What do COVID-19 and the bank crisis have in common? ...Middle East

What is money? According to the Encyclopedia Britannica, it’s “a commodity accepted by general consent as a medium of economic exchange,” and “modern money is a social contrivance. People accept money as such because they know that others will.” Put another way, money only works because of social trust. When social trust disappears, the entire system can crash with disasters like the recent demise of Silicon Valley Bank. When a bank’s depositors feel that their money in the bank is unsafe, they usually try to take it out. When all or most of the depositors do that at the same time, there is a run on the bank.  Successfully managing a pandemic also requires social trust. People need

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