Another week, another bank failure. PacWest Bancorp (PACW) has collapsed on reports that it is looking to sell itself. This is never really a great opening line or stance for increasing one’s value on the market in any walk of life. As a result, the stock was cut in half overnight.
It’s all coming apart, but don’t worry. The IMF is on it. Kristalina Georgieva, managing director of everyone’s favorite monetary fund, thinks the problem is complacency and not enough regulation. Also, people can move money too fast now, like, whenever they want to, and that’s a problem, says Kristalina. Maybe we should not let them do that anymore, she subtly suggests, to a group of financiers, who grin and nod aggressively, some rubbing their hands together absentmindedly.
Meanwhile, gold hits new all-time highs and silver jumps in sympathy.
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