“The success in bailing out the system on the previous occasion led to a superbubble, except that in 2008 we used the same methods,” he told the meeting at the Haberdashers’ Hall of the City of London.
“Unless we learn the lessons, that markets are inherently unstable and that stability needs to the objective of public policy, we are facing a yet larger bubble.
“We have added to the leverage by replacing private credit with sovereign credit and increasing national debt by a significant amount.”
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