Gerald Epstein Pens Article on the Financial Crisis of 2023

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Gerald Epstein, economics and co-director of the Political Economy Research Institute (PERI), has written a column about the five main causes of the Silicon Valley Bank collapse and the subsequent problems facing the U.S. and global financial systems. 

"The recent crisis highlights a structural problem in our current financial system: there needs to be a safe place for businesses to place their reserves and working capital without providing funds to speculative financiers, and without fear that their deposits will be wiped out in a bank failure. That, among other reasons, is why we need publicly provided accounts where households and businesses can hold their money, risk-free," says Epstein.