'The market is telling us something very bad is coming', as global banking crisis deepens
Well over a decade on, the fallout from the global financial crisis is continuing.
We now have an international banking crisis.
The potential next phase is a global credit crunch, which could lead to another worldwide financial crisis, but regulators and central banks are pulling out all stops to prevent that from happening.
The ructions began on Friday last week when Silicon Valley Bank was unable to satisfy its customers' demands for deposits. An old-fashioned bank run leading to collapse.
You could sense the anxiety in global financial markets.
Then overnight, the share price of global investment banking giant Credit Suisse crashed, causing panic in the bond market.
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