On the money
STUART THEOBALD: SA can learn from experience as we suffer a dose of the past century’s crises
The financial turmoil will feature some elements of the Great Depression, a world war, the dot-com bubble and the 1970s oil crisis
Will this economic crisis be like the global financial crisis? The 1998 emerging-markets crisis? The 1970s oil crisis? World War 2? The Great Depression?
The answer is: some elements of each. The financial system will come under intense strain, as in 2008, with a spike in bad debts. Emerging markets, including SA, will face intense funding and foreign exchange pressure, as in 1998.