To be honest, I don't think you needed to be a genius to work out that the ludicrously unsustainable debt bubble built up during the Noughties would lead to major, major problems, but for those who did foresee the brown stuff hitting the fan Ann Pettifor must surely be a bit of a heroine; an economist bravely swimming against the tide and getting the truth spoken on public platforms inaccessible to the rest of us. Despite the (inevitable) dismissals and ridicule visited on those with unwelcome news she insisted on administering the warning - many times in fact. Here for example:
Wednesday 17 May 2006
“There are many among the world's financial elites aware of the danger of housing and stockmarket "bubbles" financed by borrowing; of debt "imbalances"; of the potential of a crash and prolonged crisis … This is a terrifying lose-lose game. We are in it, because of the reckless abuse by the private finance sector of the powers granted them through deregulation and liberalisation.”
Sunday 28 January 2007
"Tottering on the brink: The inherent instability of the giant Ponzi schemes underwriting the world economy means financial meltdown is a huge threat."
And how right she was then.
Now with the appointment of former Goldman Sachs banker Mark Carney to govern the Bank of England she's at it again with the dire predictions:
Monday 26 November 2012
“So be very afraid. Business-as-usual will prevail. And nothing will be done to constrain the City, and therefore to prevent the next collapse of the financial system.” Check out what she has to say at The Guardian, or her blog here.
Back in November 2010 I observed that Wikipedia was calling it "The Financial Crisis of 2007 to present", but they have now separated the crisis into two discrete pages called "Financial Crisis of 2007 - 2008" and "2007 - 2012 global economic crisis". But soon we'll be into 2013, then 2014 and so on.
What will it morph into next?