Banking only works when there is trust. It’s fundamentally based on the belief that the banking system is strong and resilient enough to protect your money. But this trust-based system has shown that the rich and powerful benefit from this protection. As we saw in 2008 and since, the regular taxpayer is paying the bill.
It’s ironic that Credit Suisse, which emerged as one of the winners of the 2008 financial crisis, is among the first banks to bite the dust in this current crisis. Between 2008 and 2023, we’ve seen many scandals, constant litigation, terrible risk management,and never-ending drama, slowly eroding trust in a once prestigious institution.
So, who has to pay the price for this? You guessed right: Everyone in Switzerland does! The Credit Suisse bailout (though no one officially calls it a “bailout”) is estimated to cost Swiss taxpayers a staggering 109 billion Swiss francs ($13,500 for every man, woman and child in the country)...
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