While money may be a permanent force, even the most powerful financial system is subject to upheaval
While we celebrate the ascension of King Charles to the British throne this week, we are starkly reminded that monarchs come and go, and the expression “The king is dead, long live the king!” comes to mind.
Yet while money may seem like a permanent force in our society, even the most powerful financial system in the world is subject to upheaval, change and innovation.The past couple of decades saw central bankers distort the role of cash to provide stability, liquidity and balance in a diversified investment portfolio.
Notwithstanding that, after the global financial crisis of 2008, the banking system was strengthened immensely with capital buffers and stress tests to prevent a similar crisis from happening again, a crises did happen. This contrasts with large banks, which enjoy larger deposit bases, which are fairly split between retail and institutional depositors and which are supported by several capital markets programs to raise short-term and long-term funding to better match assets and to diversify funding sources.
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