A new world order is coming and we are sleepwalking into it
Richard Henley Davis
For the past six years or so our leaders and economists have told us that no one could have seen this financial crisis coming, they were lying.
There comes a point where you have to stick your neck out and say it as it is, regardless of what your peers and the media think about your conclusions and that is exactly what I am going to do today so here goes my reputation.
Let’s start not at the beginning but a relative point of reference which everyone can relate to and I am deliberately going to keep this simple and not join all the dots.
In 2003 I began to notice that there was a very odd recurrence every time I went to my local bank.
Upon entering said bank I was continually asked if I wanted to take out a loan or mortgage/re-mortgage under the premise of us being in a stable economic environment with assured house price rises and by 2005 the simple passing question of a loan by the bank clerk had progressively turned more and more aggressive.
As long as a person was able to sign their name, cheap credit was available if not almost forced on people, and so a culture of personal debt swept across the globe.
You could not turn on the television without some refinancing r credit card advert being repeated and drummed into the psyche to the point where if you did not have debt, you were the odd one out.
Television shows encouraging the housing and debt boom sprang up to cater or rather cultivate this mood of greed dressed up as a right to prosperity regardless of consequence.
The global property boom then began turning into a property bust thanks to some very complicated debt products being passed off as assets on the balance sheets.