The Truth behind the End of Credit Suisse

The History of Credit Suisse: CS was one of the most powerful banks in the world & its collapse has massive implications, not just for Switzerland, but for global capitalism as a whole. The Swiss state - a state ruled by the rich - provided close to $300 billion (3x of total government expenditure) to facilitate a historic takeover.
Now, the other mega bank, UBS, has swallowed its former rival with the help of the state, creating a potential, financial nuclear bomb in case of another crisis. I made a video looking at its history of corruption and scandals, with a Marxist explanation of its fall & of banks in general - with a short introduction on Finance Capital.
Feedback and Questions on my Twitter:
/ besdmarx
Sources:
coming soon
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This video is for educational purposes. If you have any copyright issues, send me an e-mail ([e-mail]) and I will remove this video right away or we will find another solution.

[@josemaria8177]

It is wild that the same people who spew garbage against "the nanny state" and wellfare dependency are the same people who advocate for an economical system where you have to bail out the entire financial system every couple of years

[@spoonikle]

I like a government to be more like an anime “Battle Butler”

[@dimasrahardja]

I love how every level of management failed and they still felt like they deserved a bonus.

[@Alehzinhah]

They haven't failed... They achieved exactly what they wanted: huge bonuses. And absolutely don't care about the consequences of their enrichment...

[@briodiz4772]

your statetment is enraging . how did such insane and selfcentred people get to rule the roost and guard the hen house? such people or such a culture should not lead.

[@sarapocorn]

My dad, who works in IT for CS (hi from Switzerland), has been telling me this for years. It was bound to happen. to quote based dad: ‚should‘ve nationalised it long ago so they‘d have stopped fucking around‘

[@LuisAldamiz]

Who bells the cat? Last one who did was Miterrand in the early 80s but he was forced to recoil.

[@krod6535]

Gangsters in suits all of them

[@HugBugi]

Is the problem really solved when nationalized though? Also, do you know about rev. Orgs. there in Switzerland?

[@LuisAldamiz]

@@HugBugi - A zillion times better as public banks than as private ones. As lifelong customer of a small regional bank, which was private owned for half of that time, I can attest about service quality and social investment of profits (and even better employment for workers) being a thing when it was public and not anymore when privatized. In fact, I'm still waiting for my share to be paid to me and all the other social owners by the ones who bought the bank.

[@HugBugi]

​@@LuisAldamiz I hear you. Just dont think that service quality, social profit investments and employment qualities in Switzerland really are the issue. Its rather the mechanisms of finance capital as described in Bes' video, wherein the banks serve the ruling class in exploiting the global working class.

[@BalkanOdyssey_]

Very interesting video as always! Is there any way to directly contact you? I've sent you an e-mail but I'm not sure you saw/received it.

[@theoheinrich529]

>banks too big to fail >fails anyways

[@Rafita180]

When do you plan to drop the video about the CIA- assisted repression of communists? Thanks in advance, comrade 😊!

[@tymanung6382]

Assisted---or even planned + lead?

[@MJ_Convey]

New Bes D Marx video? LET’S GOOO!!!

[@tankpiggy]

🚨 New Bes D Marx video 🚨

[@epictetus3834]

you are very unappreciated on bread tube please keep making videos

[@rootch_]

It's weird to really think about the reach and power CS and other banks have in our system. Here in little Switzerland people usually say that we can't change anything in the world, like when talking about the climate, because Switzerland is so small/unimportant, yet CS and UBS have a lot of power. Now that the banks have been "saved" many people don't like the over 100 billion CHF guarantee the federal council has given UBS, but it's not like anyone can change anything. The whole rescue was done with emergency law(Notrecht), so much for Switzerland the most direct democracy in the world. Funnily enough, now the parliament has voted against the 100 billion rescue, though they probably do that precisely because that vote doesn't change anything. So just some angry comments from polititians.

[@GarrethOriley]

Yea they say we can't change anything. We could - remember the Konzerninitiative, the swiss voters made it clear they don't want to commit.

[@danielhadad4911]

Is it wrong to assume that, if Switzerland went full blown into revolution, the whole world would be thrown into crisis along with it? I mean, everybody's depending on Swiss banking system to a certain degree, so I guess that means you guys have a lot of power to make changes in your hands.

[@HugBugi]

@@GarrethOriley Konzerverantwortungsinitiative was approved by popular vote but rejected by the councils of states...

[@HugBugi]

There is only one solution...

[@stratospheric37]

I learned a little bit about finance capital today, thanks Bes D. Marx

[@whythelongface64]

So good 👍👍 algorithm

[@LuisAldamiz]

Lehman, Thiel... I'm forced to imagine that Sacks is nothing but an anglization of Sachs (cf. Goldman-Sachs). All sounds 15 years old, as if the patches of the past have been worn out.

[@marksando3082]

When you quoted Wampach saying the quiet part out loud. Another great breakdown!

[@guccipucci3941]

The 🐐 mit dem Upload!

[@sarapocorn]

könnte sogar sagen.. „Bes D.“ haha ok sorry

[@nuvisionprinting]

Mate you need a patreon or some means of funding this permanently! Every single video is always an amazing one! So dense with information! Not sure there is many with this level of facts in every video!

[@gwynbleidd1917]

Thank you for your hard work, comrade!

[@dimasrahardja]

Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.

[@dorinpopa6962]

Very good video! Comment in support of such great analysis!

