Revelations 18:9-11 “The kings of the earth who committed fornication and lived luxuriously with her will weep and lament for her, when they see the smoke of her burning, 10 standing at a distance for fear of her torment, saying, ‘Alas, alas, that great city Babylon, that mighty city! For in one hour your judgment has come.’ 11 “And the merchants of the earth will weep and mourn over her, for no one buys their merchandise anymore
- Why we should care about Credit Suisse’s problems
- Credit Suisse, the 167 year-old banking behemoth, is not a domino falling in reaction to bank failures in the U.S. — its troubles are of its own making, and have been cascading for over a decade. Still, its current dire predicament could hardly come at a worse time for the global financial system.
- Why it matters: Credit Suisse is one of just 30 global financial institutions designated as being systemically important by the international Financial Stability Board. In other words, it’s too big to fail.
- By the numbers: Credit Suisse had total assets of $574 billion at the end of 2022 — down 37% from $912 billion at the end of 2020. Its asset-management arm supervises another $1.7 trillion in assets. Those numbers dwarf anything seen at Silicon Valley Bank, which had total assets of $212 billion.
- Between the lines: The balance-sheet problems that took down SVB are probably even bigger at Credit Suisse.
- What they’re saying: Credit Suisse is “too big to fail and too big to be saved,” says economist Nouriel Roubini.
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