Global financial system implosion begins

[yield]

What on earth happened to Greece?

"Fiscal waterboarding" according to Yanis Varoufakis. A statistical recovery with a human recession

 

[Rob Ray]

Yet the British government bailed out the banks during the financial crisis in 2008, (RBS still state owned 16 years later) and paid the wages of furloughed workers during the lockdowns.

The state makes the markets or it wouldn't be the lender of last resort.

Only insofar as the markets are unable to leverage crisis against concessions. In 2008 they were cap in hand and had no leverage (edit: though actually given the outcome they clearly still did - they had the Prime Minister chasing around to pull together a plan to save them and basically no-one went to jail). In 2024 they have all the leverage in the world, as we saw with Truss they can collapse a government nearly overnight.