Would You Look At The Time It’s Banking Crisis O’Clock


NO, YOUR watch isn’t on the fritz it really is that time again.

Despite the fact you, along with whole economies, have barely just returned to a place of financial security once again since the last time the clock struck ‘don’t panic everything is okay’, alarm clocks everywhere are going off, setting fire and exploding.

With Silicon Valley Bank and Credit Suisse emerging as the next Lehman Brothers contenders, the status of the global banking outlook has been upgraded from ‘everything is fine’ to ‘aaaaaaaaah!’ forcing some people to experience that same weird sensation you feel when you look at your watch only to find it’s exactly 11.11am.

‘Not reflective of broader issues in the banking market’, ‘liquidity issues are being overblown’ and ‘your apartment is Bulgaria will retain its value’ are just some of the phrases being uttered by people with a sense of misplaced authority as they discuss the $2bn Sunday night panic purchase of Credit Suisse by UBS at the direction of the Swiss National Bank.

“Wow time flies, I could have sworn we only had our last banking crisis which helped people short stock and enrich themselves to the tune of billions in 2008, I need to replace the batteries in this clock,” confirmed many, who could be forgiven for linking the potential impending collapse of the banking industry with the return of Bertie Ahern to Irish politics.