Is Credit Suisse on the brink of collapse? Bank admits ‘material weakness’ as stocks fall and investors panic – zoohousenews.com
- March 16, 2023
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(Natural News) The latest bank on the chopping block appears to be Credit Suisse, a Swiss bank whose shares tumbled this week after the company announced a “material weakness” problem at its operations.
Credit Suisse shares fell to an all-time low this week after the announcement, just days after the contagion sent Silicon Valley Bank (SVB), Signature Bank, First Republic and Pac West into a financial death spiral.
Switzerland’s second-largest bank, Credit Suisse, confirmed losses of around $8 billion in 2022 due to the material weakness. Now the United States Securities and Exchange Commission (SEC) is warning the bank that it risks making false statements about accounting for cash flows in 2019 and 2020, which is why she has postponed her annual report until this week.
According to Credit Suisse, the “weakness” in their books stems from a “failure to develop and maintain an effective risk assessment process to identify and analyze the risk of material misstatement.” In other words, Credit Suisse is a badly run bank that probably committed all kinds of frauds that were ignored or overlooked because if they had been caught the company would have gone bust a long time ago.
The US dollar is “losing its hegemony,” says an expert who correctly predicted the 2008 financial crisis — hyperinflation to come
CEO Ulrich Körner says his bank’s troubles have nothing to do with SVB collapse – do you believe him? – Statement to the corporate-controlled media in a recent statement that “SVB’s credit exposure is not material”.
“It’s a completely different situation,” Koerner continued. “We have significantly different and higher standards when it comes to capitalization, liquidity and so on.”
Despite this hollow assurance, many are deeply concerned that Credit Suisse will be the next shoe to fall in the inevitable banking collapse that, frankly, has been a long time coming.
Irish macroeconomist Philip Pilkington commented on the matter that “there is increasing evidence of a possible broader banking crisis”. “Losses in bonds and mortgage-backed securities (MBS) are huge. Credit Suisse may just be one of the weaker members of the pack.”
Similarly, American entrepreneur and author Robert Kiyosaki correctly predicted the collapse of Lehman Brothers in 2008, which we know was the spark that started the global financial crisis.
“The problem is the bond market and my prediction is that I called Lehman Brothers years ago and I think the next bank is Credit Suisse because the bond market is crashing,” Kiyosaki told Fox Business this week. “The bond market is much bigger than the stock market. The Fed is up and they are the firefighters and the arsonists.”
“The US dollar is losing its supremacy in the world,” he added. “So they’re going to print more and more and more of this…trying to keep this thing from sinking.”
“The [Federal Reserve] and the [Federal Deposit Insurance Corporation] signal hyperinflation, which makes gold and silver even better because [the dollar] is garbage. They will print more and more of this fake money. That’s what the Fed and FDIC are signaling that we’re going to print as much of this as we can to keep the crash from accelerating, but they’re the guys causing it.”
The Swiss central bank has indicated it will “backstop” Credit Suisse, much like the FDIC is doing with the SVB here in the US, to try to stem the bleeding.
For the latest news on the collapse of the banking industry and the fiat currency system supporting it, visit Collapse.news.