Galaxy Digital CEO Mike Novogratz is warning that the problems currently plaguing banks are wide and deep-seated.
Novogratz says in a new CNBC interview that there’s going to be a credit crunch globally based on what some leading indicators are suggesting.
“The commodity market is telling you, oil market is telling you… we are heading into a recession. We are going to have a credit crunch in the US and globally.”
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According to the Galaxy Digital CEO, the credit crunch will be caused by banks reducing lending activity as they rebuild their capital bases after a fall in deposits triggered by depositors’ fears over the safety of their assets.
“Now you’ve got a market that’s going to go into a credit crunch. How do banks
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