Market System and Crisis

king: Giving a lecture in Washington at the annual meeting of the International Monetary Fund, King said there had been no fundamental questioning of the ideas that led to the crisis of a decade ago, according to The Guardian. Another economic and financial crisis would be devastating to the legitimacy of a democratic market system, he said. Lord King, who was in charge at Threadneedle Street during the near-death of the global banking system and deep economic slump a decade ago, said the resistance to new thinking meant a repeat of the chaos of the 2008-09 period was looming. By sticking to the new orthodoxy of monetary policy and pretending that we have made the banking system safe, we are sleepwalking towards that crisis. King, Mark Carney's predecessor as Bank of England governor, said that following the Great Depression of the 1930s there had been new thinking and intellectual change. UK should leave EU with no deal, says former Bank of England governor Read more He added that the US would suffer a financial armageddon if its central bank the Federal Reserve lacked the necessary firepower to combat another episode similar to the sub-prime mortgage sell-off. (news.financializer.com). As reported in the news.