'The world is sleepwalking into a financial crisis' – Gordon Brown
A second financial crisis - when real income for the average person in the UK is still below that in 2008 - only Greece & Portugal among EU members sharte this dubious distinction.
Brown doesn't mention Brexit as a cause,
but imo if there is a no deal taking the world no 5/6/7/ ... economy offline for months AND hindering the no 1 or 2 financial centre, then this could indeed trigger a worldwide crisis, if the system is as precarious as Brown thinks.
Since the ref, the UK has been shielded from the effects of the vote, because of a lucky worldwide boom meaning the UK economy only had a 2% cut in growth, rather than a 2+% cut in its actual size
btw, that worldwide boom is a significant reeason why "Project Fear" effects have been less / slower than expected.
https://www.theguardian.com/politics/2018/sep/12/we-are-in-danger-of-sleepwalking-into-a-crisis-gordon-brown
“Countries have retreated into nationalist silos and that has brought us protectionism and populism.
Problems that are global as well as national and local are not being addressed. Countries are at war with each other on trade, climate change and nuclear proliferation.”
Brown was scathing about the austerity policies pursued by the coalition government that came to power after he lost the 2010 election.
“Austerity was based on an analysis that what had caused the global recession was the high level of public debt rather than the reckless action of the financial sector.
Nobody who has looked at it seriously would come to that conclusion but the Conservatives dined out on it for five years.”
The problem, Brown added, was not that governments borrowed more to boost growth but that the stimulus had not been big enough.
“We have underestimated the power of fiscal policy because of an aversion to deficits and debt.
We got back to growth quickly but couldn’t sustain it because of over-rapid fiscal consolidation.