The next #culturewar may have an #economic spin:

There is growing resistance to the #cashless society as engineered by the #financialservcies, with much criticism starting to focus on (very early) plans for the global Central Bank of Digital Currencies.

While some of the vocal critics of #digitalcurrency (such as #NigelFarage) have a long culture war history, others are coming to this from concerns around #inequality, #surveillance & suspicions about #banking's fee capture for e-transactions!

@fkamiah17

Yes, I think the revolving door between the state/Govt. and #financialservcies is a major issue that needs addressing here & elsewhere - it doesn't have to be that way, but #bankers have done a very good job of talking up their centrality to political possibility which has placed them tight at the centre of governance in the last half century (not that they were ever that far away)

After #SiliconValleyBank, now #CreditSuisse finds itself in difficult waters, Barclay's advisors warned yesterday of a 'vibes-based sell-off' spreading from US regional #banks.

For some banking #investors it seems the failure of SVB & now CS's funding needs suggest all is not well in global #financialservcies.

As posted a few days ago, this still leaves the Q. whether SVB was a little local difficulty or a canary in the mine... with the mine position gaining a little as the week goes on

Incidentally, if #JeremyHunt (again) mentions that he supports higher pay in the #publicservices but cannot as a 'prudent Chancellor' increase departmental budgets, then what he's actually saying is:

'I want to impose cuts across the public sector, but I want to blame people asking for a living wage for them....'

So though #austerity is unlikely to pass Hunt's its today, its the background to most of what he does & as such its a mendacious load of signalling to his mates in #financialservcies!

Q. is the demise & rescue/sale of #SiliconValleyBank an anomaly in a broadly stable #finanacial system, or the canary in the mine on regulatory problems in #financialservcies?

Right now, #RishiSunakPM & #POTUSBiden will be hoping their swift action(s) will have forestalled a wider crisis, but this morning dips in bonds & banking shares suggest some jitters among #investors in banks.... if contagion starts to gather pace the financial sector's 'stability' may prove illusionary - time will tell!

Lazarus Group Exploits Zero-Day Vulnerability to Hack South Korean Financial Entity

https://thehackernews.com/2023/03/lazarus-group-exploits-zero-day.html #cybersecurity #financialservcies

Tim Harford concludes in his FT Magazine column today that 'Short-termism is now ubiquitous. For such a venerable polity, we have developed a shocking inability to think beyond the next few weeks'...

But he fails to ask is: why is the UK governance so short termist?

For me there is a very simple answer: We are ruled by people from (or connected to) #financialservcies (the rentiers), and they are used to working to quarterly financial data!

So reducing their influence is job No.1 for recovery

@NSalwen I was speaking of the UK... here bonuses are very limited in scope outside #financialservcies

@blaidddrwg Indeed, a forced crisis after a bit of short selling for instance; and certainly I agree on the #financialservcies being diversified i coverage if not in mind-set