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Credit Suisse is at the highest risk of default in a decade. If it collapses, then this could be the first domino to topple many other over leveraged and failing banks. Is this Bitcoin’s time?
Credit Suisse on verge of failure
Credit Suisse is on the edge. The interest rate charged on its credit default swaps rose 6 basis points on Friday to 2.47%. The same swaps began the year at 0.57%, a tell-tale sign that the market is losing confidence in the bank’s ability to stay afloat.
The price of Credit Suisse on the New York Stock Exchange was down 3.27% on the day, and since mid January, the price for the Credit Suisse Group has fallen 63%.
CEO Ulrich Körner made an attempt to respond to the huge amount of negativity surrounding Credit Suisse by talking of the “many factually inaccurate statements being made”.
The UK edition of the Guardian had Körner referencing the bank’s restructuring plan, which included job cuts, a sale of assets, and asking its investors for more cash.
A torrid history
However, according to the same source, the bank appears to have been involved in incredibly shady dealings, including paying fines for bond issue fraud where some of the proceeds were funnelled back to bankers at Credit Suisse.
Far worse accusations were also made by the Guardian and others:
“its private banking division – traditionally a cornerstone of Swiss banking – has been put under pressure after the Suisse secrets investigation, conducted by a consortium including the Guardian, exposed the hidden wealth of clients involved in torture, drug trafficking, money laundering, corruption and other serious crimes.”
Crypto is besmirched
The mainstream media will always print the pronouncements of bankers and others on how crypto companies are untrustworthy, risky, and venues for various scams and wrongdoings. Generally, all crypto is tarred with the same brush despite the obvious transparency, innovation and huge advantages that many projects bring to the table.
How the banking system really works
However, they never seem to mention any of the far worse events that happen with regularity in the traditional banking system. This system has failed the people to an extent that would stretch the imagination of most to believe.
The entire system is run by bankers for bankers and the planet is blissfully unaware of what is going on. For example, who would believe it to be true that when a bank makes a loan, the entire amount is printed out of thin air, and then the bank charges what would normally be at least the same amount again in interest.
This system has been milked by the bankers to the very extremes before total collapse. Central bank digital currencies (CBDCs) are the last throw of the dice. If these can be rolled out across the world then the bankers can micro manage every individual, thereby wielding complete and utter power. Full financial slavery can take place.
Bitcoin is the answer
Bitcoin is the way out. It is a currency that can be held and spent without any intervention from governments or banks. The mainstream media has done quite a job on blackening Bitcoin and all other cryptocurrencies, but all who care about their financial future need to do the research on both the banking system, and the world of cryptos, especially Bitcoin.
When world economies were on the edge of collapse in the 2009 financial crisis Satoshi Nakamoto launched Bitcoin, putting the front page of the Times into the genesis block of his new creation. The front page read “Chancellor on brink of second bailout for banks."
These are the same banks that can print fiat currency out of nowhere, and the fact that taxpayer money was used to bail them out says volumes for just how corrupt and broken the traditional finance system really is.
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