We are living through a trillion-dollar rebalancing

The writer is an FT contributing editor and writes the Chartbook newsletter

Faced with a rash of banking crises it is tempting to declare,

. There is nothing more inevitable than death, taxes and bank failures. But what about the bailouts? The publicly subsidised takeover of Credit Suisse by UBS and the hasty extension of guarantees to all SVB’s depositors are just the latest in a recent series of such actions. They…