Zanny Beddoes, Editor-in-Chief for The Economist, brings us back to the great financial crisis in 2008 and explains how we can learn from the past.

Wall Street

Three U.S banks including the Silicon Valley Bank have failed and Credit Suisse has been handed emergency funding amid the biggest crisis since 2008.

Banking Crisis

The 2008 financial crisis all over again?

You were covering the 2008/2009, great, great financial crisis and you have PTSD here. I was here in the US this last weekend when the whole news broke about Silicon Valley Bank. That was definitely a sensitive stomachs and people thought even a week ago. So I think we are seeing a, a realization that the banks all more fragile than people thought they were. Because after the 2008 financial crisis and we can we can talk about this but there was a huge amounts of Regulation and recapitalizations focus on strengthening the banks kind of what is the sum of that regulatory framework was rolled back in 2017 and 18 and to Silicon Valley Bank required to have much more rigorous supervision and You have had a kind of what school did plan for its own demise with which the systemically important banks have to have and they're ready to lose whether any Bank bigger than 50 billion would have to do that. That was raised to 250 b e, n o, s, i n d, i can all those. Didn't we no longer subject to that break up being subject to it? This might not have happened. Secondly, and more importantly, the whole organization off of 2000-2009 was designed to focus on problems of say it, because that was the cause of the financial crisis. Inflation was low. And I think people worried about the session, no one worried about duration risk. No one worried about what happened to the value of the treasury's on banks' balance sheets when interest rates, Rose gray, Sharpie 2009-2010, Wendy's reminder, 3 for free, phones with Don. And now we're an environment where we cut interest rates Rising decades. And we seen the consequences that Large Holdings of government funds, which was deemed to be part of making bank safe, or less safe than you thought. Because the banks have a bunch of if you want me to Market, they have big losses on them announcement. They basically said everything's going to be fine. Will back up all the deposit no matter what I mean. When I was young boy long before your time Groucho, Marx had a program on television. Has it where you had to say the magic word? You said the magic word systemic, the stomach seems to be a get-out-of-jail-free card now. Everything seems he was just an option, makes it all better. Be the extraordinary development on Sunday. Not only deposit is in those two banks failed at FDIC limit of 250,000, Simpson made a positive balance. But in addition, the FED instituted, for one year supposedly a facility that Banks could get liquidity at the par value of n. Treasury of any government. Bonds with a hold, is to lend freely quickly against good collateral. But we seen really in the last few years, to decades that she has been an expansion of the federal reserve's definition of what. Being a lender of Last Resort is lending, lending will really be coming in off the 2008/2009. People talk to the state of the market maker of lost Resort much Florida. And what happened on Sunday was a very big shift because it is said, it wasn't him hurting any haircut on the bank's ability to borrow. They can borrow a subsidized I did those kind of one. You have to do is grab a habit of changing and that's a big shift in what the FED. Does a larger thoughts here, everybody wins. Nobody loses its little like it when your children that ever gets a trophy, a nobody could have the one afraid of his feelings. Are we creating a beta Society, where there's no Alpha And yes, and I think this is we will this is a big, a big steps that the FED has taken and is couched in the language of with her knee for one year and so forth. But I think it is a big step and it's a big step that we might come to regret. And it's it's not just sent Reliance and now I'm going to go but I think there is a sense in which Governments have over the past few years, bailed out supported in Orlando various people. We aren't we have no longer so comfortable with what worries me now. What more has me worried about what the status is done? Is that what they're going to send an environment where station is uncomfortably high and really worrying trade-off will be when the fence goes all Financial stability, clash with the goals of getting insulation done and the more support you given, the more you bail out the more you try and focus on short-term Financial stability, you may be making it harder to reach her inflation Target that I think gets you into a very, very uncomfortable while so Good, by eliminating the downside. You also limit the upside, that is to say everyone's protected and it's a result. We are not as Innovative. We don't have the creative destruction destruction, the jumper talked about the effect. We don't have the growth and productivity and otherwise we might otherwise have Right? In the sense that by limiting the dance tonight, you keep zombie companies zombie banks. That should be dissolved alive longer than they, otherwise would be absolutely the Dark Side of any Broadway lot that you you don't have the shrimp attarian, creative destruction. And you also have I think a society that, you know, the wealthiest set of heads, I win tails, you lose, you know, if you get it, is it a lot this week. If, you know it is, it is striking that, you know, these Venture capitalists in Silicon Valley, people who have been making a Fortune of Sutton. And essentially, mostly the minute, something like this happened. There was screaming for assistance and it's a little bit to the politics of. This is really quite tricky.

