Fed chair spoke with UBS CEO amid banking crisis
“Powell’s calendar shows the abruptness with which the banking sector problems — which have since triggered three U.S. bank failures in addition to the UBS-Credit Suisse deal — erupted nearly three months ago.”
USAGOLD note: Investors worry about a black swan event, but what we have had thus far is a cluster of gray swans – abrupt but predictable mini-crises instigated primarily by highly publicized but poorly understood central bank policies. Nevertheless, collectively they have taken their toll and uncovered vulnerabilities that may yet instigate the next black swan. Mark Spitznagel, who with Nicholas Taleb (originator of the term “black swans.”) conducts business as Universa Investments, says that decades of easy money is leading to a “mega-tinderbox time bomb” in the financial system. “He just doesn’t know when the bomb will go off, ” according to a Wall Street Journal article published last weekend.
