[The case being made was] ‘if you want the Chinese to get ahead of us, then stifle that innovation machine’.” The rhetoric from the SVB lobbying was dramatic. ft.com/content/49f848…
In 2022, UBS generated $7.6bn of profit, whereas Credit Suisse made a $7.9bn loss, effectively wiping out the entire previous decade’s earnings. ft.com/content/17892f… https://t.co/llMV9UILEr
What happened in the Treaury market last week? This by @katie_martin_fx is excellent. ft.com/content/fa7055… https://t.co/TN3SpM2Yz6
@_nflry @LusManuelCalvo1 @AnjaCzer @CasparShaller @christa_wirth @HansSuter @ch_esch @mullansp Cheers.
Been struggling to reconstruct how this happened. Doesnt make any sense prima facie. Obs. Not even a stray mention of Catholic in any of the sources I checked, e.g. hls-dhs-dss.ch/de/articles/01… And yet that phrase distinctly formed in my mind … weird! Apologies. Embarrassing. twitter.com/adam_tooze/sta…
RT @DanielaGabor: I would like to think I am part of the 'very closely following' club that got @Lagarde to say profane words like 'profits…
As various people have pointed out political strand of Freisinn/FDP liberalism in Zurich was Protestant NOT Catholic. Mea culpa. @LusManuelCalvo1 @AnjaCzer @_nflry @CasparShaller @christa_wirth @HansSuter @ch_esch @mullansp adamtooze.substack.com/p/chartbook-20…
Global stress often has local origins: SVB Credit Suisse BoJ JCC A bit of a hobby horse right now. Chartbook #202 on the Zurich milieu that links Credit Suisse-Swiss Re etc. h/t @tobiasstraumann adamtooze.substack.com/p/chartbook-20… https://t.co/59m8k1lfX7
Swissair Nestle Swiss Re Credit Suisse All corporate expressions of the ambition of Zurich's tight-knit liberal-catholic milieu. An error prone bid for global relevance. Chartbook #202 on background to CS crisis. adamtooze.substack.com/p/chartbook-20… https://t.co/Smbe2QJPJt
@TheStalwart Precisely. Which depositors and at which banks and who pays for making them whole!
Coverage of SVB has all been about local dynamics. But the crisis at G-Sib Credit Suisse has local origins too. Not Silicon Valley but the liberal milieu of Zurich. See Chartbook 202 adamtooze.substack.com/p/chartbook-20… riffing on insights of Tobias Straumann here: nzz.ch/zuerich/krise-… https://t.co/C8SuYxaogA
RT @BertholdSeliger: "…the Credit Suisse debacle is best seen as the latest phase in the crisis-ridden effort by Zurich’s liberal Catholi…
RT @sritara: Here is @adam_tooze with a super primer on roots of the crisis at #CreditSuisse The notion of "cronyism" as lying at the root…
Chartbook: Chartbook #202 What went wrong at Credit Suisse? The Swiss roots of the debacle. adamtooze.substack.com/p/chartbook-20…
RT @RobertAlanWard: FT chart showing how thickly woven the South China Sea is with undersea internet cables, carrying data not just within…
RT @MorganRicks1: @PeterContiBrown Having now read this and @NathanTankus's related thread, my main conclusion is that Twitter isn't a work…
RT @PeterContiBrown: A good thread from @MorganRicks1 on what he calls a “meta thought” that I think is an important, intellectual, methodo…
RT @MkBlyth: Every wonder what 'strong states' do when they can't do what they say they will do? Wonder no more. Excellent podcast with @iz…
RT @Ma_Deutsch: No #hydrogen – New busses for Berlin: – final decision: no role for hydrogen, the future is battery-electric – and beyon…
RT @michaelxpettis: 1/4 Important changes. Caixin notes that the Financial Stability and Development Committee, which is being absorbed int…
RT @Brad_Setser: I provide free content to Twitter, hopefully of reasonable quality, with the support of the Council of Foreign Relations a…
RT @neurosocialself: ‘There must be those among whom we can sit down and weep and still be counted as warriors.’ Adrienne Rich https://t.c…
RT @charliebilello: The "Fed Put" is back with assets on their balance sheet increasing $297 billion over the last week, the largest spike…
RT @janrosenow: The Netherlands: Europe’s solar leader despite not being known for its sunny weather. @EnergyMonitorAI @SolarPowerEU http…
RT @RobinBrooksIIF: The bear case for the US economy is that smaller (regional) banks in the US have been playing a really big role versus…
RT @DanielaGabor: kind of incredible, but US Fed's emergency lending to US banks was higher over the past week than during the global finan…
Chartbook: Banking rot, Aukus on the move & what Russia's liberals learned from Pinochet adamtooze.substack.com/p/banking-rot-…
RT @meadwaj: As always, fascinating discussion between @poltheoryother and @adam_tooze on contemporary far right and historic fascism, the…
RT @poltheoryother: 📣 📣 @adam_tooze on Clara Zetkin's 1923 report on fascism and how fascism and Nazism are distinguished from other kinds…
RT @TheStalwart: “I think that the story of SVB’s failure has turned out to be that SVB was the banker to tech startups, and tech startups…
RT @jeuasommenulle: Big move: SNB annonces liquidity backstop for Credit Suisse https://t.co/mlF6nHrURc
@GradEnviro Some sorts of depositors more prone to that than others! SVB's depositors made it acutely vulnerable to that kind of event.
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