The collapse of Silicon Valley Bank (SVB)—the second largest bank failure in nominal terms in US history—and the ongoing turbulence in the banking system, raising the prospect of more failures, is another expression of the historic crisis of US and global capitalism.
This deepening rot and decay constitute the underlying driving force of two interconnected developments in US and world politics: the rapid escalation towards a third world war and the ongoing and intensifying assault on the working class in the US and internationally, as the ruling classes seek to make it pay for the existential crisis of their outmoded and reactionary private profit system.
The commitment by the Biden administration to do “whatever is needed” to protect the money and wealth of financial investors, speculators and the wealthy has again
— source wsws.org | Nick Beams | 14 Mar 2023