[@dimasrahardja]

The global economy is collapsing. The bond market reaction is the opposite of what you would have thought from a fed rate hike. Why? Because the FOMC by raising rates is collapsing the global economy. As collateral and liquidity shortages start to boil up to the surface. SVB and Credit Suisse were just the start!

[@HugBugi]

Join a communist organization today to prepare the answer we all need :)

[@axlgzrdmattick]

Love from Georgia, Bes 😊

[@quintenbruggink1595]

Great video comrade and very accessible for people who have little knowledge of the Banking system :)

[@HugBugi]

❤

[@all-things-under-heaven]

Banksters need gulag real bad 😀

[@mackone8035]

Get a "Buy Me a Coffee" account and let the cycle of capital accumulation begin!

[@UndyingResolve]

Amazing video as always thanks for the hard work 💜

[@ristekostadinov2820]

The CEO of JP Morgan says that the banking crisis is not over.

[@thavishchetty6376]

Great video! Really learnt a lot!

[@tymanung6382]

Is public bank in US state of Nebraska a or the answer, under capitalism + later?

[@Daniel-cg8rn]

Another fucking fantastic video Bes, you really are my goat. I'm sending this to my friend who's already distrusful of banks and doing some radicalization. Thank you man, keep making these videos please. 🙏🙏🙏

[@tired_boy]

Like i thought executives shouldnt be able to give themselves bonuses never not themselves

[@NevetsTSmith]

Love it every time, Bes.

[@drphosferrous]

Fractional reserve lending is spooky weirdness. Too often, the profits of the superrich are only a few badly hidden steps from public debt. Its an extraction process but the actual capital extracted is only a fraction of whats on the balance sheet as debt-created money. how does all that money become real and how is it on the balance sheets as income before it is real?

[@oliverbohn8861]

Thank you so much for making this amazing video!

[@davidharabagiu4969]

That Marx quote at the end hits really hard. Especially if you understand DiaMat.

[@RuneForumwalker]

LINE GO DOWN!

[@danielhadad4911]

Could someone please expand on what Bes said at 19:09? He said, "the rest [of deposit liabilities as liquid assets] can be created electronically by crediting the borrower's bank account with a deposit in the size of their loan".

[@FJordensen]

When banks give out loans they're essentially creating money in the form of credit. All private banks are required by law to back that credit with an amount of real assets (gold, deposits, etc), for example if a bank loans out $100000 and is required to back it at 40% it would need $40000 in assets. The other $60000 in our example is created, this money did not exist before, and this is what Bes is referring to when talking about creating it electronically. The bank will simply just type in the amount and for all intents and purposes that money now exists despite however much actually exists in the bank.

[@theeldersky]

Bes I like your videos a lot but can you please upload the sources for this one ?

[@nickjacobs2846]

Another excellent video. Great to see you referencing Michael Roberts. He is truly a fantastic marxist economist that has made an enormous contribution to the economic theory of crises and falling profitability. I urge anyone who has an interest in this topic to read any number of Robert's books, starting from Marx 200. I first read Marx 200 many years ago and it was by far the best explanation of Marx's economic theories.

[@dimasrahardja]

Credit Suisse was one of the worst-managed major banks in the world. As someone who works in consulting, I can tell you 90% of my colleagues would be ready to bet CS would be the first major bank to fail in the coming years due to mismanagement and shady practices. Also, keep in mind - EU is MUCH better/stricter at regulating banks and corporations (and even though Switzerland is not a member of the EU, its corporations in most cases need to follow the EU regulations to operate on its market). If this happened in the US, CS would simply lobby away its demise for another few years and drag many more investors/customers down with itself.

[@noheroespublishing1907]

We are in for a nightmare none of us are prepared for...

[@Psychedlia98]

I think is used to follow you on twitter before I nuked it. Anyway, good video

[@Adamrc98]

Hate to only comment criticism cause the video is quite informative but the gotthard base tunnel that opened in 2016 is a different tunnel than the gotthard tunnel that Schweizerische Kreditanstalt helped to fund in the 19th century. The way you worded it seemed to imply that it was one tunnel that took 144 years to build.

[@jennylithgow2993]

It's crazy how the people who cause things like this are able to get away with this

[@ItsOgre]

I have no idea when the next shoe will drop, but no doubt it will.

[@suprithAnCom]

When Central banks control the money supply, but when loans demand interest ( the money that doesn't exist yet) it's inevitable that some loans will default, that's how the system is designed. Instead of taking losses, these companies get bailed out by govts, that's the biggest problem.. Why don't they get nationalised and their profits too should go to the public, not just their losses. Never give a bailout. Either nationalise or let it fail. Refer the intervew (& book) named : the creature from Jekyll Island , the federal reserve.

[@RealCurrencies]

Where do you get this '300 billion' number btw? I hear about 100 billion for UBS/CS.

[@RealCurrencies]

The solution to the outrages of Capitalism, which is a front for Banking and USURY (interest on loans of money) is interest-free credit. This allows the producing classes, entrepreneurs and workers, to enjoy the fruits of their own labor. There can be no Capitalism without Usury. Important is also to reinstate the old laws concerning shares: ONLY people directly involved in the company should be allowed to hold shares in it, to prevent the rich from buying everything up. The Marxist analysis is far from bad, but their solution, collectivization of the means of production, is complete cancer. The goal is DECENTRALIZATION of the ownership of the means of production to the producers.