World on brink of new FINANCIAL CRASH: Ex-bank chief warns another crisis is ‘certain’
THE world is on the brink of another financial crisis that will come “sooner rather than later”, the former Bank of England governor has warned.
By SCOTT CAMPBELL
Express.co.uk
Sun, Feb 28, 2016
Mervyn King, who headed the bank between 2003 and 2013, believes the world economy will soon face another crash as regulators have failed to reform banking.
He has also claimed that the 2008 crisis was the fault of the financial system, not individual greedy bankers, in his new book, The End Of Alchemy: Money, Banking And The Future Of The Global Economy.
Lord King wrote: ”Without reform of the financial system, another crisis is certain, and the failure to tackle the disequilibrium in the world economy makes it likely that it will come sooner rather than later.”
A remark from a Chinese colleague who said the West had not got the hang of money and banking was the inspiration for his book.
Lord King, 67, said without understanding what caused the crash, politicians and bankers would be unable to prevent another, and lays the blame at the door of a broken financial system.
He said: “The crisis was a failure of a system, and the ideas that underpinned it, not of individual policymakers or bankers, incompetent and greedy though some of them undoubtedly were.”
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