If the US Federal Reserve raises its policy interest rate by as much as is necessary to rein in inflation, it will most likely further depress the market value of the long-duration securities parked on many banks' balance sheets. So be it.
thinks central banks can achieve both, despite the occurrence of a liquidity crisis amid high inflation.
Although Silicon Valley Bank was not deemed to be systemically important, its insolvency forced the US Federal Reserve to head off systemic contagion and exposed the inadequacy of the FDIC’s partial deposit insurance regime. The financial-stability framework adopted after the 2008 crisis obviously needs another overhaul.
considers what the bank’s failure should mean for the current financial-stability framework.
纽约—直到最近,中国国家主席习近平还吹嘘他的新冠清零政策证明,像中国这样的专制一党制国家比受自私政客和善变选民阻碍的混乱民主国家更有能力应对流行病(或任何其他危机) .
这在 2020 年对许多人来说似乎确实如此,当时,美国成千上万的人正在死去,而美国前总统特朗普大肆吹嘘抗疟疾药物和漂白剂注射剂作为新冠治疗措施。 与此同时,习近平实施了几乎闭关锁国的严格的疫情限制措施,迫使人们进入隔离营,坚持要求出国旅行的中国公民像巨大的有毒实验室的工作人员一样穿上防护服。 有一段时间,与大多数其他国家相比,这种严格的制度使新冠死亡人数保持在最低水平(尽管众所周知,中国政府的统计数据不可靠)。
但中国的新冠清零战略的高昂经济成本使人们陷入绝望,以至于一些人冒着巨大风险走上街头。 尽管如此,习近平继续声称执政的共产党正在对病毒发动“人民战争”,坚持生命至上。 然后,在去年年底,当中国城市爆发抗议活动时,战争突然宣告结束。 再也没有封锁、防护服,甚至没有定期的核酸测试。 继去年前所未有的抗议之后,中国现在似乎认为 新冠是无害的。
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