- Created: Wednesday, 09 December 2009 11:17
- Written by David Yaffe
The financial panic is apparently over. Those investment banks that survived the crisis are back to business as usual, making huge profits from buying and selling stocks, bonds and commodities. Large bonuses worth millions of dollars are being doled out to bankers. Stock markets are rising again. The French, German and Japanese economies began to grow again in the second quarter of 2009. In mid-September Ben Bernanke, Chairman of the US Federal Reserve, said that the US recession is ‘very likely over’ and the governor of the Bank of England, Mervyn King, told MPs that the UK economy may have already started to grow. Finally Dominique Strauss-Kahn, head of the International Monetary Fund (IMF), has declared that ‘The global economy appears to be emerging at last from the worst economic downturn in our lifetimes.’ The immediate crisis might be over for the rich and powerful, but, as David Yaffe reports, it still has a long way to run for almost everyone else.