Aug 28, 2017 · 1 min read
James,
A succinct analysis, but I’d go further on the causes of 2008. We’ve built a financial system [and especially a monetary system] that relies on inequality to function. As long as the west was systematically draining the developing world of assets, then any amount of currency could be created as credit, with a controllable inflationary effect. Now that’s no longer true. People in the BRICs and other developing economies require their share, and suddenly, the pie doesn’t equal 22/7 any more. So we’re headed for another’ larger crash and it doesn’t matter much what the banks in the west do. They can write complex derivatives in milk chocolate, and all it will do is hasten the inevitable.