The collapse of Silicon Valley Bank and now the emergency rescue of Credit Suisse should force the government to reconsider its financial deregulation agenda, which would water down the already-fragile protections brought in after the 2008 crash.
Banks collapsing are more dangerous to the public than other business failures, because banks provide the means of payment we all rely on. These crises highlight the fact that money and payments are a public good, and should be treated as such.
Financial firms should be regulated more actively as providers of essential services, but we need more than ever a safe public banking option so that our ability to access our money and make payments isn’t dependent on the health of profit-maximising private banks that can hold us to ransom if their bets fail.
As many as 3.6 million people could lose their jobs worldwide in the next financial crash driven by fossil fuels. And $4.9 trillion of taxpayers’ money might be needed to rescue banks if the fossil fuel market crashes in the next decade.
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