This Time Really Could Be Different

April 12, 2023

by James Rickards Daily Reckoning

The new global financial crisis as exemplified by the successive failures of Silvergate Bank, Silicon Valley Bank, Signature Bank, Credit Suisse and the potential failure of First Republic Bank is well underway.

Here’s the key takeaway: Despite a brief hiatus after the UBS-Credit Suisse shotgun wedding on March 19, the crisis may be far from over.

Other big bank failures and continued stress on the system should be expected in the coming months. That financial crisis comes on top of an emerging recession as shown by shrinking world trade, declining manufacturing output, monetary tightening, continued inflation, declining housing prices and many more hard data points.