The Rest Is Money 123. When Will The Next Financial Crisis Be?
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Dec 23, 2024 The hosts tackle the looming question of whether we're spiraling towards another financial crisis. They delve into the perils of economic stagnation and its effects on society. Humorous tales emerge from journalists who navigated the chaotic credit crunch. A light-hearted personal anecdote reveals the struggles of balancing work and health. The conversation shifts to the contentious topic of NHS privatization, exploring global healthcare models and the complexities of meeting rising demands in an aging population.
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Lack of Growth and Societal Crisis
- Without economic growth, societies face social and political crises, as seen in the rise of populism and Brexit.
- Stagnating living standards fuel dissatisfaction with economic systems, necessitating prosperity increases.
Debt Crisis Risk
- High national debt combined with low growth creates a financial crisis risk.
- Governments struggle to pay interest, potentially leading to sovereign debt crises and investor doubt.
Pre-Crisis Debt Bubble
- The economic 'golden age' before the 2008 crisis was fueled by unsustainable debt, particularly subprime mortgages.
- This led to a massive financial crash, highlighting the dangers of unchecked growth based on risky lending.