Professor David "Danny" Blanchflower argues that central banks are making the same errors now as they made in 2008 when they failed to see the looming financial crisis. He gave this talk on Wednesday, April 19th. A recording of the webinar is available here.
Professor Blanchflower was a member of the Monetary Policy Committee of the Bank of England from 2006-2009. He is also a Bloomberg TV Contributing Editor. He started voting for rate cuts on the MPC from October 2007 and continued to do so at every meeting in a minority of one arguing a major financial crisis was coming. The other members of the committee joined him in October 2008! He thinks central banks are making the same errors today.
Last Wednesday, Catherine Mann (Monetary Policy Committee, Bank of England) gave a PEP talk on monetary policy today; Prof. Blanchflower offers a different view.