Cast your mind back three years to the heady days of autumn 2006. House prices were booming. Financial markets were bullish. The International Monetary Fund reported that global growth over a five-year period was at its strongest since the late 1960s.
In vain did the fund warn that there might be problems ahead – from over-exuberant banks, from high commodity prices and from the dangerous imbalance in the global economy between those countries that exported too much and those that exported too little.
So here’s the question. What, apart from a stonking great recession, has actually changed? Oil prices are higher than they were in late 2006, the banking system remains unreformed (and pretty much unrepentant) and the global imbalances remain untackled.… Seguir leyendo »