硅谷银行危机带来的问题:收紧还是扩大量化宽松?

To QE or not QE?That is the SVB crisis question

硅谷银行(Silicon Valley Bank,SVB)的突然倒闭引发了巨大震动和连锁反应,现已波及另外两家美国银行,一家是自愿关闭的银门银行(Silvergate),另一家是被联邦存款保险公司(FDIC)接管的签名银行(Signature Bank)。震动不止在美国,日本银行的股票连续数日下跌,瑞信银行也已被这场全球风波波及。

The reckoning of over a decade of easy money under QE is nigh.There are no casy solutions.SVB turned the spotlight onto investment losses on bank books,so higher interest rates with tighter monetary policy not only exacerbate those unrealized losses,accelerate recessionary trends and deliver a blow to public confidence.But if inflation continues to increase,even current nominal rates will increase the fiscal debt burden of llcountries with excessive debt.Furthermore,we have not yet seen the full costs of current losses when the banks and mortgage funds are repriced to market.