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Financial crises require governments.
Financial crises are like fireworks: they illuminate the sky even as they go pop.
Fiscal crises often turn into financial crises, dealing a blow to the real economy.
Financial crises are an unfortunate but necessary consequence of modern capitalism.
At present, financial crises occur, chiefly because the paper currency is redeemable in gold only.
The 90s was a difficult decade, with recessions in many transition countries and in emerging economies provoked by financial crises; and with continuing stagnation in Africa.
In the financial system we have today, with less risk concentrated in banks, the probability of systemic financial crises may be lower than in traditional bank-centered financial systems.
From the beginning of time, we've had financial crises. People always blame the banks and for good reason. When you look for the root causes, they're almost always failed government policies.
Firstly, economic globalisation has brought prosperity and development to many countries, but also financial crises to Asia, Latin America and Russia, and increasing poverty and marginalisation.
If you thought financial crises came and went, just count on them - another economic collapse, it's almost going to be like not news any more. But for startups this is great, because it's a perpetual driver of disruption.
No matter how the financial system is set up, no matter what the economic system is, as long as you have people, you're going to have financial crises; you're going to have bubbles that manifest themselves in the financial system.
Why do we have financial crises? Why do banks lose money? If history is any guide, it hasn't often been the result of speculative bets. It has been the result of banks making loans to individuals and businesses who can't pay them back.
Think how weird profit margins are: We've got high unemployment and financial crises - and world record profit margins. People think the American market is very cheap. We don't. The market quite incorrectly gives full credit to today's earnings.
There is a basic lesson on financial crises that governments tend to wait too long, underestimate the risks, want to do too little. And it ultimately gets away from them, and they end up spending more money, causing much more damage to the economy.
Compared to developed countries, or even to some major emerging countries, burdened by aging populations, financial crises, widening budget deficits, faltering faith in politics and growing social demands, Africa has become the world's last 'New Frontier:' a kind of 'it-continent.'