(Crazy) economy news - Page 20

Skybird · 03-10-23, 05:27 PM

Sounds like the issues with Germany's Postbank and Deutsche Bank trying to melt together. Customers for weeks and months since last autumn were unable to access their accounts, online or at the counter. Service was cancelled, service personnel at the counter could not help, telephone banklign was down. Those who wn ated to cancel their accoutns found themsleve sunable to dfo so and also did not even get replies. For soem, the sisues remain until today - since last autumn. For small businesses, this can be exitentially thgret5aneing - and it has crushed some of such businesses.

Germany, 2023 A.D.

Both banks tried since almost ten years to merge this way, one would have assumed that this is time enough to prepare for the final tehcncial joining. Well, never underestimate the Germans' ability to mess things always further up.

Jimbuna · 03-11-23, 04:05 AM

Safest place for your money will soon be to hide it under your bed

Skybird · 03-11-23, 06:45 AM

Quote:

Originally Posted by Jimbuna

Safest place for your money will soon be to hide it under your bed

True, but first transform it into real valuable assets: diamonds, gold, silver, stuff like that; else inflation kills your savings safely under your pillow. And even then the state, the biggest sponsor of organised crime in the world, can plunder you, by prohibitions or mounting penalty taxes when one day you liquidize these assets again and must pay horrendous taxes (=protection money).

The state always wins. The people always loose. They deserve it not any different, they endlessly legitmize the plunderers with their votes although they could be demanded, if they are no more teens, to know it better. Life experience, you know. If you get lied to, and lied to, and get lied to agaion, and then lied to and mor elies and always lies, you should know sooner or later what to expect from them. And if then you nevertheless legitmize them to conitnue, then you only get what you deserve and have opted for, and you have given up any right to complain or to criticise.

Everybody should know what he gets if he votes for any party, no matter which one. Lies and betrayal. The whole global situation proves it. People vote with best hopes and intentions: so how can it be that things are constantly detoriating then and that the situation is so much out of control?

People are like lambs being led to the slaughterhouse. Their freedom lies in that they can chose whether to enter through the left or the right gate.

I say so sinc emany yeras,a nd will contnue to say so as logn as the ylet me. Its only a question of time before such views will face legal sanctions, and will get suppressed, I am certain. The EU mulls a social scoring system according to Chinese example, the death of cash money allows total control and threatening non-conformal beings by cutting of their payment supply, and it wants that any criticism of the EU must first be checked and allowed by an EU authority that is to be created, else the content of unapproved criticism is getting criminalised and sanctioned. Bureaucrcay as a tool to establish tyranny.

Skybird · 03-15-23, 07:03 AM

Credit Suisse does a Stuka-dive by over -20%. Its the second-biggest Swiss bank. Customers have withdrawn their funds in large numbers. The government and the bank's board of directors are trying to be optimistic and appeasing. Currently the situation has been caugh tup it seems, butat a muc lower value level.

If I may speculate: its only a quesaiton of tiem before both the FED (earliuer) and the ECB (later) lose their courage and stop - and reverse? - the higher

- interest course they plotted last year. Which in the long run of course will make things even much worse.

We need to allow that banks as well as zombie businesses who were put on life support in recent years but are not competitive and survivable anymore, leave the market. In Europe at least but I assume in the US as well, there are now way too many foul apples in the basket. That many nations demand banks, pension fonds and insurrances to "invest"

in state bonds as well, does not make it better, but worse. Its a criminal abuse of power.

Skybird · 03-15-23, 11:24 AM

Credit Suisse now at -30%.

Jimbuna · 03-15-23, 11:27 AM

Credit Suisse shares plunge as bank fear widens.

https://www.bbc.co.uk/news/business-64964881

Skybird · 03-15-23, 12:16 PM

The central banks have created bubbles and bubbles, and then blew them up more and more.

Are we seeing the first cracks in the balloon hull?

The deposit guarantee system in Germany guarantees, depending on the institute association, 0.6 to 0.8% of the total customer deposits. It's already better positioned than the American one, but please - what are guarantees for not even 1% of the deposits?

