Gordon Brown says the world is “stumbling toward the next crash”

December 18, 2013 2:17 pm

In an article for the New York Times, Gordon Brown has ward that the next financial crash is on its way. Brown argues that “Political expediency, a failure to think and act globally, and a lack of courage to take on vested interests” are to blame.

In a stinging critique of how the international community has failed to learn the lessons of the 2008 crash, Brown also says:

“In the patterns of borrowing today, we can already detect parallels with the pre-crisis credit boom. We’re seeing the same over-reliance on short-term capital markets that ultimately brought down Northern Rock, Iceland’s banks and Lehman Brothers.”

No doubt this will be shrugged off by Osborne – but he’s not wrong…

gordon_brown_g20_world.jpg

  • swatnan

    Gordon ‘end of boomnbust’ Brown predicting another crisis and the end on Economics?
    Yes of course he’s right; thats why we must save for a rainy day.

    • treborc1

      Well yes OK save for a rainy day by all means but get the saving from those that caused the dam crash not people like myself.

  • EricBC

    We are always on our way to the next crash. That is how capitalism works.

  • Mr Arthur Cook

    We know Gordon, we know.
    We knew that the uncontrolled, deregulated, carpetbagging, irresponsible corporate greed driven, short term bonus grabbing class were leading us to disaster!
    We knew it when Tony was telling us that the future is bright …just turn right and carry on up the “third way”.
    We knew it when you did your best to strip away as much banking regulation as you could.
    We knew it when you kept shoving more and more work done by the public sector into private contractors.
    As such, Gordon, I’ll offer you a little advice.
    Shut up, spend your(our) money and stop offering your unwanted “advice” …the quality of which is largely responsible for us being governed by a gang of Muppets who would not have managed to grab power if they had faced a Labour party with a leader with one ounce of credibility.

    • treborc1

      It’s funny how many people become experts after the problem, the thumping fist, the No more Boom and Bust, got to get rid of DLA, and I’m not wasting my time voting on the bedroom tax, after all I pay mine on expenses.

      We forgive you Gordon you give a lot to Charity, god how these people cannot retire go finishing or looking for monsters in some Lake.

      • Harry Alffa

        Lochs have monsters, not lakes!
        :)

        • treborc1

          Lake in Welsh Llynnoedd, Lakes in Scottish Lochs.

  • Daniel Speight

    Poor Gordon, still hiking down that lonely road where he had his Damascus moment back in 2008. Of course he’s right. Of course nobody will listen to him. And of course he still has to take the blame for taking Labour down its ‘New” path, after all none of the blame will stick to Tony Blair. (We will have to ask Wendi what oil he uses.)

    • leslie48

      Part of a team that delivered Labour a landslide and three election victories following 4 Tory governments and gave UK prosperity better than most of Europe as well as introduced a better socially just society. And with Obama etc., saved the US & UK from a serious depression by stimulus measures, reduced VAT , lowest interest rates ever, saved the global bank RBS etc., prevented massive mortgage defaults – but hey keep reading your Tory tabloids. Your ignorance is profound.

      • leslie48

        I really wonder if Daniel Speight lived througth 1979 to 1997 that’s what 18 years of Conservative party rule. The UK moved to the Neo-Liberal Right , the press were vicious to Labour and the Centre Left imploded. People like Blair and GB made Labour electable three times. They deserve medals not old Left failed bitterness. If you want to go back to non- electable parties than that’s your choice.

        • Doug Smith

          You just don’t get it. Blair, like Thatcher, was a champion of neo-liberalism – hence privatisation, reliance on the private sector to address the housing crisis, the growth in inequality, deregulation of banking and eventual financial catastrophe.

          And then there’s his military disasters.

          But I suppose you regard Blair’s sorry sequence of errors and economic incompetence as a great triumph.

          • treborc1

            Actually read what he said he tends to agree with you.

          • Doug Smith

            I was responding to leslie48: “People like Blair and GB made Labour electable three times. They deserve medals “

          • leslie48

            So the heaviest Tory defeat ever: the National Minimum wage, Acts on Information & Human Rights, Assemblies for Wales, Scotland etc., Good Friday agreement, re- distribution in terms of poor children due to child tax credits etc.,increases in CB, in fact child poverty halved; more spending on Education , From nusery to Unis, more working class kids in 6th/ HE than ever, more on N.H.S, than ever. Pensioner help such as less VAT on energy bills,fuel payments, incom me support, big increases for lowest income groups through tax credits,

            I Quote Wiki ” Public expenditure on education, health, and social security rose more rapidly under the Blair government than it did under previous Labour governments, the latter due to initiatives such as the introduction of the Working Families Tax Credit and increases in pensions and child benefits. During the Blair Government’s time in office, incomes for the bottom 10% of earners increased as a result of transfers through the social security system”. Little of a Neo-Liberalism here.

