Silicon Valley has just taken a lesson in humility.
At the heart of this small territory which probably concentrates the most gray matter per square kilometer in the world, a bank, the aptly named Silicon Valley Bank (SVB), has gone bankrupt.
Animal spirits take possession of the best-made heads as quickly as of any others.
Because it is a stupid bankruptcy as cabbage: the customers wanted to recover their money, faster than the establishment could not sell its assets without incurring losses too heavy for its capital.
SVB died of a “bank run” as the books of financial history are full of.
In the 21st century, they're just less photogenic: depositors don't line up anymore, all they need is a click to claim their holdings and a tweet to spread the panic.
In the realm of innovation, we did not finally reinvent the bank or the way to ruin it.
In the land of venture capital, we have not been more successful in raising funds and bringing together investors...
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