Joys of fractional reserve banking, one of the biggest coups in the history of financial crime. Have fun.

Skybird · 03-15-23, 03:16 PM

Frankfurter Allgemeine Zeitung:
-----------------------------------

After the turbulence surrounding the Silicon Valley Bank, politicians and financial supervisors repeated it like a mantra: There is no risk of contagion, the big banks are now much more resilient. But the storm has not yet passed the financial markets, as the fall in the price of Credit Suisse shares now shows.

This time, however, it is not a medium-sized institute with a special business model like the Silicon Valley Bank. Now a major bank is on fire, and there should no longer be any doubts about it due to the strict equity and liquidity requirements. But investors mistrust the institute more and more. This can be seen not only from the fall in the share price, but also from the skyrocketing risk premiums on the bond market. These are now signaling increased default risks for the bank.

Credit Suisse's crisis of confidence is certainly due to many shortcomings that other financial institutions have avoided. However, Credit Suisse is not an isolated case because it has stuck to investment banking for too long. Deutsche Bank found itself in a similar situation not too long ago. She had to make a deep, painful cut and has now regained her footing.

Deep cuts are also needed at Credit Suisse, but time seems to be running out. Should the major Swiss bank falter, given its size and importance on the capital market, it could trigger a financial crisis like the one that followed the Lehman collapse in September 2008. Then the resilience of the banks would really be put to the test.

It is to be hoped that the management of Credit Suisse and the supervisors in Switzerland will finally be aware of their responsibility. Because the crisis of confidence surrounding Credit Suisse has been smoldering for too long.
----------------

Dargo · 03-15-23, 03:39 PM

Quote:

Originally Posted by Skybird

Frankfurter Allgemeine Zeitung:
-----------------------------------

After the turbulence surrounding the Silicon Valley Bank, politicians and financial supervisors repeated it like a mantra: There is no risk of contagion, the big banks are now much more resilient. But the storm has not yet passed the financial markets, as the fall in the price of Credit Suisse shares now shows.

This time, however, it is not a medium-sized institute with a special business model like the Silicon Valley Bank. Now a major bank is on fire, and there should no longer be any doubts about it due to the strict equity and liquidity requirements. But investors mistrust the institute more and more. This can be seen not only from the fall in the share price, but also from the skyrocketing risk premiums on the bond market. These are now signaling increased default risks for the bank.

Credit Suisse's crisis of confidence is certainly due to many shortcomings that other financial institutions have avoided. However, Credit Suisse is not an isolated case because it has stuck to investment banking for too long. Deutsche Bank found itself in a similar situation not too long ago. She had to make a deep, painful cut and has now regained her footing.

Deep cuts are also needed at Credit Suisse, but time seems to be running out. Should the major Swiss bank falter, given its size and importance on the capital market, it could trigger a financial crisis like the one that followed the Lehman collapse in September 2008. Then the resilience of the banks would really be put to the test.

It is to be hoped that the management of Credit Suisse and the supervisors in Switzerland will finally be aware of their responsibility. Because the crisis of confidence surrounding Credit Suisse has been smoldering for too long.
----------------

Credit Suisse has been struggling with scandals for months: a money laundering investigation, loss-making investments, hassles in the boardroom. Yesterday, Credit Suisse published last year's annual results with bad news again. Accounting deficiencies were revealed. Auditor PwC spoke of "flaws in internal control systems". When it also became clear that Credit Suisse's main shareholder - Saudi National Bank - could no longer assist financially, investors started selling their shares. According to the Saudis, they cannot put more money into it as they are not allowed to own more than 10 per cent of the shares.

Dargo · 03-15-23, 03:42 PM

Quote:

Originally Posted by Jimbuna

Safest place for your money will soon be to hide it under your bed

Clients' deposits are covered up to a limit of 100'000 CHF per client.

mapuc · 03-15-23, 03:50 PM

The main cause behind all these economical crisis we have had since 1929 is....Money, thereafter shares and other money related stuff.

