As I write on Sunday, March 12, headlines are that there is a bank run in the U.S. and we will find out on Monday morning if it is going to spread. What I don’t quite understand from the coverage I have read and listened to so far, is what exactly is causing this. Is it that start-up companies the bank has lended to are failing because of higher interest rates, and depositors are therefore worried that if the bank fails, they may not be able to get their deposits back? That is my working theory. My other question is why, if the economy as a whole is so strong as measured by low unemployment, there seems to be a mini-recession confined so far to the tech industry. I hope this is not the beginning of a so-called hard landing for the U.S. economy.