CRISIS POINT: Bank of England says liberal elite is FINISHED if inequality isn’t tackled
MARK CARNEY tonight warned that the global system of free trade is on the brink of collapse as rising inequality and a sense of deep injustice drives voters across the world into the arms of anti-establishment parties.
By NICK GUTTERIDGE
Express.co.uk
Mon, Dec 5, 2016
In an astonishing speech, the Bank of England supremo bashed fatcat financiers and out of touch politicians for overseeing a “lost decade” of stagnating wages and simmering social resentment.
The usually dour Canadian technocrat went on the war path against the injustices of globalisation during a ferociously outspoken intervention, saying most people felt it had just allowed the rich to get even richer.
And he made an unprecedented call for governments worldwide to step in and redistribute wealth to ordinary working families, saying the gap between the top one per cent and the rest was ripping up the foundations on which the global economy is built.
He warned: “Turning our backs on open markets would be a tragedy, but it is a possibility. Now may be the time of the famous or fortunate, but what of the frustrated and frightened?”
Mr Carney’s damning speech is an indication of just how much the rise of populist parties, both in Britain and abroad, has changed the face of politics across the world.
It was a clear response to the anti-establishment uprisings manifested in the Brexit vote, Donald Trump’s election victory and the Italian referendum result, which have rocked the complacent establishment.
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