I'm the only one here on this forum-Who is dreaming about a money free society. Like it is in Star Trek.

Markus

Skybird · 03-15-23, 04:00 PM

We already live in a money-free society, Markus. Nowhere in the world people pay with money. Which is the problem.

What we have is currency units - not money. And currency units are nothing more than counting aids.

Think you have a pear that I want and that you do not like, and I offer you an apple in exchange for your pear. You give me your pear, and I give you a piece of paper which reads "1 apple". Would you think you made a good deal?

This way already started during the Napoleonic wars when Britain was practically bancrupt. Businessmen came together, lend - real, silver and goild-based - money to the crown, and ironically called themselves the bank of England for that, but 30, 40 years it was no joke anymore, but reality: an established, state-promoted fraudulent scheme. The crown collected and kept silver and gold, and handed out paper leaflets called bank notes. It continued in the American civil war when on both sides they sometimes could not pay their regiments' men with silverdollar anymore, and instead paid them with promissory notes for silver (which never got redeemed, of course). At that time there were over half a dozen silver dollars from private mints in circulation! One dollar of silver is one dollar of silver, no matter who mints it into a coin. The word "Dollar" comes from "Thaler","Taler", a Taler was a quantum unit, like karat, grams, ounces.

https://mises.org/library/monetary-breakdown-west

States and central banks are formidable forms of organised crime, plain and simple. The purpose of central banks is to prevent real money.

One ounce of gold currently buys and sells for around 1750-1900 Euros (in Germany, Dollar-Euro exchnage rates already considered). When I keep my oune of gold for thirty years and somebody else keeps his bundle of banknotes worth 1800 Euro, I know who of us two holds the better value in his hand in thrioty yeares form now on. As loing as the gansgter in the government have not annopucned a new gold prophibiiton and went on a plundering tour against the people again. I will still be able to get what you get for 31.1 grams of gold then, but he will not get in thirty years for his 1800 Euro what he may have gotten in our current present. That much is certain.

The key businesses the state has his hands in, are wars, blackm ailing protexciton money, and expropritation. The tools for these three purposes are called moral mission, taxes, and inflation. And inflation you can only have with paper currencies - not with real money.

Jimbuna · 03-16-23, 06:38 AM

Credit Suisse's share price surged by 40%.

https://www.bbc.co.uk/news/business-64973321

Skybird · 03-16-23, 06:54 AM

Oh look, another bailout.

Skybird · 03-16-23, 12:03 PM

First Republic Bank drops by almost -40%, suffering from too many customers rmeoving their deposits. Several other American regional banks are in troubles, too.

Yellen says all is under control. Means: all red lights are on.

03-10-23, 05:27 PM	#286
Skybird Soaring Join Date: Sep 2001 Location: the mental asylum named Germany Posts: 40,471 Downloads: 9 Uploads: 0	Sounds like the issues with Germany's Postbank and Deutsche Bank trying to melt together. Customers for weeks and months since last autumn were unable to access their accounts, online or at the counter. Service was cancelled, service personnel at the counter could not help, telephone banklign was down. Those who wn ated to cancel their accoutns found themsleve sunable to dfo so and also did not even get replies. For soem, the sisues remain until today - since last autumn. For small businesses, this can be exitentially thgret5aneing - and it has crushed some of such businesses. Germany, 2023 A.D. Both banks tried since almost ten years to merge this way, one would have assumed that this is time enough to prepare for the final tehcncial joining. Well, never underestimate the Germans' ability to mess things always further up. __________________ If you feel nuts, consult an expert.

