From Credit Crisis to Resilience

The Reith Lectures

BBC

Society & Culture, Science, Government, Technology

4.2 • 770 Ratings

🗓️ 9 December 2020

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

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Summary

Mark Carney, the former Governor of the Bank of England, takes us back to the high drama of the financial crisis of 2008, which ended a period when bankers saw themselves as unassailable Masters of the Universe. More than a decade on, how much have the bankers changed their ways? How far has the financial sector changed? Dr Carney says that we must remain vigilant and resist the “three lies of finance.” If we don’t, he warns, we will live with a system which is ill-prepared for the next crisis.

Presenter: Anita Anand Producer: Jim Frank Editor: Hugh Levinson

Transcript

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0:00.0	You're about to listen to a BBC podcast, but this is about something else you might enjoy.
0:05.4	My name's Katie Lecky and I'm an assistant commissioner for on demand music on BBC Sounds.
0:10.8	The BBC has an incredible musical heritage and culture and as a music lover, I love being part of that.
0:17.5	With music on sounds, we offer collections and mixes for everything, from workouts
0:22.0	to helping you nod off, boogie in your kitchen, or even just a moment of calm. And they're
0:27.8	all put together by people who know their stuff. So if you want some expertly curated music in your
0:34.1	life, check out BBC Sounds. Hello, I'm Mark Carney. And in my BBC Reef lectures, I'm going to chart how we've come to
0:43.3	esteem financial value over human values and how we've been moving from market economies to market
0:50.2	societies. I'll argue that this has contributed to a series of global crises of credit,
0:58.0	COVID, and climate. And I'll outline how we can turn this around. In my second lecture,
1:05.2	I'm going to look back at the dramatic events of 2008, the crash when the world stared into a financial abyss.
1:14.8	What lessons have we really learnt?
1:18.9	Welcome to the second of the 2020 BBC Reith Lectures with the former governor of the Bank of
1:26.3	England, Mark Carney. Now, his series
1:29.3	focuses on the way financial values have come to dominate human values and where that leaves us
1:35.6	and what we might do about it. Today, Mark Carney is going to take us back to the near total
1:41.4	implosion of the banking system in the autumn of 2008.
1:46.4	He's going to argue that a deeper crisis in our values underpinned that unforgettable lurch
1:53.2	towards the abyss. And more than a decade on, he's going to examine how we can prevent
1:59.1	another financial melt down.
2:01.5	This second lecture is called From Credit Crisis to Resilience.
2:06.7	Please give a very warm welcome to the BBC's 2020 Reith Lecturer, Dr Mark Carney.
	...

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