“A Lack Of Courage To Take On Vested Interests Are Pushing Us Inexorably Toward The Next Crash”

Dr. Michael LaitmanOpinion (Gordon Brown, former British Prime Minister and Leader of the Labor Party from 2007 to 2010): “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. …

“International rules are needed for international banks. Without them, as the International Monetary Fund has warned, global banks will evade regulation ‘by moving operations, changing corporate structures, and redesigning products.’ …

“Political expediency, a failure to think and act globally, and a lack of courage to take on vested interests are pushing us inexorably toward the next crash. We will have another crash soon … because absolutely nothing has been fixed. Indeed, things have only gotten worse since the last crash.

My Comment: As long as we have not defined our own restructuring as a necessary and sufficient condition for the solution to all our problems, we will inexorably approach new problems.

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