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Martin Wolf on the Next Financial Crisis

“The banking system has become the private beneficiary of a public service”

It is becoming clear to many that the monetisation of public utilities and natural monopolies work against the common good. Unfortunately, for the most part, this clarity is not the result of analysing the arguments that support privatisation and discovering a profound ethical and logical incoherence. It is because the evidence of failure is once again so dramatic no one can ignore it.

In this concise presentation, Martin Wolf explains what happens when private interests are allowed to monopolise the money supply and why it is wrong. He makes many striking observations, not least that the 2008 crash has been as expensive as a world war, and thanks to current arrangements, it will inevitably happen again since all the risk is taken by the public, not the people who profit from it.

Author: Editorial

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