Fi­nan­cial cri­sis looms

The Observer - - Comment & Analysis -

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

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.