Your support helps us to tell the story
This election is still a dead heat, according to most polls. In a fight with such wafer-thin margins, we need reporters on the ground talking to the people Trump and Harris are courting. Your support allows us to keep sending journalists to the story.
The Independent is trusted by 27 million Americans from across the entire political spectrum every month. Unlike many other quality news outlets, we choose not to lock you out of our reporting and analysis with paywalls. But quality journalism must still be paid for.
Help us keep bring these critical stories to light. Your support makes all the difference.
Outlook Many claim to have foreseen the global financial crisis, but Raghuram Rajan's claim is unimpeachable. In a 2005 paper presented at the annual central bankers' conference at Jackson Hole, Wyoming, the former chief economist of the International Monetary Fund warned, in considerable detail, of a possible financial crisis brought on by hidden risks in the banking sector.
Read the paper today and it's remarkably similar to the sort of thing Andy Haldane at the Bank of England has been writing since the crisis about systemic financial sector risk. Back in 2005 the former US Treasury Secretary Larry Summers, a long-standing champion of financial deregulation, dismissed Mr Rajan's prescient warnings as "luddite".
Yesterday Mr Rajan was named as the new governor of India's central bank. And by coincidence Mr Summers, who has never admitted he got it wrong on deregulation, is campaigning hard to be named as the next chairman of the US Federal Reserve when the incumbent, Ben Bernanke, steps down later this year.
But after everything we've been through, shouldn't the White House be looking for someone a little more, well, luddite to replace Mr Bernanke?
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments