It's A Mad, Mad, Mad, Mad World

Last month, notwithstanding the rescue of First Republic over the weekend, markets seem to have caught their breath, following a March full of banking crises that threatened to spill over into the real economy. The end of the era of free money and hyper-low inflation, coupled with the impact of COVID, unprecedented government stimulus, and a fracturing world order, was bound to have its casualties. I suspect there are more to come.

A debate rages over whether these crises, and the policy responses, are something new in the world or more of the same. We at AlixPartners have been saying for years that something new is afoot. This is why we began the AlixPartners Disruption Index, which itself was launched at the outbreak of the pandemic in 2020.