The collapse of three banks on three completely different continents signifies a brand new world disaster is brewing. However it could additionally present that the final one by no means actually ended and the instruments used to handle the worldwide financial system merely don’t work.
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US Bank Fails for the First Time Since 2017
Greater than 10 years have handed because the collapse of Lehman Brothers, which burned virtually $10 trillion in market capitalization in world equities inside a month. Again then, it was decided that banks, massive and small, had gotten themselves into bother with mortgage-backed securities, the worth of which turned out to be considerably overestimated.
Now, following waves of quantitative easing and big bailouts for these deemed “too large to fail,” indications have emerged that the normal banking system is heading in the direction…