What did you do in the great financial crash, grandad?

Reuters European HQ in Canary Wharf London, pictured in 2006
I remember asking my grandfather what he’d done in the Second World War and his answer held me spellbound.

Whether tales of the financial crisis of 2007-2008 that more or less kicked off ten years ago today will similarly capture children’s imagination in years to come seems unlikely, even though its lessons are arguably not too much less significant for future generations.

Why? Because failing to learn the lessons of the past bodes ill for an ever more integrated global financial system and world economy, and that means his, your, my – our wealth and prosperity. Continue reading

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Housing data and the illusion of recovery

That great barometer of UK consumer confidence, house prices, seems to be moving up. A glance at some of the British tabloids today shows that the combination of a very slight rise in house prices and a fourth consecutive monthly rise  in the number of people managing to buy their own home is front page news.

Why so?

Housing data has long been seen as a bellwether for economic confidence. Continue reading