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 Scotland Murphy makes unity candidate pitch as Unite prepare to endorse Findlay

    Murphy makes unity candidate pitch as Unite prepare to endorse Findlay

    There are two interviews with Scottish Labour leader candidates in this morning’s papers. Jim Murphy launches his campaign by talking to the Daily Record (the same paper Johann Lamont did her resignation interview with last week), while Neil Findlay has a short conversation with the Morning Star. Murphy builds on the statement he made last night (“I’m applying for the job of First Minister”) by claiming he wants “to bring the country back together after the referendum.” He said: “I […]

    Read more →
  • Comment Brand or bland? Are these really my choices?

    Brand or bland? Are these really my choices?

    Russell Brand has a book out and a great publicist. His diagnosis of our current malaise is pretty spot on. His solutions however are woolly headed at best and inconsistent at worst. But Russell Brand is being taken seriously. He’s never off Newsnight nor out of the pages of the Guardian. People are flocking to follow him in their thousands. He is Che Guevara for the scripted reality generation. The established left simply don’t know what to make of this. […]

    Read more →
  • Comment If politicians can’t enact the policies people actually want, the system is broken

    If politicians can’t enact the policies people actually want, the system is broken

    This week, Class released a new poll on the theme of fairness and inequality, which will nicely coincide with the debates at our conference this Saturday. Speaking of which, you should totally book a ticket for that as we’re down to the last few. Anyway, I find our polling particularly interesting (I mean, you’d hope I would) because its aim is to gauge public opinion on long-term issues, rather than responding to a given news story. Class polls provide a […]

    Read more →
  • Featured Scotland “I’m standing for First Minister of Scotland and I intend to win”: Jim Murphy joins Scottish Labour leadership race

    “I’m standing for First Minister of Scotland and I intend to win”: Jim Murphy joins Scottish Labour leadership race

    We now have three candidates for Scottish Labour leader, as Jim Murphy’s long-awaited candidacy has been confirmed. The Shadow International Development Secretary and former Scotland Secretary released a statement this evening, saying that his intention is to be Scottish Labour leader and First Minister: “I’m standing for First Minister of Scotland and I intend to win. I want to bring Scotland back together after the referendum. There is so much to be proud of in Scotland but so much we […]

    Read more →
  • Comment I’m not upset about Cameron’s refusal to wear a t-shirt – it’s everything else that gets me

    I’m not upset about Cameron’s refusal to wear a t-shirt – it’s everything else that gets me

    On Monday the news broke that David Cameron has repeatedly refused a request by Elle magazine to be photographed wearing a t-shirt. Why? Because on it, the t-shirt says “This is what a feminist looks like”. There have been a catalogue of ideas floated since about why he might not have done it – “It’s only a mag campaign” or “You shouldn’t dress up the Prime Minister”, say. But really, it’s not important that it was a request from a […]

    Read more →