by Peter Watt
What a relief, the world has been saved. Again.
In 2008 there was a financial crisis that many have described as being worse than that of the 1930s. Markets collapsed, banks failed and lives were ruined. In essence, and over many years, much of the western world had begun to believe in magic. Somehow we could all have really low taxes and really high spending by governments. We could have relatively low interest rates and unlimited access to borrowing. Individuals and governments indulged themselves as excess cash from the economies of the east poured into a market of gorging consumers. Credit cards, mortgages, car loans, government bonds – it didn’t matter as there was so much money to go around.
But it was all too good to be true and it couldn’t go on forever.
