It appears that 2023 could be remembered as the year that marked the beginning of a new financial crisis. When Silicon Valley Bank and Signature collapsed in March, optimists argued that this was an idiosyncrasy driven by the banks’ large holdings of …
Author: Philip Pilkington, UnHerd
Are We About To Enter a Full-Scale Banking Crisis?
When is a banking crisis a banking crisis? These past few days we have seen the failure of multiple banks. The action started with Silicon Valley Bank and soon spread to Signature Bank, making those two the second and largest bank failures in American…
Sanctions Have Hurt Us Far More Than Russia
Last week the Centre for Research on Energy and Clean Air (CREA) released a weekly snapshot of Russian fossil fuel exports. Since the price cap on Russian oil was announced in December 2022 and the snapshot provides data up until February 2023, it all…
The Russian Oil Price Cap Won’t Work
Over the weekend, amid a major energy crisis which is decimating European industry, Western countries announced a price cap that they intend to impose on Russian oil. The idea is that these countries will get together and refuse to pay any more than t…
OPEC+’s Oil Cuts Signal Biden Admin’s Impotence
OPEC+ announced on Wednesday that it would make production cuts of 2 million barrels per day, which is roughly equivalent to 2% of global supply. The decision is monumental. It shows that a new type of world is emerging in the wake of the war in Ukrai…
Provoking the Stagflation Monster
Warren Buffett once said that when the tide goes out, we see who was swimming naked. The market sell-off that has taken place over the past few weeks has revealed more than a little nudity. The most striking thing about the sell-off is how broad it is…