Was UBS Buying Credit Suisse Just ‘Soft Nationalization’?

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 21 March 2023

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

Due to its global systemic importance, Credit Suisse appeared to be in serious trouble last week. In the past weekend, Swiss authorities, along with their counterparts in the US, EU, and UK, hammered out a deal that nobody is really happy with, aside from the fact that it may prevent banking contagion. Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW - “The Breakdown” is written, produced and narrated by Nathaniel Whittemore aka NLW, with editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: Arnd Wiegmann/Stringer/ Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8. Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26-28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com.

Transcript

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0:00.0	In the wake of one of the most tumultuous years in crypto history, the conversations happening
0:05.7	at Consensus 2023 have never been more timely and important. This April, CoinDess is bringing
0:10.9	together all sides of the crypto, blockchain, and Web3 community to find solutions to crypto's
0:15.4	thornyest challenges, and finally deliver on the technology's transformative potential.
0:19.9	Join developers, investors, founders, brands, policy makers, and more in Austin, Texas, April 26th to 28th for Consensus 2023.
0:27.5	Listeners of the breakdown can take 15% off registration with code breakdown.
0:32.0	Register now at consensus.com and join CoinDesk at Consensus 2023.
0:48.3	Thank you. dot coin.com and join CoinDesk at Consensus 2023. Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:55.1	The breakdown is produced and distributed by CoinDes.
0:59.8	What's going on, guys? It is Monday, March 20th, and today we are following up on
1:04.0	credits, suisse, and whether it amounted to a soft nationalization. A quick note before we
1:09.5	dive in, there are two ways to listen to the breakdown.
1:11.7	You can hear us on the Coin Desk Podcast Network, which comes out every afternoon and features
1:15.1	other great Coin Desk shows, or you can listen on the breakdown-only feed, which comes out a few
1:18.8	hours later in the evening.
1:20.3	Wherever you're listening, if you would take the time to leave a five-star rating or a review,
1:23.6	I would so appreciate it.
1:25.1	It makes a huge difference.
1:27.1	All right, guys, well, another busy
1:29.2	weekend. If you were on Twitter, I'm sure you saw the frenzy of debate around Balaji's $1 million
1:35.2	Bitcoin bet. TLDR, Balaji Shrinivasin, who is the former Coinbase CTO and just generally
1:41.2	interesting thinker. He authored that book, The Network State, which is also the name of his new podcast, and has been on this show before as well, has been what he has been ringing the alarm, as he puts it, around impending financial crisis. He is arguing that these bank failures are a direct result of Fed policies, and he thinks it gets worse before it gets better. Now, to put his money where his mouth is,
	...

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