The words go together bank' and 'panic' far too easily

Suddenly, it's all about banks. You could be forgiven for supposing that no other forms of business exist; no other enterprises can go under. That only banks matter.

- CHRIS BLACKHURST

It's true that if automobile manufacturers were hitting the buffers or drinks companies were in crisis, there would not be the same attention, nor the same global angst.

That's because it is correct to say that banks matter more than most. That they provide the lubrication that allows the rest of the world to function smoothly. If the banking system seizes up, markets freeze, and economic activity everywhere shudders to a halt.

So yes, governments and regulators are correct to go into overdrive and do everything in their power to stop this from happening. The lesson from previous crises, with the last one only 15 years ago and still fresh in the memory, is the need for speed. Action must be taken before a bank goes down, to provide reassurance and prevent a knock-on effect.

That's been realised, too, not only by the various authorities but by the bankers themselves. If they wish to save their bank, to protect their own jobs, they must stave-off sectoral armageddon.

They must jump to rescue the banks that are failing.

All of which sounds straightforward, easy almost. The problem is that both sides, officialdom and banks, are also to blame for what is occurring.

Put it this way: if Silicon Valley Bank (SVB) had not been allowed to run up large positions in US long-dated government bonds then it would not have got into so much trouble; likewise, Credit Suisse has been dogged by scandal and weak management for years, yet not enough was done.