THIS Is Why Banks Are Failing Now (Jimmy Dore)

The collapse of Silicon Valley Bank has left many Americans skittish about the banking system, and with good reason. As economics professor Richard Wolff explains, the private US banking system that maximizes the pursuit of profits at all costs is highly susceptible to runs, which explains why the nation’s history is littered with so-called “panics” that collapsed the economy.

Jimmy and Americans’ Comedian Kurt Metzger talk to Professor Wolff about North Dakota, the one state with primarily publicly-run banks, and why that gives the state’s depositors more confidence in the stability of their banking system.



[Posted at the SpookyWeather2 blog, April 9, 2023.]