The world is not ready for the next financial crisis, which could hit us sooner than most people realise, according to Professor David Taylor from the African Institute of Financial Markets and Risk Management (AIFMRM) at the University of Cape Town (UCT).
“It is not a question of whether there will be another financial crisis like we saw in 2008 following the US sub-prime mortgage debacle. The question is when and where,” he said.
Taylor was speaking at the screening of the new documentary film Boom Bust Boom in Cape Town. The documentary, described as a “fresh take on global economics” is presented and co-written by Terry Jones of Monty Python fame and Professor Theo Kocken, Group CEO and founder of Cardano and Professor of Risk Management at the VU University in Amsterdam. Boom Bust Boom was released in 2014 and has been screened selectively around the world. There are plans to release the documentary on Netflix and hopes it will air soon on television.
Kocken said his main aim is to spark debate and discussion especially amongst students and academics, hoping to change the way economics is taught at university, to include more about the history of economic crashes and the way economies “really” behave, as opposed to the models of rational behaviour that students are usually taught and which are demonstrably untrue.
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