Two Big Banks gone in a week (don't lose sight of the enormity of this...)

So Credit Suisse has now been 'taken over' by UBS, but only because the of the loss of trust and consequent flight of capital out of its doors.

When Credit Suisse went cap in hand to the Swiss Federal bank asking for a loan you knew the game was all up. Evidence that commercial banks had decided not to help. They can see a ship that's sinking (fast).

Credit Suisse is huge.

So was Silicon Valley Bank.

What's the saying again:

Slowly, slowly...and then suddenly!

That's how it feels right now. The banks never learnt their lessons from the 2008 crash and they've papered over the cracks since then. But they're now running out of paper...

It's interesting to hear reports today that US officials are questioning whether bank deposit insurance levels should be increased - they know what's coming.

And yet, we also know how much of existing bank deposits supposedly covered by FDIC insurance, well, aren't...

This is all just shocking.

Slowly, slowly...