China can ride out this crisis. But we’re on course for another crash
Posted by seumasach on August 27, 2015
It may not yet be the moment to get in supplies of tinned food. That was whatGordon Brown’s former adviser during the 2008 crash, Damian McBride, suggested on Monday as stock markets crashed from Shanghai to New York and $1tn was wiped off the value of shares in one day. But seven years after the collapse of Lehman Brothers brought down the global financial system and plunged half the world into a slump, it’s scarcely alarmist to see the financial panic as the harbinger of a new crisis in a still crippled world economy.