China’s crackdown on its biggest technology companies shows the difficulty of balancing growth at all costs at the leading fintech firms with support for state-owned banks.
Myanmar’s banking system has been on life support since the coup on February 1, with normal business grinding to a halt. But what’s replaced it feels like a slow-motion bank run that’s chaotic and corrupt.
British economist John Maynard Keynes famously wrote more than 80 years ago that people’s behaviour in the financial world is often driven by “animal spirits” that suggest “spontaneous optimism rather than mathematical expectations”. The current craze for special purpose acquisition company (Spac) listings is a good example.