March 26, 2023
Bank failures in the United States happen more often than one might think. According to the Federal Deposit Insurance Corporation, there have been 563 bank failures in the United States between 2001-March 2023, or about 25 per year. The fall of the sixteenth largest bank, the Silicon Valley Bank (SVB), is another piece of evidence for Minsky’s financial instability thesis—more about that in a bit. However, the timing of SVB’s collapse could not be worse. As the Joe Biden Administration focuses on winning the great power competition between major strategic rivals, the last thing America needs is the perception of a weakening U.S. financial system.
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