The Credit Suisse bailout combined government liquidity (a bail "out") with bank confiscation of tier 1 bank bonds (a bail "in") to achieve a lawless, blatantly illegal overnight merger with UBS bank, bypassing any shareholder vote and destroying tens of billions in assets.

This all just happened last night. And the banking contagion will continue to spread.

It started with the crypto collapse, then FTX, then it spread to Silicon Valley where crypto exposure was large in commercial banks, and now it has spread to large banks in Europe.

The contagion isn't over. This will only get worse and more widespread. The collapse of the western financial system is now under way.

Hear my full analysis in today's podcast here.

Also, see the stories below for the latest updates on the financial fallout that's now accelerating across two continents.