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.”
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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