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Martin Wolf on why banks fail and what to do about it
Behind the Money
Introduction
FT's chief economics commentator Martin Wolf says banks fail because risk is built into their DNA. Look at what happened with Silicon Valley Bank, which illustrates this kind of identity crisis around how we think about banks. We get pretty upset if all the electricity got cut off because our electric utility failed to manage perfectly obvious risks. And in the same way, we expect banks to continue to function. The way we've ensured that is to give essentially an open-ended guarantee from the state that we will allow them to do so.
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