I don't pretend for one second to have a understanding of how international banking works but isn't a Swiss bank in trouble a sign of the apocalypse?

[lottiebannotie]

[DryGermanGuy]

Decidedly no. They have (had) a few more laws protecting the secrecy of their clients, but they are banks like everywhere else. Some of them choose to take unsecured business decisions (here: high volume investment banking) and this is the result.

[lottiebannotie]

Phew 😅

[Anonymous]

The choice to back your currencies with u. s goverment bonds and dollars has put much of the world in financial trouble as our own dollar is debased.

[Sixgunsound]

Thanks Joe!

[FreyaRed]

It's practically socialism for super rich. Taxpayers buy worthless papers from bank for full price. This is called bail out.

[msc545]

Apparently the Swiss don't protect their privately owned banks with taxpayer money like the US does.

[lottiebannotie]

I have no clue about banking as I said but bit of a coincidence it's coincided with the silicon valley thing

[loveslongnails]

No, it's just a sign that even the Swiss can fuck up.