‘It is absolutely impossible to stabilise a banking system which has been built, designed almost, to be unstable.’
Are we in the midst of a new banking crisis?
The collapse of the Silicon Valley Bank in early March threatened to destabilise major banks in Switzerland and Germany, triggering fears of a wider downturn like the one that led to the Great Recession of 2007-2009.
While at this point the crisis seems to have been somewhat contained, is this a sign of a broader structural problem? And what lessons, if any, have been learned since the Great Recession?
In an UpFront Special, host Marc Lamont Hill speaks to world-renowned economist and former Greek Finance Minister Yanis Varoufakis about what can be done differently this time and why workers always seem to bear the brunt during times of economic downturn.