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.
维多利亚-加斯泰兹—哲学家本应从一个相当超然的角度去理解事件和现象,牢牢记住有用的理论模型和先例。但乌克兰局势让我很难超然事外。不仅因为我半数以上的 家庭成员来自乌克兰,而且我长期以来一直全神贯注地研究——无论从哲学抑或个人的角度——集中在切尔诺贝利核电站及核武器使用领域的核与放射性威胁问题。
尽管如此,今天的局面需要思维清晰。正如我在2021年著作感知剧变名为“苏联未完成的崩溃”一章中所提出的那样,我们需要建立“一种强有力的历史哲学”,能够解释历史“差异、漫长的地下过程以及因果之间在时间上的滞后关系。”
这项任务的紧迫性现在已经变得显而易见了。我们正在目睹1991年苏联正式解体与其未解决的遗留问题存在时间滞后性所带来的结局。上述遗留问题不仅造成了乌克兰之战,还酿成了亚美尼亚和阿塞拜疆在纳戈尔诺卡拉巴赫持续发酵的冲突 ,以及白俄罗斯的悲惨命运。同时不断浮现的背景是苏联的核武库,乌克兰同意在成为独立国家后不久将其移交给俄罗斯。
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