The pile of low-interest debt that was issued during COVID lockdowns was the main reason, but what triggered the current financial crisis was the government raising interest rates suddenly.
On Friday March 10th, 2023, Silicon Valley Bank (SVB) died of Covid. Alright, it’s a little more complicated than that, but Covid lockdowns followed by massive government stimulus were a critical – and massively under-acknowledged – factor in propelling the bank’s demise.
At the heart of the crisis is ...
