What are the systemic lessons of SVB?

Philip Turner says the collapse of SVB reveals deeper issues than many have realised

Tony Webster (https://bit.ly/3IYY8Dm)

Should the collapse of Silicon Valley Bank (SVB) be dismissed as a one-off hit to a special institution in unusual circumstances? Many distinguished observers seemed to think so over the past weekend. “I think it’s going to be hard to say this is systemic in any way,” said Sheila Bair, the former Federal Deposit Insurance Corporation (FDIC) head.

But last week’s sharp drop in bank share prices globally suggested something more fundamental than the blow-up of a bank whose deposit base and loan

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