The big problems never start here.

The events that change our economic lives, like the oil shocks of the 1970s, or the 1987 stock market crash, always start somewhere else. The Asia Crisis began in Thailand in the late nineties and of course the GFC in 2007-08 was kicked off by collapses in the US mortgage market.

Usually we see the reaction of the global banking system come to the forefront of the headlines early on. This latest crisis, precipitated by a global health epidemic, has been unusual in that the banks have stayed below the radar.