Peter Schiff: The 2023 Financial Crisis Has Begun!
ZeroHedgeMar 15, 2023
Credit Suisse shares hit a record low on Wednesday as European banks reel amid investor concerns in the wake of Silicon Valley Bank’s (SVB) collapse last week. The bank’s shares fell by as much as 30.8%, driving a 7% fall in the European banking index.
The US stock market also took a massive hit as concerns about the global banking industry deepened. The Dow Jones Industrial Average fell 406 points, or 1.3%, while the S&P 500 dropped 1%.
The 2023 financial crisis is here, and it is not surprising that we are in this situation. Unfortunately, government officials are repeating the same mistakes of 2008 by bailing out failed banks and creating programs that will allow banks to acquire capital artificially. We are just at the beginning of a new collapse, and people’s money isn't safe in this financial environment.
While there are certainly causes for concern regarding the economy, and banking sector specifically, we are not experiencing a 2008-style collapse, and failed banks are not being bailed out. Regulators are doing their best to secure the funds of depositors while not repeating the mistakes of the past.