Former Prime Minister Gordon Brown, whom I believe was also a footman at Downton Abbey (Season 1) writes in the NYT that nothing’s really changed since the last financial armageddon so the next one should be no big surprise.
Despite the subsequent decision of the Group of 20 in 2009 on the need for rules to supervise what is now a globally integrated financial system, world leaders have spent the last five years in retreat, resorting to unilateral actions that have made a mockery of global coordination. Already, we have forgotten the basic lesson of the crash: Global problems need global solutions. And because we failed to learn from the last crisis, the world’s bankers are carrying us toward the next one.
Amazingly, on this side of the pond you still get people saying that the meltdown was all started by the poors being given home loans they couldn’t afford because liberals. The best response to that is so how come Europe also melted down if it’s about black people getting mortgages in California? Stand back, heads will explode.