These banks were most concerned with increasing their ESG score by doing stupid things. And they won stupid prizes.
Agree,
Just one small correction, IMHO-
Original reads: ““wealth” (which is what money supposedly represents)”
Should read: Money represents human time.
Anything with a price on it, is trading human time. As the saying goes, “time is money.”
An example: If you were the last man alive, and a mountain of 12 trillion dollars were piled up outside your home, what would it do for you? Would it feed, power, clothe, protect, entertain you? If old, would it push your wheel chair down the aisle of the hospital, do a medical exam on you, mow your lawn?
***Money is an abstract concept representing human time.***
It works better than bartering.
However, modern financial/monetary systems allow for massive fraud by government, i.e. where they essentially steal and intentionally create inflation when they spend far more than they really have.
these banking problems are simply a consequence of Bidenomics and stupid bankers ...
banks across the globe have fallen into the Biden Trap©, namely having invested massive new depositor monies into massive amounts of near-zero interest-bearing securities during the time Biden gave away trillions of dollars for free, but now the resell value of the securities are way underwater because the Federal Reserve tried to halt the runaway inflation caused by the trillions of free Biden dollars by rapidly raising interest rates, thus devaluing all previous interest-bearing securities, AND causing said bank depositors to withdraw massive monies with a few clicks of the keyboard to seek the higher interest rates of new interest-bearing securities ...
massive bank depositor withdrawals after the deposits have been spent to buy securities that are now underwater if sold creates a liquidity crisis causing bank failure ...
see “A Wonderful Life” for an example of a bank failure caused by panic and illiquidity ...