'Credit Crunch...or Crunch time for Capitalism?' Part 3
- 00:24:27
- Google Video
'Credit Crunch...or Crunch time for Capitalism?' Part 3
'Credit Crunch...or Crunch time for Capitalism?' The "Global Credit Crunch" and subsequent wider financial crisis is the subject of much speculation. The queues outside branches of Northern Rock Bank were a startling site to many, but we were assured this was no more than a cyclical problem and that global markets were resilient. However, with the US government now ready to bail out the mortgage giants "Fannie Mae and Freddie Mac" to the tune of tens of billions of US dollars people are questioning how robust the system really is. And now Lehman Brothers, the fourth-largest US investment bank, has filed for bankruptcy protection, dealing yet another blow to the fragile global financial system. Is this merely a temporary difficulty caused by bad US mortgage lending? Or are we witnessing a landmark revelation of inherent weakness in the Capitalist system itself? If so, what does Islam have to say on this subject? Join our dialogue between Islamic Economics expert Daud Pidcock and Dr Eamonn Butler, Director of the Adam Smith Institute.
Google Video | October 13, 2008
