How Deep Is the Dangerous Water? - FX Hedge Newsletter

Estimating the depth of the silent banking crisis - FX Hedge Newsletter 

• If you’ve ever been around whitewater, you know one of its greatest dangers is the unknown. Its opacity could hide shallowness or untold fathoms—or anything in between. When we look at the banking sector today, there’s whitewater everywhere.

Our very first newsletter explained why the banking crisis that reared its head in March 2023 was still very much alive six months later. 

Now, we’re sticking our heads into the whitewater to give you a sense of how deep the crisis really is.

• First off, every bank is insolvent...