Will the recent banking chaos lead to an economic crash?

How quickly things change. A few weeks ago analysts were convinced the global economy was powering ahead. Now they worry about a deep recession caused by fallout from the collapse of Silicon Valley Bank (SVB) and the rescue of Credit Suisse. “From no landing to hard landing”, as Torsten Slok, an economist at Apollo Global Management, an asset manager, has written. Analysts at JPMorgan Chase – better at economics than metaphors, one hopes – say that “a soft landing now looks unlikely, with the airplane in a tailspin...