World is sleepwalking towards another financial crisis, former UK PM warns

LONDON: Former British high minister Gordon Brown warned that the world is on the verge of sleepwalking into every other monetary disaster as a result of governments have did not tackle the reasons of the ultimate main monetary crash a decade ago.

Britain's chief when the cave in of the US investment financial institution Lehman Brothers precipitated the worst monetary disaster since the Great Depression mentioned the world is leaderless and was now coming into a period of vulnerability.

"We are in danger of sleepwalking into a future crisis," Brown informed The Guardian. "There is going to have to be a severe awakening to the escalation of risks, but we are in a leaderless world."


Brown mentioned the global economy had did not introduce an early warning machine and a machine for monitoring monetary flows in order that it was imaginable to tell the place money were lent and on what phrases.


"We have dealt with the small things but not the big things," Brown, who was British high minister from 2007 to 2010, mentioned.


Brown mentioned motion towards monetary wrongdoing had no longer been tough enough and lots of banks would be expecting to be bailed out again in the match of a long run disaster.


"The penalties for wrong-doing have not been increased sufficiently," he mentioned. "The fear that bankers will be imprisoned for bad behaviour is not there. There has not been a strong enough message sent out that government won't rescue institutions that haven't put their houses in order."
World is sleepwalking towards another financial crisis, former UK PM warns World is sleepwalking towards another financial crisis, former UK PM warns Reviewed by kailash soni on September 13, 2018 Rating: 5
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