Manage episode 286857105 series 2433007
Financial collapses have been at the heart of all major economic crises of capitalism and examples from the 1890s and 1990s are given, observing that they are growing in intensity and frequency. Examples from early presidents of the United States, Jefferson and Jackson, are given, both of whom spoke loudly against banking interests believing that they were inimical to democracy. It is argued that financial crises have been severe since the deregulation of the banking system in the 1980s and 1990s. Since the Great Financial Crisis of 2007-2008 things have gone from bad to worse.
The present situation is that the major economies are not only hiding their chronic economic difficulties behind a financial façade of money creation and debt, they are also hiding their financial chaos and instability behind the same façade. You may ask then where is this infamous financial crisis that is so feared. The answer should be no surprise by now. We are already in it and have been so for a long time but its full force is yet to be revealed.