Forum. “We know with certainty that there will be a new crisis. But we don’t know when and for what reason ” (Danièle Nouy, head of the supervision of the banking sector to the european central Bank, 5 September 2018, Agency LETA). This crisis may well be worse than the previous. Unless by then, or just after, a burst of civic and democratic, a new wave of Indignation ten times more powerful, which requires citizen oversight of the finance.
Unlike 2007, few financial players are unaware of the high probability of a major crisis to come. The explosion of debts, public and private since 2008, in fact, that Jean-Claude Trichet, the former president of the european central Bank, the situation is as dangerous today as at the time of the fall of Lehman Brothers (September 4, 2018, AFP). Bitcoin, emerging countries, real estate chinese, Italian banks, euro-zone, Tesla, Wall Street… which of these time bombs will be the detonator ? Nobody knows, but the risk is strong that a major collapse.
Everyone knows who blew into these bubbles over the past ten years. These are the ultra-wealthy, who have captured the bulk of the productivity gains are immediately reinvested in the stock market. These are the governments who merely reforms as a minimum, have buried the taxation of financial transactions and have let the banks finance the speculation.
What are the central bankers, who have injected thousands of billions of dollars, euros, yen and yuan, creating the conditions of the crash next. Nobody disconvient the fact that the States, heavily indebted, will-nots, and that it will be the central banks, only in the running, only to pour out new streams of liquidity praying that it works.
The most extraordinary is this lucidity. How would you describe this class…