Banking crisis: all that is solid melts into air
Marx wrote a lot on banking crisis which he saw as endemic to a capitalism based on boom and slump.
These days however they seem to happen more quickly. Just over a week ago Silicon Valley Bank failed and now the giant Credit Suisse is no more taken over by UBS.
The reaction of financial authorities is ‘crisis what crisis?’. We shall see although the aversion of crisis seems to involve many billions which are never available to spend on public services.
Newsnight reported that the speed of banking crisis is due to social media. News and rumours of issues can get tweeted around the globe in an instant and money withdrawn quickly via mobile banking. Oliver Shah in the Sunday Times (19th March) made much the same point
I doubt Elon Musk sees it like this but he is the harbinger of the latest crisis of capitalism
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