The author begins by mentioning various topics, including rates traders, Celsius investigations, Tom Brady’s interest in cryptocurrency, and streaming slot machines. They then state that their basic model of banking is that it is a socially beneficial trick. The bank takes in deposits from individuals who believe it is safe, and then uses that money to make risky loans. This model allows risk-averse savers to fund risky projects. However, the author notes that this trick relies on a certain suspension of disbelief and the belief that the money is safe. If people lose that belief, the model no longer functions.
https://www.bloomberg.com/opinion/articles/2023-07-06/small-banks-don-t-like-high-rates