20. Juli 2024

Banking Turmoil: Burry Compares to 1907, Kiyosaki Advises Bitcoin, Credit Suisse Bailed Out

• Hedge fund manager Michael Burry has compared the current banking turmoil to the Panic of 1907.
• Rich Dad Poor Dad author Robert Kiyosaki has warned of more ‚fake money‘ being injected into the U.S. economy and advised people to buy more Bitcoin.
• Credit Suisse received a 50 billion Swiss Franc bailout from the Swiss National Bank.

The global banking sector is in a state of disarray and speculation is rife. Hedge fund manager Michael Burry, famous for predicting the 2008 economic crisis, has compared the current banking turmoil to the Panic of 1907. Burry noted that three weeks after J.P. Morgan made a stand, the panic was resolved and the markets bottomed.

Rich Dad Poor Dad author Robert Kiyosaki has warned of more ‚fake money‘ being injected into the U.S. economy, following the collapse of Silicon Valley Bank and Signature Bank. Kiyosaki has advised people to buy more Bitcoin, gold and silver, as government bailouts begin. Former member of the U.S. House of Representatives and Signature Bank board member, Barney Frank, said he suspects regulators meant to send an „anti-crypto message“ in regards to the bank’s recent failure.

One of the banks to be bailed out is Credit Suisse, which received a 50 billion Swiss Franc bailout from the Swiss National Bank. This comes as the bank has come under increased pressure due to the coronavirus pandemic. This bailout is the largest in Swiss banking history and is part of a greater trend of governments and central banks stepping in to help out struggling banks.

The banking sector is in a precarious situation and it remains to be seen how governments and central banks will respond to the current crisis. In the meantime, many people are heeding the warnings of Robert Kiyosaki and others, and investing in more safe-haven assets such as Bitcoin, gold, and silver in order to protect their wealth.