s Foreign Ministry Pavel Knyazev said this week. It will be based on a basket of the currencies of the five-nation bloc.
“The possibility and prospects of setting up a common single currency based on a basket of currencies of the BRICS countries is being discussed,” Knyazev said during a discussion about expanding BRICS and the Shanghai Cooperation Organization.
According to the diplomat, member states are “actively studying mechanisms” to exchange financial information to develop a reliable alternative for international payments. (RT)