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Ian Explains: Banking turmoil and the panic pandemic
Ian Explains: Banking turmoil and the panic pandemic | GZERO World
April 04, 2023
There’s talk of another surge. We're talking, of course, about…banking.
Much of what’s driving today’s banking drama—resulting in the most significant government intervention since the Great Recession—is a virus more contagious than COVID-19: panic, Ian Bremmer explains on GZERO World.
It all started with the US government's takeover of Silicon Valley Bank (SVB) to prevent a $42 billion bank run. This move, coupled with the FDIC's closure of Signature Bank, sent shockwaves across the market, resulting in the most significant government intervention in banking since the Great Recession. Panic soon spread across the Atlantic, with Credit Suisse's shares plummeting by 30% and Switzerland's largest bank, UBS, hastily buying its struggling counterpart in a bid to calm the markets.
But will the public and private intervention be enough to contain the panic virus, or is this just the first wave of many to come? Only time will tell.
Watch the GZERO World episode: The banking crisis, AI & Ukraine: Larry Summers weighs in
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