“It is absolutely impossible to stabilize a banking system that is built, almost designed to be unstable.”
Are we in the middle of a new banking crisis?
The collapse of Silicon Valley Bank in early March threatened to destabilize major banks in Switzerland and Germany, sparking fears of a wider downturn like the one that led to the Great Recession of 2007-2009.
While the crisis appears to be somewhat under control at the moment, is this a sign of a wider structural problem? And what lessons, if any, have been learned since the Great Recession?
In a First Special, host Marc Lamont Hill speaks with world-renowned economist and former Greek finance minister Yanis Varoufakis about what could be done differently this time and why workers always seem to bear the brunt in times of economic downturn.