"This year’s banking crisis was never going to be 2008 redux — more like 2008, the sequel...."

"This year’s banking crisis was never going to be 2008 redux — more like 2008, the sequel....
    "In one respect, the collapse of both Silicon Valley Bank and Credit Suisse were isolated, one-off events that have now been contained.... Nevertheless, the runs on these banks are better seen as symptoms of an underlying disease that continues to fester.... the edge of a coming economic storm whipped up by a decade of geopolitical fragmentation and cheap money. Now, the overdue attempt to reverse this course has slowed the global economy, possibly to the point of recession.
    "Unlike the 2008 crash, this does not follow an era of prosperity, but rather 15 years of monetary chaos....
    "Central banks now find themselves trapped in a stop-start course of withdrawing money with interest-rate rises, and putting it back at each sign of stress ... And this hair-of-the-dog treatment may soften the hangover but only prolong the addiction of the financial system to cheap money."

~ John Rapley, from his post 'The Next Financial Crisis Will Get Ugly'