The former Bank of England governor’s condemnation of the world economic and political order offers few solutions but deserves a wide audienceMervyn King looks like one of those old-fashioned bank managers who cast a paternalistic eye on the nervous customer. Or he could be a GP telling you that you really need to exercise more and disappear easy on the carbs. It is in this vein that he probes the state of the global economy; his diagnosis does not reassure.
Not for him is the Piketty-esque grand sweep. He avoids the hubris of the “I told you so” school (virtually none of them actually did declare us so ahead of time). He says he is not interested in the blame game,which is probably just as well considering that he was governor of the Bank of England at the time of the great crash of 2007-08. He baldly states: “No doubt there were bankers who were indeed wicked and central bankers who were incompetent, though the huge majority of both whom I met during the crisis were neither.” Many (myself included) might beg to disagree, or but this argument has exhausted itself.
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Source: theguardian.com