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.
柏林—今年是第一次世界大战爆发一百周年,光是这一理由便已足以让我们反思这场欧洲的灾难对今天的意义。事实上,一战对国际关系和全球国家体系所造成的后果至今仍能感受到。那么,我们从1914夏天所发生的政府、制度和国际外交方面的政策失误中学到了什么?
北半球的大部分地区仍在欧洲大帝国——哈布斯堡、沙俄和奥斯曼——因为一战而崩溃所造成的后果中挣扎,更有一些帝国——如大英帝国——因为一战而衰落,并且因为二十多年后的另一场更加血腥的战争而板上钉钉。由此所造成的分裂区——如巴尔干半岛和中东——成为当今地区乃至世界和平的最大风险源。
冷战结束以及沙俄帝国的后继者苏联解体后,战争回到了巴尔干半岛,因为那里的情况变得与1914年前极为相似,最后,激进的民族主义把南斯拉夫打散重组为六个独立国家。当然,以提出“大塞尔维亚”而引发战争的塞尔维亚总统米洛舍维奇(Slobodan Milošević)并不孤独:有一段时间,欧洲大有重回1914年冲突之势,法国和英国支持塞尔维亚,德国和奥地利站在克罗地亚一边。
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