FLASHBACK: Treasury Sec. Yellen didn’t ‘believe’ she’d see another financial crisis in her lifetime

Treasury Secretary Janet Yellen’s words may come back to haunt her as a banking crisis looms in America and around the globe. In 2017, Yellen – while chief of the Federal Reserve – made headlines when she said she did not “believe” another financial crisis like the crash and the Great Recession in 2008 would … Read more

COVID and kids’ mental health: Financial hardship took a big toll

Teen girls face record high mental health challenges, 1 out of 3 considering suicide

It’s well-known that COVID-19 protocols caused financial hardship — particularly among lower- and middle-class families — and now a new study highlights the toll those struggles took on children’s mental health. A new study led by researchers from Columbia University and Weill Cornell Medicine, both in New York, suggests that family economic hardship was the … Read more

Don’t celebrate a European financial rescue just yet – POLITICO

An emergency 50 billion Swiss Franc loan from the Swiss National Bank in the early hours of Thursday helped to pull one of Switzerland’s top banking institutions, Zurich-based Credit Suisse, from the brink of collapse. At first sight, the move proved a regulatory tour de force. When the bank’s shares opened for trading in the … Read more

ECB lifts interest rates amid financial market turmoil – POLITICO

FRANKFURT – The European Central Bank decided to raise interest rates by 0.5 percentage points to 3 percent Thursday, sticking to its previous guidance even as fears about a new financial crisis have roiled markets in recent days. Policymakers clearly opted to prioritize a continued fight against raging inflation over financial stability concerns noting that … Read more

Western sanctions shielding Russian financial system from global crisis – Kremlin — RT Business News

Being disconnected from international banking has turned out to be “a blessing in disguise” for Moscow, Dmitry Peskov says The Russian financial sector is practically immune to the effects of an unfolding US banking crisis largely thanks to Western sanctions, Kremlin spokesman Dmitry Peskov told reporters on Tuesday. When asked about a spillover effect from … Read more

How US banking crisis could lead to collapse of Western financial system — RT Business News

The US banking industry is reeling from a string of bank failures, which kicked off last week and continue to rattle both domestic and global markets. Economists spell doom and gloom for the economy, despite efforts to stem the fallout. Here are some facts. What happened?California-based, crypto-focused bank Silvergate was the first to announce its … Read more

Oil prices fall $1 as SVB collapse spooks financial markets

Oil prices fall $1 as SVB collapse spooks financial markets

Oil prices fell more than $1 on Tuesday, extending the previous day’s slide, as the collapse of Silicon Valley Bank rattled equities markets and sparked fear about a fresh financial crisis, Trend reports with reference to Reuters. Brent crude futures were down 87 cents, or 1.1%, at $79.90 a barrel at 0345 GMT. U.S. West … Read more