With the price of assets increasing and wages decreasing, the rich are getting richer and the poor are staying poor. With large loans easy to come by and being given to people who couldn't possibly pay them back, it is not surprising that the financial system froze after debts began being passed around.
Ann Pettifor says we must prepare ourselves and guard ourselves against the backlash of this 'credit crunch'. She also addresses the role faith organisations have in restoring the balance and whether we should be reviving the sin of usury.
Ann Pettifor is executive director of Advocacy International and the author of The coming First World Debt Crisis, published in 2006. Download and start listening now!