George Soros is warning “Unless we learn the lessons, that markets are inherently unstable and that stability needs to be the objective of public policy, we are facing a yet larger bubble.
“We have added to the leverage by replacing private credit with sovereign credit and increasing national debt by a significant amount.”
One crumb of comfort could be the 10-year period between the 1998 Asian crisis and the 2008 credit crisis. If the pattern is repeated, it should at least mean we have another 8 years to go before the next crash…
That would be in 2018. Unless, of course, the Tories get in, because 58 academic economists reckon the Tory cuts will bring on another recession.
So the Tories have 100 Toryish businessmen attacking Labour's dumb but fairly marginal NIC rise, and 58 Labour-ish economists attacking Cameronomics. The smart money would be on the economists. the Tory rebuttal, that economists are full of excrement, is understandable, but open to the counter charge that businessmen are also similarly laden.