Australian Prime Minister Anthony Albanese fought back tears on Thursday as he revealed the question the government wants to ask in a referendum on whether to recognise Aboriginal and Torres Strait Islanders in the country's constitution. 

Canberra

Australia set to vote on indigenous referendum

Pakistan's former Prime Minister Imran Khan says it is only a matter of time before he is imprisoned or killed. He made the remarks in an online post, in which he spoke out against the government and the military. The Lahore district administration has granted permission to Pakistan Tehreek-e-Insaf (PTI) to hold a rally at Minar Pakistan between the night of the 25th and 26th of March.

Lahore

Imran Khan wars 'matter of time' before his murder

The United States Federal Reserve has announced its latest interest rate hike, a move aimed at lowering inflation by making borrowing more expensive for consumers. The increase of a quarter of a percentage point on Wednesday sets the US central bank’s benchmark overnight interest rate in the 4.75 to 5 percent range, its highest level in 15 years.

U.S interest rates hiked again

Former U.K. prime minister Boris Johnson clashed with MPs at a hearing over parties held at Downing Street while the rest of the country was in lockdown. The scandal, which drove Johnson out of the prime minister’s office, could now get him booted from Parliament.

London

Boris Johnson grilled over Partygate

Seventeen Ukrainian children who were sent to camps in Crimea by Russian officials were reunited with their families in Kyiv today. They are among thousands who were transferred to Russia or the regions it occupies. It follows charges laid against Vladimir Putin over the alleged kidnappings levelled by the International Criminal Court.

Kyiv

Ukraine Invasion

Children 'taken' by Russia returned

The House of Commons voted 515-29 to back a key portion of The Windsor Framework, designed to resolve a trade dispute between the UK and Northern Ireland.

Westminster

Sunak's Brexit deal clears Commons vote

Two Defence Force personnel have been injured after an Australian Army helicopter crashed into the water during routine counterterrorism training on New South Wales south coast. There were 10 personnel on board the aircraft when the incident occurred and all have been recovered from the water. Chief of Army Lieutenant General Simon Stuart says the incident had the potential to end in "tragedy".

Jervis Bay

Two army personnel injured in helicopter crash

Ukraine's President Volodymyr Zelenskyy visited his troops near the frontline city of Bakhmut, the ongoing battle for the city being one of the bloodiest of the war. Footage released by the president's office shows him handing out medals and visiting wounded in the Donetsk region, where Bakhmut is located.

Bakhmut

Zelenskyy visits Bakhmut frontlines

Emmanuel Macron has defended his Government's decision to force the controversial pension reforms through Parliament during a rare national 
television address, designed to quell the violent protests that have gripped the country. The French President condemning the violence, saying he had 'no regrets' despite facing multiple no-confidence motions.

Paris

'No regrets': Macron defiance amid protests

Former British Prime Minister Boris Johnson insists he did not lie to lawmakers, defending himself at a parliamentary hearing as part of a probe into whether he misled lawmakers over rule-breaking Covid-19 lockdown parties. Johnson faced a grilling before a cross-party committee that has the powers to suspend the MP and force a by-election in his London seat.

'Hand on heart': Boris denies lying

Stocks on Wall Street have climbed after the rescue of Credit Suisse calmed nerves about a larger banking crisis. The United States treasury secretary, Janet Yellen, says the local financial sector is stabilising after it was put to the test by the collapse of two banks this month. But the world's largest economy is still facing some strong headwinds.

U.S bank failures 'very different' from 2008

Xi Jinping and Vladimir Putin stress that'“responsible dialogue' is the best way to resolve the Ukraine crisis as Moscow reaffirms its commitment to peace negotiations. The Chinese leader says Beijing has an “impartial position” on the conflict in Ukraine and supports peace as Putin says China’s peace proposals could be used as the basis for talks.

Moscow

Xi's trip to Russia: A boost for Putin

A Virginia grand jury formally indicted 10 people, including police officers and hospital workers, over the death of Irvo Otieno - a Black man who was restrained before he died in a mental health facility. His family demanded justice and mental health reform. 

Richmond

Video shows police 'piling on' man before his death

Lawyers for Fox Corp faced a sceptical judge on Tuesday (March 21) as they sought to block a $1.6 billion defamation lawsuit by Dominion Voting Systems from going to trial, while the voting-technology company accused Fox News of knowingly airing vote-rigging claims that the network knew were false.

