Earlier this week I wrote a column, which you can read here, in which I suggested that it won't be any of the political crises that are erupting around us that will be the defining events of our age, it will be the financial crisis. Why? Because the latter is causing the former.
The banking crisis turned sovereign debt crisis turned banking crisis (and so on) has given us two things almost guaranteed to cause political and social turmoil: quantitative easing (and hence the kind of inflation that exacerbates inequality - more on this in a later blog), and austerity.
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