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Cunliffe: When expectations meet the future
The subject of this symposium is “The Next Great Crisis” by which I think we mean financial crisis. One of the defining characteristics of humans is our ability to imagine the future, as I shall discuss later. But though we can imagine the future, we cannot know it. And I am a cautious central banker. So I will not today give you my prediction for the origin, shape and extent of the next great crisis. I am however prepared to make one prediction with confidence. Whatever the trigger and the financial services and instruments most affected, the next crisis will have, somewhere at its centre, losses from an ... (full story)