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Cracks were showing in Britain’s banking powerhouses as early as 2005, as bad debt was sold and consumers were sucked into a credit vortex. An “ugly” correction was on the cards.
Lehman’s bankruptcy changed the world. It sent world economy into a precipitous decline that’s matched the Great Depression. It arguably changed the course of the US election. It was a violent economic event that will be debated for decades. Much of the mystery surrounds the events of the weekend of the 13th/ 14th September 2008,…
Yet more indications today of Britain’s radically altered political landscape. Some irony that the Labour left’s long-desired aim to cancel a raft of multibillion pound defence contracts will, in all probability, be realised by a Conservative chancellor responding to the costs of a crisis in capitalism. I can’t get across enough how much this crisis…
Within a week in October 2008 the US and UK governments were forced to bailout their banks in order to save the economic system as the credit crunch began to bite.
Faisal Islam sounds a warning note for British savers attracted to Icelandic institutions by high interest rates. Six months later, the country’s economy – and its major banks – collapsed.