How can we avoid another crisis How can

How can we avoid another crisis?

How can we avoid another crisis? Total debt levels in China, USA and UK 300 Percent of GDP 250 200 150 100 50 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 End of year China USA UK Total debt of the non-financial sector - basically the government, households and non-financial corporations - at market values as a percentage of GDP. Data are straight from the Bank for International Settlements. Daniel Mügge 2015 2016

How can we avoid another crisis? Breakdown of total UK debt 300 250 Percent of GDP 200 150 100 50 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 End of year Government Non-financial corporations Households and non-profits Data source: Bank for International Settlements Daniel Mügge 2012 2013 2014 2015 2016

How can we avoid another crisis? The growing bubble in UK government debt 140 120 Percent of GDP 100 80 60 40 2001 2002 2003 2004 2005 2006 2007 2008 2009 End of year UK gov debt at nominal value 2010 UK gov debt at market value Data source: Bank for International Settlements Daniel Mügge 2011 2012 2013 2014 2015 2016

How can we avoid another crisis? Daniela Gabor

How can we avoid another crisis? Daniela Gabor

How can we avoid another crisis? The age of asset management (Haldane 2014), the other side of the demise of the welfare state Daniela Gabor

How can we avoid another crisis? Daniela Gabor

How can we avoid another crisis? Shortage of safe assets Public debt solution Daniela Gabor Financial innovation solution

How can we avoid another crisis? Richard Murphy