Yes. As sole proprietor and managing director of Wolfteam Ltd., I am of the opinion that we are in the midst of a financial crisis even bigger than the Great Depression.
Certainly, the current financial havoc is much bigger than the Great Recession in 2008, I think. Actually, the US Government 'restated' the statistics and years ago, the last time I checked US GDP in 2009 fell by only 3.1 %. A surprisingly low number, Wolfteam is of the opinion.
We just see the surface now with First Republic, Silicon Valley Bank and Signature Bank's assets combined almost at the same levels of assets than Lehman Brothers.
And only since the beginning of 2023 more than 400 billion USD left the US banking system and went mainly into short-term money market funds. And via the multiplication effect, this would mean trillions of USD were withdrawn from the global banking system.
A huge de facto monetary tightening.
This would not be enough, though.
The Federal Reserve should lead the pack of the European Central Bank, Bank of Japan, Bank of England, The Peoples Republic of China, The Central Bank of the Russian Federation, etc. into mopping up all this excess liquidity.
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