Authored by Matthew Piepenburg via GoldSwitzerland.com,

As we warned throughout 2022, the Fed's overly rapid and overly steep rate hikes would only "work" until things began breaking, and, well…things have clearly begun to break, including the petrodollar.

Even prior to the recent headlines regarding US regional banks, "credit event" stressors were already tipping like dominoes around the world, from the 2019 repo crisis and the 2020 bond spiral to the 2022 gilt implosion.

Then came SVB et al in 2023, and, of course, the forewarned disaster at Credit Suisse…