How big tech is dragging us towards the next financial crash | Business | The Guardian
▻https://www.theguardian.com/business/2019/nov/08/how-big-tech-is-dragging-us-towards-the-next-financial-crash
▻https://i.guim.co.uk/img/media/1f6b9b0a4e7029a03ce38b29f11262cfadc0b701/488_477_2451_1471/master/2451.jpg?width=1900&quality=85&auto=format&fit=max&s=eb999c9f31fab0e5b857d
“Big-tech lending does not involve human intervention of a long-term relationship with the client,” said Agustín Carstens, the general manager of the Bank for International Settlements. “These loans are strictly transactional, typically short-term credit lines that can be automatically cut if a firm’s condition deteriorates. This means that, in a downturn, there could be a large drop in credit to [small and middle-sized companies] and large social costs.” If you think that sounds a lot like the situation that we were in back in 2008, you would be right.