No, Evergrande will not be a second Lehman Brothers.

The collapse of the American investment bank in 2008 is a symbol of the global financial crisis like no other company.

The images of the fired bankers who ran out of the Lehman skyscraper with their cardboard boxes at the time are burned in.

So much so that the comparisons naturally come to mind over 13 years later.

But history does not repeat itself.

Lehman Brothers was much more intertwined and interwoven with international capital markets and products than the Chinese government would ever allow Evergrande to do.

That makes this case so different.

Does it make him less dangerous?

Not at all!

Perhaps it is really true that European banks - if at all - have only very little connections to the mega conglomerate Evergrande.

After the upheavals, the regulation has certainly also contributed to the banking sector being more stable and better at coping with crises.

But who would have thought that German municipalities had connections to a bank called Greensill, which they had heard of at least until they collapsed.

Evergrande shouldn't cause overreaction, but vigilance is required. If Lehman and the many other crises in the world economy have one lesson in common, it is this: The next crisis will come from the very dark corner where you least expect it.

Keywords: