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Financial Turmoil Could Destroy Capitalism?

LA 1937 Great Depression

The world can’t afford another financial crash – it could destroy capitalism as we know it

By Allister Heath • telegraph.co.uk • February 10, 2016

 

A new economic crisis would trigger a political backlash in Britain, Europe and the United States which could drag us all down into poverty

They bounce back after terrorist attacks, pick themselves up after earthquakes and cope with pandemics such as Zika. They can even handle years of economic uncertainty, stagnant wages and sky-high unemployment. But no developed nation today could possibly tolerate another wholesale banking crisis and proper, blood and guts recession.

We are too fragile, fiscally as well as psychologically. Our economies, cultures and polities are still paying a heavy price for the Great Recession; another collapse, especially were it to be accompanied by a fresh banking bailout by the taxpayer, would trigger a cataclysmic, uncontrollable backlash.

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Source: Allister Heath, telegraph.co.uk

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