Ten years after the great financial crisis, markets are again booming, but as are levels of debt and leverage. Is this a cause for concern or have policymakers fixed the fundamentals? Has complacency lead investors to take on greater risks or have they learnt the lessons of 2008? Is Brexit a blip as the Eurozone is actually in rude health? Or are the fault lines increasingly clear but papered over? As volatility returns to markets. We ask: what lies beneath the global economy? Joining us to work out what is really going on in the markets and the wider global economy, is investor, hedge fund manager and author of Planet Ponzi, Mitch Feierstein.
The Italians have endured over 16 years of zero economic growth and youth unemployment around 27% or more, without much hope in sight. Their debt is US$4 trillion dollars and growing – an amount that they will never be able to repay. The people have finally had enough and are demanding change. But is that enough?
NATO wants Europe to upgrade its roads, bridges and rail networks. Not because of dilapidated infrastructure, or to make it easier for people to travel across the continent – let alone their own countries – but so they can handle the weight of its heavy tanks and military equipment for what it deems an inevitable invasion of Russia. Though it has yet to commit a single crime, up to 10,000 NATO troops have amassed on Russia’s border states, in lieu of a war that hasn’t happened yet.
Contrary to political group think it was actually access private debt not public debt that brought the economy crashing down. But today private debt is again raging and nobody seems to want to address the issue. On the 10-year-anniversary of the Global Financial Crisis, anthropologist and author, David Graeber and former chairman of the now abolished Financial Services Authority, Lord Turner sits down with co-founder and presenter, Ross Ashcroft, to discuss what is preventing us from talking about the taboo that is Britain’s private debt problem.