How community banks were small business saviours during the pandemic
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 30 August 2021
⏱️ 10 minutes
🧾️ Download transcript
Summary
Read a transcript of this episode on FT.com
https://www.ft.com/content/e03bcc3e-c418-47e6-9037-0f0030529af0
The US tomorrow will withdraw all of its troops from Afghanistan and the country faces a potential economic catastrophe. The International Monetary Fund’s chief economist warns that emerging market economies can’t afford another ‘taper tantrum.’ Plus, FT contributing editor, Brendan Greeley, explains how US community banks played an instrumental role in keeping small businesses alive during the pandemic.
IMF’s Gopinath says emerging economies can’t afford ‘taper tantrum’ redux
https://www.ft.com/content/873ca2e8-63d2-40dd-842d-5409169166fa
How US community banks became ‘irreplaceable’ in the pandemic
https://www.ft.com/content/4face0c6-c1fb-47af-972b-8749e92b4baf
Wearables company Whoop valued at $3.6bn after SoftBank investment
https://www.ft.com/content/f3dde553-0aa1-4137-bc50-093b1003fa71
The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Our intern is Zoe Han. Additional help by Gavin Kallmann, Michael Bruning, and Persis Love. The show’s theme song is by Metaphor Music. The FT’s global head of audio is Cheryl Brumley.
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Transcript
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| 0:00.0 | Good morning from the Financial Times. |
| 0:01.7 | Today is Monday, August 30th, and this is your FT News Briefing. |
| 0:09.0 | Afghanistan's economy is crumbling as the Taliban take over, |
| 0:12.7 | and the IMF warns that emerging markets can't afford another taper tantrum. |
| 0:17.6 | Plus, small community banks in the US played a critical role during the pandemic, |
| 0:22.0 | and it's because they have something that big banks often don't. |
| 0:26.4 | We're more likely to have direct personal human relationships |
| 0:29.4 | with the people who are our customers. |
| 0:31.2 | We're in smaller communities. |
| 0:32.2 | We tend to know them. |
| 0:33.0 | We sit next to them at basketball games. |
| 0:35.6 | I'm Mark Filipino and here's the news you need to start your day. |
| 0:43.4 | Tomorrow is the deadline for US troops to withdraw from Afghanistan. |
| 0:47.6 | The Taliban has yet to form a government, |
| 0:49.9 | and Afghans are facing an economic catastrophe of rising prices, |
| 0:54.4 | banks without cash, a falling currency, and critical aid flows. |
| 0:59.0 | Well, the country's been in a sort of suspended animation economically. |
| 1:04.8 | That's the FT's Ben Parking. |
| 1:07.1 | The future of Afghanistan's economy will depend on what kind of relationship |
| 1:10.9 | the Taliban forges with the wider world, |
| 1:13.7 | so with neighbors like Pakistan and Iran, |
| 1:17.5 | but also with the US and Europe, |
... |
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