          • Doug Smith

            All built on the back of the neo-liberal fantasy economics and all now being swept away like a sand castle before an in-coming tide.

            Wave good-bye to New Labour ‘progressive measures’ – they are almost gone.

          • leslie48

            These Labour governments pushed UK politics back to “the centre ground” and raised living standards & expectations in the population after the 18 years of successive Tory governments ( note they have not won outright since 1992) and its not our party being right wing, Neo-liberal or extreme in austerity ; we remain social democratic. Moreover the global financial crisis was just that ‘global’ and for sure it would have been a lot worse in 2008-10 if a real Neo-Liberal party had been in charge & had let RBS cash terminals close down that Monday Morning & stopped debit cards that day too. That would have been goodbye Labour for ever. . As it was GB re-stimulated the economy,zeroed interest rates etc., & having kept us out of the Euro we did not go the same way as Ireland, Iceland, Portugal, Italy, Spain or Greece…

          • Doug Smith

            “That would have been goodbye Labour for ever!”

            Labour has already gone.

            We now have LibLabCon forever. Three parties – all the same.

        • Alexwilliamz

          Not sure you have read daniel correctly here!

  • Bik Byro

    … says Gordon Brown, the least credible politican.

  • LeeMatthews

    I predict that after the next crash there will be a slow but steady recovery. Can i get paid the same as Gordon now?

    • treborc1

      More like after the next crash and bankers are involved, you may find the UK has gone back a few thousand years and you will find bankers crucified on the side of roads upside down. And MP’s have this desire to go to America.

  • leslie48

    Great to see GB back in the debate and pleasing to see how intelligent the responses are in the NYT blog comments. Interesting -did the BBC ignore his warnings or did they cover rubbish like Ronald Bigg’s life. Typical of the BBC tabloid agenda. The UK comments here reflect an ignorance of what caused the great financial crisis which brought the US to its knees. But people just do not want to understand how it happened they want a D/Mail/Sun account which is totally irrelevant to US, Iceland, Ireland, Europe & UK where we rescued RBS and HBOS etc.,

    • treborc1

      Sadly of course when you have only one money making racket in a country that tends to produce very little else, then bankers will always be seen as our heroes at least in the Eyes of Governments.

Latest

  • News London PPCs ask Tories and Lib Dems to support NHS bill tomorrow

    London PPCs ask Tories and Lib Dems to support NHS bill tomorrow

    The private members bill, put forward by Clive Efford, which hopes to “halt the rush to privatisation and put patients rather than profits at the heart of our NHS” will be voted on by MPs tomorrow in the House of Commons. Ahead of this vote, the 38 Labour parliamentary candidates in London seats  have written an open letter (the full text of which can be found below) asking the Tory and Lib Dem MPs holding the seats they’re hoping to […]

    Read more →
  • News Proof (if any were needed) that UKIP could cost Labour seats that we need to win

    Proof (if any were needed) that UKIP could cost Labour seats that we need to win

    Stockton South is No.7 on Labour’s target seat list. It was won in 2010 by only 332 votes, by the youngest Tory in Parliament (James Wharton). And it’s one of only two Tory seats in the North-East, a Labour stronghold. And yet a poll from Survation (commissioned by Unite) suggests that the Tories may hold onto the seat, and that Labour’s vote may actually have gone down since 2010. Clearly failing to win such a seat – a top 10 target […]

    Read more →
  • Comment We need to talk about domestic violence – now

    We need to talk about domestic violence – now

    We need to talk about domestic violence. We need to talk about it now, because austerity is making the problem worse. There was a sharp leap in domestic violence in the last quarter of 2013 – with a rise of 15.5% of victims suffering abuse at home. We don’t know whether that’s because of increased reporting or increased offending, because domestic violence is shrouded in secrecy. What we do know is that – because of cuts to funding – 103 […]

    Read more →
  • Featured Politics seems less a marketplace of ideas, more a shady auction – we must change that

    Politics seems less a marketplace of ideas, more a shady auction – we must change that

    Society is a set of promises we make and keep to each other. That the strong will take care of the frail; that by paying in what we can, when we can, we will be taken care of when we lose our way. That we understand the value of educating our young to enable them to build the world of our future. But, if you believe – as Thatcherites (i.e. UKIP and most Tories) do that there is no such thing as […]

    Read more →
  • News Clegg says the economy is “fixed”. But here’s proof that it isn’t – and from rich to poor, the British people are worse off

    Clegg says the economy is “fixed”. But here’s proof that it isn’t – and from rich to poor, the British people are worse off

    Yesterday, Nick Clegg proclaimed in the Commons that: “We have fixed the economy” Yet today, the Office of National Statistics have released data that proves him wrong. After much crowing last week about wages overtaking inflation for the first time this Parliament, it turns out most people are worse off this year than they were last year. The ONS Annual Survey of Hours and Earnings data shows that average (mean) weekly pay in the year to April 2014 fell by 1.8% after accounting […]

    Read more →