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

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…