The deregulated financial crisis was a neo-conservative accident waiting to happen, a 21st century version of the South Sea Bubble. The last 2 decades have been boom times, when banksters, (a neologism to cover banks and other lending institutions) were making aggressive loans to everyone, because loans meant interest meant profit. Drunk with greed, they loaned without making sound judgments about the ability of the debtor to pay, and without regard for the amounts of capital their company actually held. Obscure high falutin financial instruments were created, essentially bets on future prices. Little criticism came from the media, mainly because nobody understood what was happening, although Warren Buffet, who did, said "Derivatives are financial weapons of mass destruction". Treasury Ministers should have taken notice.
So we are now facing a financial implosion, a bursting of the easy credit bubble. It is likely to be a mother, because of globalisation of the financial markets, because of recent rises in oil and food prices, because of climate change (the cost of hurricanes come back to the insurance market, and UK plc is heavily into insurance) because of Peak Oil, and because of Cilmate change.
So this is unlikely to be a little 2-year blip.
Luckily we have the Green New Deal to offer as a remedy for the desperate situation of unemployment, poverty and financial paralysis that is likely to ensue.
The Green Wage Subsidy should form a part of this Green Keynesianism.
Local parties can form Time Bank (LETS) groups.
So the Green Party is well placed to respond politically to this crisis, turning the danger to a opportunity.
Vote here on whether the PM should bail out the city
