Today seems to have been chosen as the tenth birthday of the sinking of the global economy with collapsing banks, unemployment soaring, governments going bust and ushering in a decade of austerity measures.
The 9th August 2007 was the day that a French bank admitted it pulled the plug on investments in US property which sparked a recession so deep that it continues to reverberate on the 9th August 2017.
The crisis ripped a huge hole in the many nation's finances and in Britain severe austerity measures followed but are now on the brink of being abandoned as the total debt pile is still rising and currently stands at a whopping £1.7 trillion, almost 90% of the UK's total national income and double the amount of debt when austerity began.
The argument is that the decade of austerity has actually weakened the economy hence the u-turn now but with recessions being a constant part of Capitalism, that the politicians, regulators, and financiers are trying to put a sticking plaster over it so they can carry on as before rather than find ways to stop a similar catastrophe befalling the system should be a cause for concern.
The experts are saying that in 2007 the economies of Australia, Belgium, China, Canada and South Korea avoided the worst of the crisis and helped to steady the World's economic ship but even they can not avoid the next one which is being talked about as we are still suffering from the last one and we know is coming because it is inevitable that another devastating collapse is coming because the system used collapses with such alarming regularity and consequences every decade.
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