John Cunliffe at the UK’s Bank of England has tried to sum up the impact of the global financial crisis in 2008-9 and what steps have been taken by monetary authorities globally since then to avoid another (http://www.bis.org/review/r150810c.htm).
In his speech to City of London types, Cunliffe starts by remembering that Roman Emperor Tiberius adopted similar monetary easing measures back in 33 AD when there was a similar financial crash. This was also the year of ‘Our Lord’ being crucified and resurrected (according to gospel legend).
Cunliffe is not fully convinced that the global financial system of 2015 has been fully resurrected though. He points out that following each previous financial crisis, steps were taken to avoid another, but each time the financial sector slipped back into its ‘old ways’.
In the credit bubble that began back in 1997 (a reaction, in my view, to falling profitability in…
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