03-11-23, 04:05 AM	#287
Jimbuna Chief of the Boat Join Date: Feb 2006 Location: 250 metres below the surface Posts: 181,072 Downloads: 63 Uploads: 13	Safest place for your money will soon be to hide it under your bed __________________ Wise men speak because they have something to say; Fools because they have to say something. Oh my God, not again!! GWX3.0 Download Page - Donation/instant access to GWX (Help SubSim)

03-15-23, 07:03 AM	#289
Skybird Soaring Join Date: Sep 2001 Location: the mental asylum named Germany Posts: 40,471 Downloads: 9 Uploads: 0	Credit Suisse does a Stuka-dive by over -20%. Its the second-biggest Swiss bank. Customers have withdrawn their funds in large numbers. The government and the bank's board of directors are trying to be optimistic and appeasing. Currently the situation has been caugh tup it seems, butat a muc lower value level. If I may speculate: its only a quesaiton of tiem before both the FED (earliuer) and the ECB (later) lose their courage and stop - and reverse? - the higher - interest course they plotted last year. Which in the long run of course will make things even much worse. We need to allow that banks as well as zombie businesses who were put on life support in recent years but are not competitive and survivable anymore, leave the market. In Europe at least but I assume in the US as well, there are now way too many foul apples in the basket. That many nations demand banks, pension fonds and insurrances to "invest" in state bonds as well, does not make it better, but worse. Its a criminal abuse of power. __________________ If you feel nuts, consult an expert.

03-15-23, 11:24 AM	#290
Skybird Soaring Join Date: Sep 2001 Location: the mental asylum named Germany Posts: 40,471 Downloads: 9 Uploads: 0	Credit Suisse now at -30%. __________________ If you feel nuts, consult an expert.

03-15-23, 11:27 AM	#291
Jimbuna Chief of the Boat Join Date: Feb 2006 Location: 250 metres below the surface Posts: 181,072 Downloads: 63 Uploads: 13	Credit Suisse shares plunge as bank fear widens. https://www.bbc.co.uk/news/business-64964881 __________________ Wise men speak because they have something to say; Fools because they have to say something. Oh my God, not again!! GWX3.0 Download Page - Donation/instant access to GWX (Help SubSim)

03-15-23, 12:16 PM	#292
Skybird Soaring Join Date: Sep 2001 Location: the mental asylum named Germany Posts: 40,471 Downloads: 9 Uploads: 0	The central banks have created bubbles and bubbles, and then blew them up more and more. Are we seeing the first cracks in the balloon hull? The deposit guarantee system in Germany guarantees, depending on the institute association, 0.6 to 0.8% of the total customer deposits. It's already better positioned than the American one, but please - what are guarantees for not even 1% of the deposits? Joys of fractional reserve banking, one of the biggest coups in the history of financial crime. Have fun. __________________ If you feel nuts, consult an expert.

03-15-23, 03:16 PM	#293
Skybird Soaring Join Date: Sep 2001 Location: the mental asylum named Germany Posts: 40,471 Downloads: 9 Uploads: 0	Frankfurter Allgemeine Zeitung: ----------------------------------- After the turbulence surrounding the Silicon Valley Bank, politicians and financial supervisors repeated it like a mantra: There is no risk of contagion, the big banks are now much more resilient. But the storm has not yet passed the financial markets, as the fall in the price of Credit Suisse shares now shows. This time, however, it is not a medium-sized institute with a special business model like the Silicon Valley Bank. Now a major bank is on fire, and there should no longer be any doubts about it due to the strict equity and liquidity requirements. But investors mistrust the institute more and more. This can be seen not only from the fall in the share price, but also from the skyrocketing risk premiums on the bond market. These are now signaling increased default risks for the bank. Credit Suisse's crisis of confidence is certainly due to many shortcomings that other financial institutions have avoided. However, Credit Suisse is not an isolated case because it has stuck to investment banking for too long. Deutsche Bank found itself in a similar situation not too long ago. She had to make a deep, painful cut and has now regained her footing. Deep cuts are also needed at Credit Suisse, but time seems to be running out. Should the major Swiss bank falter, given its size and importance on the capital market, it could trigger a financial crisis like the one that followed the Lehman collapse in September 2008. Then the resilience of the banks would really be put to the test. It is to be hoped that the management of Credit Suisse and the supervisors in Switzerland will finally be aware of their responsibility. Because the crisis of confidence surrounding Credit Suisse has been smoldering for too long. ---------------- __________________ If you feel nuts, consult an expert.

