By: Connor O’Keefe There’s nothing like a bank failure to get people thinking about the banking system. And though it appears the Fed has bought the nation’s banks some time, the pair of bank runs on Friday and Sunday again exposed the fragility of the nation’s banks. But fragility isn’t the only problem. As Rothbard hammered home decades ago, […]
Archives for March 2023
Watch: Janet Yellen testifies on banking crisis, Biden budget
Treasury Secretary Janet Yellen is testifying in front of the U.S. Senate Finance Committee regarding President Joe Biden’s 2024 budget and the banking crisis. Here is the live hearing:
European Central Bank raises interest rates amid banking crisis, prepares to provide liquidity support to financial system
The European Central Bank raised interest rates by 50 basis points on Thursday, despite the banking crisis that has decimated global financial markets. ECB head Christine Lagarde increased the benchmark policy rate to 3.5 percent, the deposit facility rate to three percent, and the marginal lending rate to 3.75 percent. There had been speculation that […]
Credit Suisse will accept Swiss National Bank’s $54 billion liquidity offer
Credit Suisse is taking a lifeline. Despite the company claiming that it was in tip-top financial shape, the financial institution confirmed that it would accept a multi-billion-dollar liquidity opportunity from a central bank. Swiss National Bank announced that it would be willing to offer Credit Suisse liquidity if necessary. But, surely, Credit Suisse would not […]
BREAKING: Swiss National Bank to offer Credit Suisse liquidity if necessary
Is Credit Suisse facing a liquidity crisis? If so, it will be bailed out. The Swiss National Bank (SNB) announced on Wednesday that it would provide the century-old financial institution with liquidity if it is necessary. From CNBC: A statement from the the Swiss Financial Market Supervisory Authority (FINMA) and the SNB said that Credit […]