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.
伦敦——恰恰就在一个月前,我曾在慕尼黑安全会议前夕发表了演讲。从那时起,发生了太多引人瞩目的事件——而且发生得如此迅速——值得将我一个月前的预测与事态的实际发展相比较。
最明显的变化发生在全球气候系统。这里,我指的是实际发生的气候事件和气候学家对这些事件的解读。我想在慕尼黑传达的主要观点是,全球气候系统在很大程度上依赖北极圈内所发生的事情。过去,北极圈气候系统曾独立于全球气候系统。风曾经按照可预测的逆时针方向吹;但由于人类干扰活动的增加,北极气候系统和全球气候系统之间的独立性不再普遍适用。
事实上,冷空气正流出北极圈,取而代之的是暖空气被从外部吸入。因此,过去四十年里,北极圈变暖的速度比世界其他地方快4倍,而且,这一切仍在危险地不断加速。自我发表演讲以来,北极圈的温度比正常情况高出20多摄氏度,不仅创下了有记录以来的最高值,而且也加剧了人们对格陵兰冰盖融化速度的担忧。
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