The collapse of Silicon Valley Bank is causing shockwaves across the entire business world. With about $200 billion in assets, SVB's failure was by some way the largest since the global financial crisis. The leaders of America, Britain, and Australia are meeting today to discuss their recently formed security pact. And among the earthly remains of British kings and queens at Windsor Castle is the body of an Ethiopian prince.
An old-fashioned bank run has caused American regulators to intervene in a big way to save the bank’s depositors. We ask what went wrong, and what risks the fix will pose. Today America, Australia and Britain will cement a military alliance designed to confront an increasingly assertive China. And an Ethiopian prince buried among English kings reignites questions about cultural restitution.
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