This essay - It’s Still the 2008 Crash by @HelenHet20 which has won the Crick Prize - is spot on. onlinelibrary.wiley.com/doi/pdf/10.111…
"We live in an economic world constituted from gargantuan amounts of public and private debt sustained by the policy machinations of central banks. This massive monetary accommodation makes possible a political terrain that would have been inconceivable in the pre-2008 world."
1. Housing market inflation shuts out the young
2. Savings and pensions destroyed
3. Central banks have given up on returning to normal.
4. Brexit didn't lead to a bond market revolt in 2016
5. Made it easier for people to vote for Corbyn in 2017
2. Savings and pensions destroyed
3. Central banks have given up on returning to normal.
4. Brexit didn't lead to a bond market revolt in 2016
5. Made it easier for people to vote for Corbyn in 2017
6. "Central banks can see no path back to a world where governments could confront the disjuncture between low growth and the scale of private and public debt, so they have kept feeding the financial markets that keep borrowing
costs so low.
costs so low.
7. "Most significantly, extremely low bond yields have created deep deficits
in defined-benefit pension schemes.QE and ZIRP may create immediate political space that was not there before 2008, but only by eating up, minotaur-like, more of the future."
in defined-benefit pension schemes.QE and ZIRP may create immediate political space that was not there before 2008, but only by eating up, minotaur-like, more of the future."
8. Votes now turning 180 degrees at elections
9. Past no guide to the future
10 We await our reckoning
9. Past no guide to the future
10 We await our reckoning
