2023-03-20
Horseshit
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LA Times’ Hot Take on Banking Crisis: It’s a ‘Blessing in Disguise’.
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Scratched EV battery? Your insurer may have to junk the whole car
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In which Balaji gives away at least a million dollars
The plan is to put both Medlock’s 1 BTC and Balaji’s $1M in escrow with a third party (possibly business blogger Byrne Hobart), and then give everything to the winner. If Bitcoin is worth less than $1M in 90 days, Medlock gets everything; if it’s worth $1M or more, then Balaji gets everything.
from a financial standpoint, this bet is very very bad for Balaji. 1 BTC is worth about $27,000 as of this writing. That means if Balaji “wins” the bet, and Bitcoin goes to $1M, Balaji gave up the opportunity to buy 37 BTC at a price of $27,000. He will thus wind up winning 1 BTC but losing 37 BTC, for a net loss of 36 BTC (or at least $36 million by that point). And if Balaji loses the bet, he loses $1M.
Rank Propaganda / Thought Policing / World Disordering
Trump / War against the Right / Jan6
Pestilence / Pox / COVID / VaxCult
Edumacationalizing / Acedemia Nuts
Media / ShowBiz / Advertising
Crypto con games
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USDC and USDT are two well-known stablecoins. USDC is fully backing by safe, liquid assets, which are verified monthly by a major U.S. accounting firm under the scrutiny of U.S. state regulators. USDT (Tether) is an unregulated stablecoin with questionable asset backing and opaque operations, founded by an actor from the Mighty Ducks and supported by a bank established by one of the creators of Inspector Gadget. Yet, when Silicon Valley Bank (SVB) went into crisis, USDC broke the peg, and people fled to the nutty, opaque, unregulated Inspector Gadget backed coin.
Economicon / Business / Finance
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UBS agrees to buy Credit Suisse in Swiss-assisted bid to calm markets
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Update (1500ET): We finally have a deal, and what was at first a CHF1 BN acquisition priceof Credit Suisse by UBS, which then rose to CHF 2 BN, has now cranked up one final time to CHF 3BN, or 0.76 per share, specifically shareholders of Credit Suisse will receive 1 share in UBS for 22.48 shares in Credit Suisse. More importantly, however, the bank's entire AT1 tranche - some CHF16BN of Contingent Convertible bonds - will be bailed in and written down to zero, to wit: "FINMA has determined that Credit Suisse’s Additional Tier 1 Capital (deriving from the issuance of Tier 1 Capital Notes) in the aggregate nominal amount of approximately CHF 16 billion will be written off to zero."
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Biden In Touch With Buffett On Bank Crisis | ZeroHedge
The buzz of private jet activity centering on Omaha was first reported by Fuzzy Panda who noted that "a large number (>20) of Private Jets landed in Omaha yesterday afternoon" with jets flying from HQs of Regional Banks, Ski Resorts & DC, and prompting the question "Did Buffett just fly all the regional bank CEOs into Omaha & offer a deal to SAVE the banks?"
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UBS agrees to buy Credit Suisse | Hacker News
I love the Bloomberg headline. It does not say "... in Historic Deal to End the Credit Suisse Crisis." Instead, it says "... in Historic Deal to End Crisis." On the remote chance that you thought there might be some sort of global bank crisis, Bloomberg tells you that it is already ending. Since Bloomberg tries to manipulate people's perception so openly (most people do not read beyond the headline), this makes me even more worried. What else its out there that they don't want me to know?
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Coordinated central bank action to enhance the provision of US dollar liquidity
The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing a coordinated action to enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements.
To improve the swap lines' effectiveness in providing U.S. dollar funding, the central banks currently offering U.S. dollar operations have agreed to increase the frequency of 7-day maturity operations from weekly to daily. These daily operations will commence on Monday, March 20, 2023, and will continue at least through the end of April.
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US Federal Reserve Balance Sheet Grew $300 Billion in the Last Week.
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Note the trollfarmed comment load: IP thread
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Federal Reserve lent $300B in emergency funds to banks in the past week
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Central banks try to calm markets after UBS deal to buy Credit Suisse
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$60B in loans will be in the receivership for later disposition by FDIC – NYCB
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Close to 190 banks could face Silicon Valley Bank's fate, according to new study
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Wall Street Reacts To Credit Suisse Bailout: UBS Default Risk Hits 11-Year High | ZeroHedge
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What are AT1 bonds and why are Credit Suisse’s now worthless?
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Jamie Dimon Leading Efforts to Craft New First Republic Bank Rescue Plan
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JPMorgan advising First Republic on alternatives, including a capital raise