John Micklethwaite: The problem in financial crisis is debt. It reminds me of that saying that profits are privatized, but losses are socialized. He says the government isn't always very clever about doing this. And they're always trying to fix the last problem, fight the last battle.
A lot has been said about the collapse of Silicon Valley Bank and Credit Suisse. But one important thing revealed by those closely scrutinized failures has largely gone unnoticed: the changing relationship between governments and banks.
Bloomberg Editor-In-Chief John Micklethwait joins this episode to talk about how the idea that finance is an arm of the state is back–and why that will have far-reaching consequences for the way the world works.
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