How the US banking crisis could lead to the collapse of the Western financial system
The growing number of institutional failures is a signal that the entire economic system is under pressure
The US banking industry is reeling from a string of bank failures, which kicked off last week and continue to rattle both domestic and global markets. Economists spell doom and gloom, despite efforts to stem the fallout. Here’s what you need to know.
- What happened?
California-based, crypto-focused bank Silvergate was the first to announce impending liquidation last Wednesday. Then came tech and start-up favorite Silicon Valley Bank (SVB), the implosion of which on Friday was the largest US bank collapse since the financial…