Delaware

Fox News fights to avoid trial by jury

Russian President Vladimir Putin said Tuesday a Chinese peace plan could provide a basis for a settlement of the fighting in Ukraine when the West is ready for it. Speaking after talks with Chinese leader Xi Jinping, Putin charged that Ukraine’s Western allies so far have shown no interest in that.

Russian Sanctions

Putin: Ukraine 'doesn't want' peace

Former British Prime Minister Boris Johnson is battling for his political future as he tries to convince a cross-party committee that he 'unintentionally' misled Parliament over the Partygate scandal. If the committee decides he 'recklessly' misled MPs, he faces a suspension from Parliament that could force a by-election in his West London seat.

Boris Johnson in trouble again

A magnitude 6.5 earthquake was felt across huge swathes of Afghanistan, Pakistan, and parts of India on Tuesday night, forcing people to spend the night outside.

Islamabad

Deadly earthquake rocks Pakistan, Afghanistan

Japanese Prime Minister Fumio Kishida has offered strong support to Ukraine during a visit to Kyiv, inviting President Volodymyr Zelenskiy to the G-7 Summit in May.

In Kyiv, Japan's Kishida backs Ukraine

Russian President Vladimir Putin and Chinese leader Xi Jinping discussed Beijing's proposal for a ceasefire in Ukraine in talks in Moscow, while displaying a warm friendship forged on a mutual rivalry with the West. China has refrained from condemning Russia or referring to Moscow's intervention in its neighbor as an "invasion". It has also criticized Western sanctions on Russia.

Xi urges Ukraine ceasefire during Putin talks

The NATO Secretary General said China needs to "understand Ukraine's perspective" and engage with President Volodymyr Zelenskyy.

China 'must condemn' Russian aggression; NATO

Russian authorities on Tuesday detained human rights activists including members of the Nobel-winning Memorial organisation after raids on homes and offices, sparking an outcry among the international human rights community. 

Tsentralnyy administrativnyy okrug

Russian Police raid homes of Nobel Prize winners

Protesters are trying to pressure lawmakers to bring down the government and doom the unpopular retirement age increase President Macronis trying to impose without a vote in the National Assembly.

Protestors rally as Macron survives no-confidence vote

U.S. President Joe Biden signed a bill that requires declassification of information related to the origins of the coronavirus that causes COVID-19. Whether the pandemic was the result of a lab leak from China's Wuhan Institute of Virology, or jumped from animals to humans at a Wuhan market remains a hotly contested debate. China has said there is no credibility behind the lab leak theory.

Wuhan

Biden orders release of COVID intelligence

Russia has opened its own criminal investigation into the International Criminal Court's (ICC) prosecutor and judges. Russia’s Investigative Committee says the ICC has knowingly accused an innocent person of a crime, in another show of defiance against the court.

Russia retaliates after Putin arrest warrant

A damning report by an independent member of Britain's House of Lords has found that London's Metropolitan Police force is institutionally racist, sexist, and homophobic. In her report, Louise Casey says officers are not properly vetted and calls for wide-ranging reform.

London Police 'racist, sexist and homophobic'

Anticipation is building over reports that former U.S. President Donald Trump could be indicted as early as today. Barriers have been erected around a Manhattan courthouse in anticipation of protests after Trump called on his supporters to protest any moves to arrest him. 

New York

U.S braces for 'unprecedented' Trump arrest

China's Xi Jinping received a warm welcome from Russian president Vladimir Putin in Moscow. Western allies will be watching this visit closely for signs China may be considering supplying weapons for Russia’s war in Ukraine, despite China’s claims of impartiality.

Xi Jinping calls for Ukraine ceasefire

Top climate scientists released their final assessment report on climate change, declaring this is the last chance to limit human-caused global warming to 1.5 C above pre-industrial levels before the damage becomes irreversible.

Climate Crisis

Report finds global warming 'likely' to hit 1.5C

The French government has survived two no-confidence votes in the lower chamber of parliament after its push last week to raise the retirement age to 64.

Macron survives no-confidence votes

New York City police officers erected security barricades outside Manhattan Criminal Court and Manhattan District Attorney Alvin Bragg's office Monday ahead of a possible indictment of former President Donald Trump and potential civil unrest from his supporters.

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Banking Crisis