Credit Suisse now has a 47% chance of default, stock down 25% this morning.
- Thread starter Elim Garak
- Start date
I hardly watch the news so take this as an outside looking in.
I believe we are moving away from a consumer economy, no more getting the latest iphone every year. People will start owning things and keeping them for much longer. Like life before the 80s consumer boom. Just read an article today about how its becoming normal not to give gifts at certain events because of inflation and gift giving at some events is considered rude or distastefulness.
People are already waking up to how bad debt is and are starting to pay with cash.
So i think this is good for the black community, we might have a generation that values family and land ownership over all.
Yeah I wasn't worried about SVB and Signature but if Credit Suisse implodes that's gonna have a cascading effect on banks globally.
We survived the Great Recession and we will survive this but damn the bailouts is gonna be crazy and what it will mean for everyone is that most of the poor people will be poorer as more money goes into shoring up the banks and bad loans.
Complexion
ʇdᴉɹɔsǝɥʇdᴉlɟ
Did you ever stop to think how all of this made up stuff has real world effects?
Its all quite literally a figment of your imagination, if you stop and think about it.
Its all quite literally a figment of your imagination, if you stop and think about it.
That's what I mean about the poor getting poorer. shyt will be like Japan everywhere tiny growth and everyone pulling back on spending, which leads to less jobs and those with money will demand better returns for their risk.
Well Money itself is only worth what people agree that it's worth. the whole idea about banking is you allow people to hold your money and they immediately loan it out with the belief that it will be there when you need it.
shyt is like the Bailey Savings & Loan
Complexion
ʇdᴉɹɔsǝɥʇdᴉlɟ
Thats my point.
People are putting their faith in things that were never designed to empower them as they're just a clever mode of control that sells the illusion of freedom to people who are actually owned.
People are putting their faith in things that were never designed to empower them as they're just a clever mode of control that sells the illusion of freedom to people who are actually owned.
Y'all can spare me with the theoretical bullshyt. This shyt is real problems and real money.
Well you can get goofy on this rather quickly we're typing this on a website that neither of us own someone is paying something for this.
To keep it a stack that only thing thta really matteres is that Antelope that you killed with spear for your dinner.
If some farmer or Con Agra agrees to take 5 dollars from you now for a hambuger on tuesday that's fake as shyt but it's the way the world works.
Ripmy payroll direct deposit has hit consistently 2 days before official pay date it was 2 days late this week
Also, the German and Swiss govt will not allow these institutions to fail.
For now.
I don't expect the contagion to spread but It's making people demand more and better terms for their money. People will spend less and the economy will not grow at the same rate.
The reason why the unemployment rate is so low is because a lot of people were being paid to stay out of the job market through the COVID stimmy.
The Saudis where the biggest depositors. I'm guessing that they will low key take it over and the Swiss will let them.Rip
Also, the German and Swiss govt will not allow these institutions to fail.
Subs