Category Archive

Prof. Knight is angry – but does this help to recover and transform? (source: thisislondon.co.uk)

G20 summit under immense pressure

Radical measures must be decided at the G20 summit or it could become the “fateful moment” when the global recession lurches into an outright slump, Liberal Democrat leader, Nick Clegg, said today. (guardian.co.uk, 2009-03-30)

The crisis and the consequences for business and politics are still in the focus of mass media and the blogosphere. When I check the stats of future facts blog I find a lot of phrases containing “financial crisis” still on the top of the most used search terms. Surprisingly most of the visitors checked in here on the post of Oct. 2008 Global financial crisis may end 2009 – which is not really a typical post in a blog concerned with long-term trends. The news seemed significant at that time because

1. it had been expressed by an insider, Michel Camdessus, the former chief of the International Monetary Fund (IMF), and
2. it was extraordinarily optmistic.

Let us contrast this sunny quote of last year with doomsday news like this of March 25th 2009: “Russia Expects New Financial System Crisis Outburst”. Russia’s Finance Minister Aleksei Kudrin said:

“We were standing on the brink of the financial collapse, but we prevented it, and I must here thank the Central Bank and the State Duma for giving us an opportunity to take decisions quickly,” (my emphasis, www.marketoracle.co.uk)

The coincidence of some news urges me to come back to the issue of the spreading crisis. In these days we read Read the rest of this entry »