03-15-23, 03:50 PM	#296
mapuc Fleet Admiral Join Date: Sep 2003 Location: Denmark Posts: 17,856 Downloads: 37 Uploads: 0	The main cause behind all these economical crisis we have had since 1929 is....Money, thereafter shares and other money related stuff. I'm the only one here on this forum-Who is dreaming about a money free society. Like it is in Star Trek. Markus __________________ My little lovely female cat

03-15-23, 04:00 PM	#297
Skybird Soaring Join Date: Sep 2001 Location: the mental asylum named Germany Posts: 40,471 Downloads: 9 Uploads: 0	We already live in a money-free society, Markus. Nowhere in the world people pay with money. Which is the problem. What we have is currency units - not money. And currency units are nothing more than counting aids. Think you have a pear that I want and that you do not like, and I offer you an apple in exchange for your pear. You give me your pear, and I give you a piece of paper which reads "1 apple". Would you think you made a good deal? This way already started during the Napoleonic wars when Britain was practically bancrupt. Businessmen came together, lend - real, silver and goild-based - money to the crown, and ironically called themselves the bank of England for that, but 30, 40 years it was no joke anymore, but reality: an established, state-promoted fraudulent scheme. The crown collected and kept silver and gold, and handed out paper leaflets called bank notes. It continued in the American civil war when on both sides they sometimes could not pay their regiments' men with silverdollar anymore, and instead paid them with promissory notes for silver (which never got redeemed, of course). At that time there were over half a dozen silver dollars from private mints in circulation! One dollar of silver is one dollar of silver, *no matter who mints it into a coin.* The word "Dollar" comes from "Thaler","Taler", a Taler was a quantum unit, like karat, grams, ounces. https://mises.org/library/monetary-breakdown-west States and central banks are formidable forms of organised crime, plain and simple. The purpose of central banks is to prevent real money. One ounce of gold currently buys and sells for around 1750-1900 Euros (in Germany, Dollar-Euro exchnage rates already considered). When I keep my oune of gold for thirty years and somebody else keeps his bundle of banknotes worth 1800 Euro, I know who of us two holds the better value in his hand in thrioty yeares form now on. As loing as the gansgter in the government have not annopucned a new gold prophibiiton and went on a plundering tour against the people again. I will still be able to get what you get for 31.1 grams of gold then, but he will not get in thirty years for his 1800 Euro what he may have gotten in our current present. That much is certain. The key businesses the state has his hands in, are wars, blackm ailing protexciton money, and expropritation. The tools for these three purposes are called moral mission, taxes, and inflation. And inflation you can only have with paper currencies - not with real money. __________________ If you feel nuts, consult an expert. Last edited by Skybird; 03-15-23 at 04:24 PM.

03-16-23, 06:38 AM	#298
Jimbuna Chief of the Boat Join Date: Feb 2006 Location: 250 metres below the surface Posts: 181,072 Downloads: 63 Uploads: 13	Credit Suisse's share price surged by 40%. https://www.bbc.co.uk/news/business-64973321 __________________ Wise men speak because they have something to say; Fools because they have to say something. Oh my God, not again!! GWX3.0 Download Page - Donation/instant access to GWX (Help SubSim)

03-16-23, 06:54 AM	#299
Skybird Soaring Join Date: Sep 2001 Location: the mental asylum named Germany Posts: 40,471 Downloads: 9 Uploads: 0	Oh look, another bailout. __________________ If you feel nuts, consult an expert.

03-16-23, 12:03 PM	#300
Skybird Soaring Join Date: Sep 2001 Location: the mental asylum named Germany Posts: 40,471 Downloads: 9 Uploads: 0	First Republic Bank drops by almost -40%, suffering from too many customers rmeoving their deposits. Several other American regional banks are in troubles, too. Yellen says all is under control. Means: all red lights are on. __________________ If you feel nuts, consult an expert.