- Lord Mervyn King: Why Throwing Money at Financial Panic Will Lead Us into a New Crisis
by Mervyn King, http://www.telegraph.co.uk/business/
The past 20 years in the modern world were the best of times and the worst of times. It was a tale of two epochs – in the first growth and stability, followed in the second by the worst banking crisis the industrialised world has ever witnessed. The largest banks in the biggest financial centres in the advanced world failed, triggering a worldwide collapse of confidence and bringing about the deepest recession since the 1930s. How did this happen? Was it a failure of individuals, institutions or ideas?
Unless we go back to the underlying causes we will never understand what happened and will be unable to prevent a repetition and help our economies truly recover.