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Will we have another financial crisis? A foregone conclusion


'A foregone conclusion' meaning - a decision made before the evidence for it is known. An inevitable conclusion.

Origin

From Shakespeare's Othello, 1604:
OTHELLO:
But this denoted a foregone conclusion


David Harvey in the Enigma of Capital tells of how  
something ominous began to happen in the United States
in 2006.

The rates of foreclosures on housing in low income areas of older cities like Cleveland and Detroit suddenly leapt forward.

But officialdom and the media (opinion makers) took no notice because the people affected were  low income, mainly African American and immigrant (Hispanics) or single women households.

It followed that the ultimate financial cost of society to not heeding clear warning signs because of collective lack of concern for and prejudice against those in the firing line was to be incalculable,

It was only in mid 2007 when the crisis started affecting the white middle class in the USA (Nevada, California and particularly Florida) that officialdom sat up and started to take notice i.e. their own vested interests.

This leads on to a story of when her Majesty the Queen Elizabeth 11 asked the ‘experts at the London School of Economics  in November 2008,  a question which was on everybody’s lips “...how come they had not seen the current crisis coming?”

The boffins/experts could only reply in a collective letter to her Majesty after six months consideration, study, rumination and deep consultation,  (as they do)  that they the ‘experts' had somehow lost sight of what they called systemic risks, that they had been lost in a ‘politics of denial’.

Now where have we heard that before?

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