Immensely stupid fragility, March 2023
Is it bad if a bank crash makes the right companies fail?
In December 2020, I listed a few of countless examples of the IMMENSELY STUPID FRAGILITY of our “high-tech” way of living. One month later, I added more. This month, I just have to add to that list the collapse of Silicon Valley Bank (SVB), and its possible consequences. Why? Here’s why:
- It turns out that SVB was THE bank that “venture backed” all by itself.. more than 1,500 Climate Start-Ups working on technologies aimed at curbing global warming
- consequently (says Twitter) “With the implosion of SVB, the planet could literally be at stake”
Thanks @torriangray for the best possible reaction to that tweet:
“The planet is not literally at stake because a bunch of vaporware mills have a temporary funding shortfall."
The collapse of SVB may HELP dealing with climate change
If we are lucky,the collapse of SVB will help everybody realize that maybe, just maybe, OTHER types of solutions may curb global warming (and other problems) better than “climate tech startups” whose vision is restricted, by definition.
Either way, we really are, if I may quote Twitter again, in the “corn dog phase of the economy”: