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  • Writer's picturePhillip Ullmann

Bank on it – things will get worse if we don’t change course

You might think I’d be crowing about how right I was that the banking system’s weaknesses are being exposed – but I’m not.

This is about people’s livelihoods and jobs under threat – and how those in charge of our

financial system don’t seem to understand the risks they’re exposing us to. Or worse, don’t


The collapse of Silicon Valley Bank was an avoidable disaster.

It was not hard to see that interest rates were likely to rise further and faster - even when

the central banks were trying to pretend otherwise.

And given that, it was not hard to see that banks with huge bond portfolios were going to be

sitting on vast losses.

The thing that is hard is to understand is why our leaders won’t face up to the true


We need to reform the way banking works. And fast, before the problem gets completely

out of hand.

We can’t have this casino culture any more. It’s dangerous to our economy and it

completely misunderstands the true purpose of money.



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