I came looking for you to see if you would come on the show and take a step back from the news. But it turns out you were not quite coincidentally in Edinburgh, Scotland. We had a dinner at a place called the Library of Mistakes which is dedicated to all the disasters that financiers can do. The whole thing boils down to this aphorism from James Grant of Grants and Trust Rate Observer: In finance, progress is cyclical.
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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