So, have we only superficially recovered from the great recession? The anger expressed by voters in Europe and the US seems to suggest so, as many people still are finding today's workplace and society a tough place to be.
And today's banks and policy makers seem increasingly detached and unable to drive action. On the financial side "it is questionable whether, after its original, undoubtedly expansive influence on the economy, this “medicine” can still have any noticeable effect, or whether its undesirable “side-effects” will increasingly prevail." says Professor Issing, who was on the Board of the ECB in the 90s.
I continue to feel there is a lack of political leadership to help society deal with the real side effects of the amazing developments in technology we have seen in the last couple of decades. It has brought so much amazing growth; but as Amazon, Google, Netflix, Uber grow they currently displace more than they create in terms of jobs. Leaders need to help those many in the old economy re train and open up to opportunity, not close down and nurture anger.
"There is no sign of the central banks deviating from their ultra-expansive monetary policy. The Fed has missed the moment, and now regards every report of potential dangers to the economy as a reason to put off raising interest rates still longer....The greater danger is another financial crisis, triggered by a collapse in key asset prices. How would the central banks react then, now they have already used up all their ammunition?"
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