There are four reasons to worry that the latest banking crisis could be systemic. For many years, periodic bouts of quantitative easing have expanded bank balance sheets and stuffed them with more uninsured deposits, making the banks increasingly vulnerable to changes in monetary policy and financial conditions.
show how the US central bank's liquidity policies created the conditions for runs on uninsured deposits.
When a bank fails, the first response by policymakers and the public is to blame risk-loving speculators, greedy investors, or regulators asleep at the wheel. But quenching our thirst for moral adjudication is a poor basis for policy, because the truth is both simpler and more troubling.
argues that recent market turmoil has revealed that the sector’s main vulnerability is unavoidable.
芝加哥—你看到可能难以置信,但最近美国参议院对前总统特朗普的第二次弹劾审判表明,美国的民主仍然强大。四年来,特朗普公然大肆藐视作为美国政治制度韧性基础的对先例和程序的信心。但弹劾程序确认,美国民主制度无比坚强。
特朗普政府主动拒绝这些机构,动摇了美国,其高潮便是1月6日特朗普煽动暴徒侵入美国国会。拜登总统上台后,感觉就像重新站稳了脚跟。
事实上,美国的民主仍然脆弱,因为许多美国人对于民主制度并不“感冒”。执政期间,特朗普致力于美国的去制度化(de-institutionalize),中饱私囊,而共和党袖手旁观,有时还拍手称快,为暴乱铺平了道路。许多美国人和相当多的政治精英乐于见到美国的民主遭到颠覆——这一印象在2月份得到了强化,除了7人之外,共和党参议员全部投票特朗普无罪。
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