Sunday, 12 March 2023 — Geopolitical Economy Report
Economist Michael Hudson responds to the collapse of Silicon Valley Bank, and explains the similarities with the 2008 financial crash and the savings and loan crisis of the 1980s.
A run on American Union Bank in 1932
The California-based, cryptocurrency-focused Silvergate Bank collapsed on March 8. Two days later, Silicon Valley Bank went down as well, in the largest ever bank run. The latter was the second-biggest bank to fail in US history, and the most influential financial institution to crash since the 2008 crisis.
Economist Michael Hudson, co-host of the program Geopolitical Economy Hour, analyzes the disaster:
The New Dark Age 