Financial and economic crises are a feature of the current political economy – another crisis is inevitable and we must face up to that reality and plan accordingly.
“Every time history repeats itself, the price goes up” – Ronald Wright, A Short History of Progress
The 2008 subprime crisis was probably the final wake-up call for us to address the shortcomings of the current political economy.
Anyone who has studied the evolution of the sub-prime debt market and the corruption and abuse which drove it, knows that little has changed. The culprits are still in business and are very much in control. The only country to offer any push-back to banking hegemony has been Iceland which refused to make its taxpayers bail out the banks and jailed 28 senior bankers. Every other victim country capitulated to the bankers. The next collapse, when it comes, is likely to be way more dramatic and there is no monetary or fiscal fire-power remaining to effect a recovery .
Are we prepared for the next financial crisis?
Most have been pacified by the various regulatory measures, implemented to “ring fence” SIFIs (systemically important financial institutions), which have done little to address the systemic weaknesses and imbalances.
When confronted with evidence exposing structural flaws in the political economy, many nod but feel uncomfortable because while they know something is fundamentally amiss, they don’t have access to broad enough perspectives to know why.
MacroRisk Connect provides the means to protect yourself, your company, clients, family and community from the next crisis by exposing systemic weaknesses and flaws in the political economy.