First Republic Bank became the second largest bank to fail in the US on Monday, and the third bank to do so since March. The Federal Reserve’s increase in interest rates led to the bank’s collapse, and it was subsequently seized by the government and sold to JPMorgan Chase.
Chris Caruso from the Kairos Center for Religions, Rights & Social Justice discusses how the Federal Reserve is intentionally implementing policies that lead to more bank failures and runs.
Rania Khalek is a Middle East-based journalist for Breakthrough News. . Her journalism has appeared at The Grayzone, Jacobin, The Nation, The Intercept, FAIR, Vice, The Electronic Intifada, Al Jazeera and more. .