itemprop=description content=THE world is not a happy place this week and nobody really thinks Keir Starmer’s mob are going to fix it – not even the voters of Rutherglen and…
Labour Party leader Sir Keir Starmer arrives at the Museum of Liverpool to appear on the BBC One current affairs programme
Then there’s the Chinese connection. China is actually America’s biggest creditor. That’s right – Beijing is actually lending money to the US government because it’s the safest place to keep your cash. Except that the US has declared economic war on China and has made it virtually impossible for its high-tech firms to invest there.
Yes indeed. But the way this regulation works is that high street banks are made to keep bigger reserves for a rainy day. But that’s the point. These reserves are a nest egg. That nest egg just shrank. Expect banks to lend less as they build up new reserves. And expect some banks to go bust.Ww had a premonition of this problem in March last year when Silicon Valley Bank in the US went bust after depositors pulled out their funds. SVB had invested heavily in US government debt, but the value of these holdings had collapsed as interest rates rose. SVB was suddenly short of cash to meet depositors’ demands.
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