Monday 18th October - 06:00 PM BST
The Inflation Crisis
Are we heading for the end of the capitalist dream?
The cassandras have been warning of a crisis for a decade. The spectre of inflation was called first as a risk of quantitiative easing following the banking crisis back in 2008. Now post pandemic with global debt at record levels, supply bottlenecks across the world, and wholesale gas prices up ten fold, inflation has arrived. Many fear interest rate rises to control inflation will create havoc, recession and hardship across the globe. Inflation is already at 10% in Brazil and interest rates there have risen four times in the past year.
Will Government debt come back to bite us and the magic money tree turn out not to be so magical after all? Could we be heading for the biggest economic shock we have known? Or, are the fears misguided, inflation a temporary blip, and government borrowing and spending not only proven right for the pandemic but for all future policy?
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Cato Institute fellow, Professor of Applied Economics, and Forbes columnist.
Steve H. Hanke is a Professor of Applied Economics at the Johns Hopkins University and a senior fellow at the Cato Institute. He is one of the world's leading experts on measuring and stopping hyperinflation and a former economic advisor to the Reagan administration.
Lead Editor, FT Alphaville.
Izabella Kaminska is a columnist for the Financial Times and lead editor of FT Alphaville, the FT's market and finance blog.
Presenter, writer, professor of the History and Politics of Modern China at Oxford.
Regular presenter of Night Waves and writer for the Financial Times, History Today, and the London Review of Books, Rana Mitter is Professor of the History and Politics of Modern China at Oxford.
Journalist, author, and Guardian columnist.
First place in Editorial Intelligence’s 2008 list of ‘opinion makers’ and ‘the queen of leftist journalists’ (The Independent), Polly Toynbee writes for the Guardian and was formerly Editor of Social Affairs at the BBC.
1929: The Year of the Crash
Exclusive Documentary Screening
The Wall Street Crash spread around the world like a malign infection. It humbled the rich and destroyed the savings of millions of ordinary people. It brought mass unemployment and near starvation to Europe and Asia, and slowed world trade for nearly a decade. The Crash also re-painted the political landscape, triggering the rise of ruthless dictators such as Hitler, Mussolini and Stalin.
1929: The Year of The Crash follows the wondrously decadent trail of the decade known as ‘The Roaring Twenties’ – the years in which Americans celebrated their post-war status as world-leaders in industry and modern invention, in which Jazz set the style for a worldwide generation and Hollywood movies featured glittering stars who bewitched a global audience. Setting the scene for a nation’s dizzying rise, the film then plunges into the depths of its terrible fall, exposing the poverty, dole queues and squalid soup kitchens which followed in the wake of the Wall Street Crash. Finally, it reveals how an unlikely hero, Franklin Roosevelt, rode to the rescue of his wounded country, bringing hope and optimism back into the hearts of his people.