Can it happen again? (but worse)

The global strategist at Morgan Stanley, Gerard Minack (the bloke that predicted the GFC) has said that because the underlying problems of debt have not been properly addressed the same could happen again but because interest rates are now so low he fears depression will be the result.

Read it and weep


Or listen to it here

Re: Can it happen again? (but worse)

Christ Bruce, I'm weeping already, don't rub it in mate.

Re: Can it happen again? (but worse)

Just a matter of time before we find ourselves in a depression, isn't it?

Re: Can it happen again? (but worse)

I certainly hope not. It could be triggered by a run on the banks caused by something as simple as the levy on bank deposits in Cyprus. The consequences are frightening for everybody especially for those living in Europe but no one would be unaffected.

Re: Can it happen again? (but worse)

I'm not an economist nor do I fully grasp the implications. What I see daily is people living beyond their means, maxing out their credit cards and lines of credit, indulging themselves without a thought to the future. Financial institutions and insurance companies create and promote products to claw more money out of our pockets and give us the means to get in over our heads. Big business is out for big profits. It can't all keep spiraling upward forever, can it? Entire countries can go bankrupt. Debt is quoted in trillions of dollars. Boggles the mind.