Three Banks Have Now Collapsed. A Progressive Economist Explains Why

>> Read interview published by Truthout

In an interview with C.J. Polychroniou, PERI Co-Director Gerald Epstein discusses the main causes of the current banking crisis and offers suggestions about what can be done to avoid this from happening again.

“There is a structural problem in our current financial system. There needs to be a safe place for businesses to place their reserves and working capital without providing funds to speculative financiers, and without fear that their deposits will be wiped out in a bank failure. That, among other reasons, is why we need publicly provided accounts where households and businesses can hold their money, risk-free.”