Keeping the Money Safe
Unless you’re a West Coast start-up or venture capitalist, odds are you had never heard of Silicon Valley Bank (SVB) until last week when the bank suddenly collapsed, sending shock waves throughout the financial system. Got questions? Britannica Money has some answers for you.
A Run on the Bank
If you’ve seen It’s a Wonderful Life, you know how a bank run works. A large swarm of depositors withdraw their funds from fear their bank may fold, creating a self-fulfilling prophecy.
FDIC to the Rescue
During the Great Depression, a new entity, the Federal Deposit Insurance Corp (FDIC), was set up to guarantee customer deposits in the event of a bank failure. If the FDIC fears a failure could be contagious, it may extend the guarantee well beyond the $250,000 insured limit.
Another Banking Crisis?
A meltdown in the subprime mortgage market in 2008 triggered a crisis that nearly brought down the global financial system. Regulations were overhauled, and the Federal Reserve kept interest rates at or near zero for over a decade. The Fed’s recent rate hikes to tame inflation, however, might have been too much too soon for small, regional banks such as SVB.
A Slice of Life: Happy Pi Day
Today’s date bears a resemblance to one of the most important mathematical equations in history. In its strict definition, pi explains the ratio of a circle’s circumference to its diameter. But put another way, the famous formula starting with 3.14 was an entry point for our ability to measure and understand the universe. Its application runs through nearly every aspect of our lives—from the construction of buildings to calculating the flights of spacecraft. And while we’re at it, let’s celebrate another type of circle: the baked delights with which pi shares a name.
Life of Pi: How the Formula Was Formed
PRNewsFoto/Raytheon/AP Images
The Chemistry of Pizza: Why It Tastes So Good
© Isabel Pavia—Moment/Getty Images
How This Savory Dish Became Known as Shepherd’s Pie
© rudisill—E+/Getty Images
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It's easy enough to agree that human beings all around the world have certain basic requirements that must be fulfilled in order to ensure their individual and collective well-being. History has shown us, however, that it's not so easy to form societies or communities that fulfill these requirements for all members. The fight for human and civil rights has persisted for hundreds of years and remains alive today, both within the borders of nations and on an international scale. It has led to large-scale social movements and reforms concerning issues such as suffrage, slavery, women's rights, racism, environmentalism, gay rights, and much more.
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