This week’s episode welcomes back Niklas Albin Svensson, a leading member of the International Marxist Tendency, to discuss the ongoing turmoil in the global banking system.
A few weeks ago, Silicon Valley Bank (SVB) collapsed, but the failure of SVB was not the end of the story. Rather, what we have seen is a sudden flurry of bank collapses, which has so far culminated in the forced merger of Credit Suisse into UBS and the dramatic fall in Deutsche Bank’s share price.
While a total collapse of the banking system has so far been avoided, this does not mean that the situation is stable. In reality, crises like this are inevitable under the capitalist system, and the ruling class have only managed to temporarily alleviate the worst of this crisis by laying the grounds for a deeper one.
Read Niklas’ latest on the banking crisis: