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…