“No one doubts that we are experiencing a period of political upheaval” — the former head of the Bank of England Governor Mervyn king
Past financial crises have given rise to new reform and a way of thinking for their solution, but in General after the collapse of the banking of 2008, nothing has changed. This opinion was expressed by former Bank of England Governor Mervyn king. In his opinion, the world is on the path to a new economic and financial crisis that will have devastating consequences for a democratic market system.
Lord king was in charge of the Bank of England during the collapse of the global banking system and the deep economic recession of a decade ago. He said that resistance to new thinking and ways of solving problems means the repetition of the chaos of 2008-09, writes The Guardian.
“Another economic and financial crisis will be devastating for the legitimacy of democratic market system,” he said. “Following the new vision of monetary policy and pretending that we have established the safety of the banking system, we are heading to a crisis.”
The UK should leave the EU without agreement, said the former Governor of the Bank of England
He added that the United States will experience a “financial Armageddon,” if its Central Bank — the Federal reserve service — lack the necessary fire power to deal with another episode like the sale of the mortgage loan.
King, Carney’s predecessor as head of the Bank of England, said that after the great depression of the 1930s years there have been new developments in the way financial perception and intellectual changes.
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“Nobody can doubt that we are in a period of political turmoil. But there was comparative doubts about the basic ideas underlying economic policy. This needs to change”.
Former head of the Bank said that the economic and political climate have not been so menacing, referring to a trade war the US and China, unrest in Hong Kong, the problems in key developing countries such as Argentina and Turkey, the growing tensions between France and Germany in the future. The state of the Euro and increasingly sharp political conflict. And this at a time when the desire of the U.S. to act as world policeman disappears.
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