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Speculation and debate continue to rage around the current global banking disaster. Hedge fund manager Michael Burry – known for predicting the 2008 economic crisis – drew comparisons to the Panic of 1907, while Rich Dad Poor Dad author Robert Kiyosaki warned this week of more “fake money” being injected into the US economy. In related news, former member of the US House of Representatives and Signature Bank board member, Barney Frank, said he suspects regulators intend to send “anti-crypto messages” in light of recent bank failures. All this and more right below, in the latest Bitcoin.com News Week Review.
Michael Burry Compares Today’s Banking Turmoil to the 1907 Panic — Highlights Market Slump
Michael Burry, the hedge fund manager best known for predicting the 2008 financial crisis, has drawn parallels between the current banking turmoil and the Panic of 1907. He notes that three weeks after JP Morgan took the stand, the panic resolved and the market bottomed. “A stance was made last weekend,” said the high-profile investor.
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Robert Kiyosaki Warns of ‘Crash Landing Ahead’ as Bailout Begins — Suggests Buying More Bitcoin
The acclaimed author of the bestselling Rich Dad Poor Dad, Robert Kiyosaki, has reaffirmed his bitcoin, gold, and silver recommendations. Emphasizing that government bailouts had started after the collapse of Silicon Valley Bank and Signature Bank, Kiyosaki warned that the Fed would inject more “fake money” into the “sick economy”.
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On the Verge of a New Trend: Credit Suisse Receives 50 Billion Swiss Franc Bailout From Swiss National Bank
Credit Suisse has experienced a loss of confidence in the health of financial institutions following a significant drop in the value of its shares this week. Over the past five days, Credit Suisse shares have fallen 24.34% against the US dollar, eroding confidence amid concerns about the global banking system. On Wednesday around 9 pm (ET), Credit Suisse announced that it was strengthening its liquidity by borrowing 50 billion Swiss francs ($54 billion) from the Swiss National Bank (SNB). As concern about the world’s banking system continues to spread, bailout measures are starting to appear in the US and abroad.
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Bank Board Member and Dodd-Frank Co-Sponsor Barney Frank Suspects ‘Anti-Crypto’ Messages Behind Signature Bank Failures
Barney Frank, a former U.S. Representative from Massachusetts and a leading co-sponsor of the 2010 Dodd-Frank Act, discusses his thoughts on the recent failure of the Signature Bank. In an interview, Frank stated that he believed the regulator was aiming to “send a very strong anti-crypto message”. Frank, who also serves as a Signature board member, explained that he was shocked by the death of the financial institution.
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What do you think? Is domino banking now part of the engineered anti-crypto agenda? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, WikiCommons
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