There is an even larger elephant in the room: derivatives. Volatility increased last Thursday and Friday. The turmoil has reached vast magnitudes beyond what characterized the 2008 crash of AIG and other speculators. Today, JP Morgan Chase and other New York banks have tens of trillions of dollar valuations of derivatives – casino bets on which way interest rates, bond prices, stock prices and other measures will change.
For every winning guess, there is a loser. When trillions of dollars are bet on, some bank trader is bound to wind up with a loss that can easily wipe out the bank’s entire net equity.
This is good for crypto. Both the American banks that were used by exchanges are now gone. One bankrupt and another forcefully shut down.
I think Coinbase is still weathering it because JPM hasn't dropped them. inshallah to Cramer's kiss of death
He bought?
he tweeted that JPM was a fortress when the bank run stories first broke
LMAO. Jim Cramer called it :isaac-pog:
https://michael-hudson.com/2023/03/why-the-banking-system-is-breaking-up/
EDIT: the Cramer tweet in question: https://nitter.snopyta.org/jimcramer/status/1634222320398086145
do you know what reporting he's referencing here? I can't find much.
If you are asking about Hudson's reporting, I think he is referring to this:
https://wallstreetonparade.com/2022/06/jpmorgan-chases-derivatives-spike-by-14-trillion-in-first-quarter-to-six-year-high-of-60-trillion/