Right now, we have smaller banks in the US and elsewhere under pressure due to the collapse of Silicon Valley Bank (SVB), triggering sharp corrections in other banks. Just a few months ago, the UK pension funds came within a few hours of collapsing, saved in the nick of time by regulatory intervention.
It has been one crisis after another ever since financial liberalisation took off. There was the Latin American debt crisis of the 1980s. Then, the Asian financial crisis engulfed our region, causing huge convulsions. Currency crashes in Russia, Brazil and Argentina followed that.
Soon after, the tech stock frenzy ended in a debacle of monstrous proportions. Then came the mother of all commodity price booms, followed by a bust. In 2007, the US housing boom also crashed, culminating a year later in the worst global financial crisis since the 1930s.
