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

18th December, 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

To report anything from the comment section, please e-mail [email protected]
  • 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 Weekly survey: English patriotism and devolved mayor selections

    Weekly survey: English patriotism and devolved mayor selections

    This week Tristram Hunt and Jon Cruddas have both called on Labour to embrace ideas of community and to develop a progressive idea of English patriotism. Do you think this is an effective way for Labour to win over voters in England? There are now three people in the race to become Labour’s candidate for Greater Manchester Mayor: Andy Burnham, Ivan Lewis and Tony Lloyd. Who do you think should be the Labour candidate for next year’s election? There are two people, […]

    Read more →
  • Europe Featured News Momentum swings behind vote to stay in EU

    Momentum swings behind vote to stay in EU

    Momentum has vowed to throw its weight behind the campaign for an In vote in next month’s EU referendum after it held a consultation with supporters. The pro-Corbyn group surprised many people earlier this year when it confirmed they had not taken a position on the referendum, despite the Labour leader and the party adopting a firm stance in favour of Remain. It was seen as the first time that Momentum had not automatically supported Jeremy Corbyn’s position, and led to […]

    Read more →
  • Featured News Blair questions whether Corbyn can win in 2020

    Blair questions whether Corbyn can win in 2020

    Tony Blair has cast doubt on whether Jeremy Corbyn could win a general election as he called for a ground war to defeat ISIS. The former prime minister, who spoke out against Corbyn’s campaign last summer, also described his surprise at the rise of populist political movements in Britain and the US. In comments that will spark a furious debate among Labour supporters, Blair questioned the appeal of Corbynistas after their leader’s overwhelming win in the leadership contest. “It’s not yet […]

    Read more →
  • Comment Apprenticeships pledge reveals another broken Tory promise

    Apprenticeships pledge reveals another broken Tory promise

    Another month, another broken ministerial pledge. It centres around the delivery of a promise on apprenticeships, and it fuels the let-down felt by people and businesses in my Bristol South constituency. It seems a long time ago, but the 2015 Queen’s Speech highlighted apprenticeships as a big part of the government’s plan, with a pledge for three million new ones by 2020. Home to some of the most economically deprived wards in the country, Bristol South sends fewer of its […]

    Read more →
  • Featured Local Government News Sadiq names his City Hall deputies to shake-up housing and transport

    Sadiq names his City Hall deputies to shake-up housing and transport

    Sadiq Khan has today finalised his top team to help implement his plans at City Hall with the announcement of his deputy mayors. Joanne McCartney was Khan’s first official appointment when she was made his statutory Deputy Mayor. Now she has been joined by deputy mayors with responsibility for housing, transport and policing. The most well-known of the new appointments is Deputy Mayor for Transport, Val Shawcross, who stood down as an Assembly Member this month after 16 years. She […]

    Read more →
x

LabourList Daily Email

Everything Labour. Every weekday morning

Share with your friends










Submit