You’d be forgiven for having allowed the collapse of the tech industry lender Silicon Valley Bank, earlier this month, to pass you by. Even the news that SVB’s UK operation had been salvaged in a deal brokered by the British government might not have registered too much. But the rescue this week of Switzerland’s second-largest lender Credit Suisse had a more ominous feel to it, a sense of fiscal dominoes cascading slowly into one another.
For our big story this week, Anna Isaac and Kalyeena Makortoff report on a week that brought back anxious memories of the 2008 financial crash, while economics editor Larry Elliott argues that only the era of ultra-low interest rates that followed the previous crash has prevented a further correction happening sooner.
Chinese president Xi Jinping’s visit to Russia this week had the feel of a pivotal moment for global diplomacy. Russian affairs reporter Pjotr Sauer and senior China correspondent Amy Hawkins look at what the strengthening of the Sino-Russian alliance signifies for Moscow, Beijing and the rest of the world.
This week also saw the 20th anniversary of the US invasion of Iraq. Diplomatic editor Patrick Wintour reflects on a botched intervention that still haunts global politics to this day, while on the Opinion pages Randeep Ramesh argues that the US foreign policy debacle still serves to underline what he describes as “the capricious and self-centred nature of American global power”.
In our longer-read features section, Jan Grue explores why the trope of the disabled villain still flourishes in popular culture. In Culture, the Observer Magazine’s Eva Wiseman meets the fashion designer Ashish Gupta, famed for his glittery sequined creations.
And to round things off, why do we get the feeling that Tim Dowling’s ingenious fix for his leaky roof might not turn out quite as well as hoped …
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