Financial crisis looms
Will Hutton’s article (“Ten years on, capitalism might not survive the shock of another Lehman”, Comment, last week) reminded me of the mid 90s, when Hutton was writing about pensions and the near certainty that many in the years between 2005 and 2020 would retire only to find nothing in their kitty or a much smaller pension than they were expecting. So it has transpired.
My view is that another financial crisis is a matter of when, not if. As Hutton says, the people who drove the western economies into the ditch escaped without a scratch: no bankers have gone to jail; banking regulations that were tightened a bit after 2008 are already being loosened; the mountain of private debt that existed in 2008 has grown; and we have an even worse global political landscape than existed then. The omens are not good. RS Prior Bristol