Bank of England on heightened alert for further banking turmoil
https://www.bbc.com/news/business-65099136Bailey said it was "the fastest collapse from health to death" since the UK's Barings Bank failed in 1995 after suffering heavy losses resulting from fraudulent investments. Sam Woods, the chief executive of the Prudential Regulation Authority, noted that SVB UK saw about a third of its deposits - £3bn - withdrawn on one day.
He twice suggested to the MPs that the stress tests applied to UK banks to make sure they can withstand a crisis would need to be looked at, given how new technology meant deposits could be withdrawn electronically in seconds. However, Mr Bailey told MPs he did not think the UK was in a position similar to the 2008 global financial crisis, when banks stopped lending to each other, plunging the world into a deep recession.
If anyone can't see the global grift by now, they are completely blind.
It's global liquidity that's the problem. Countries don't want to issue bonds, print and devalue their currencies any more than is completely necessary. They've done enough of that already. And no trad investments are giving their corps or investment banks any returns whatsoever right now.
Everything, everywhere is deflating all at once.
So where are their investment banks and corporations going to get the money if their reserve banks don't print more at 0% rates? Only one place left: sucking it
directly from their citizens' savings and investments.
Look at China. For over a decade they've been successful by closing off their citizens to any and all foreign/outside investment, and then providing them with only ONE localized investment vehicle (*cough Ponzi scam) left: skeletal, crappy hi-rise apartments built in the middle of BFE nowhere.
It's an IOU given for a completely worthless asset, in return for cash. It's actually worse than the worst of ponzis, shitcoins or NFTs.
And China's banks made a fortune by doing this. What a great model. So they think they'll be able to revive it and keep it going. Just look at 10-15 yr charts showing how China's household savings rates have plummeted and debt has risen.
What about other countries? Their citizens' banks will dry up like the Sahara.
Those digits you see when you log into your banking app and look at your balance? Well, they're just a mirage.
And don't even get me started on what SPACs were
really all about...
