Santiago Niño Becerra interview published in La Vanguardia on October 3, 2008:
- Are we in crisis?
"No, he goes. I'd say we're in "pre-crisis." The crisis began in mid-2010. But it's also what comes next and what will not look anything like what we experienced in 1993 or 2000. This is another film, is a systemic crisis. To resemble anything, it would seem to crack the 29 ".
- Why is a systemic crisis?
"Because the way it is running the system has to change. In 1993 there was a problem, was injected in the form of credit money and ran. In 2000, the same thing. Not now. We use an old manual no longer works. Have exhausted the tools that were launched as the hyper, the hipercrédito or hiperdeuda and pass to another movie ...
- When did this "pre-crisis"?
-In September 2007 when it said the subprime problem.
- And how long will it last?
"It lasts until June or July 2010. The trend within this period will be worse. This does not mean that one day the stock goes up or another down. In 2010 starts the real crisis. Fall "to lead" until mid-2012. There will collapse economically, and will be worldwide.
- What will happen after 2010?
-During the period 2010-2012 the level of drop is brutal, terrible. There will be economies will suffer greatly, for example English, German, U.S. or China. There will be a period of stagnation until 2015 and, from there, begin a slow recovery period until 2018-2020. We're talking about a period of 10 years, similar to the "Great Depression" American of the 1930.
- Capitalism has come to an end?
-The collapse of the capitalist system has not yet been produced. The systems have a lifespan of 250 years. Capitalism began between 1815 and 1820 and will end more or less in 2070. What we now live is a crisis of adjustment, as in 1929. The characteristics of capitalism will not change but the adjustment will be very important.
- What are the possibilities we have to weather the storm?
"Nothing. This has to happen. Is inevitable.
- But citizens have no option to try out less affected?
"I always recommend that if you have debt, not deeper in debt. Who does not have, do not get into debt and if a person owes money and money saved, which I dedicate to debt reduction. Another thing is that before you buy anything, people will ask if you really need. Calculating well what are the expectations of their income and adjusted expenditures. What is not necessary, is not important.
- Are there many companies can bear this situation?
"No, there will be closures in cascade. The evolution will become worse and, after 2010, will accelerate.
- Blame it on the banks and real estate?
"The fault is not a person or group of people. The measures taken have led to disaster. But if these measures had been taken, had not grown as it has grown. And we've all been very pleased to grow well.
- Will banks go bankrupt?
"Yes, but if a bank failed then nothing happens. The problem is that, in a scenario like this, that a bank is a torpedo drop to trust. The system we have assembled is not cables attached to titanium, is attached to something as intangible as the confidence that, when broken, can no longer be repaired.
- Is it a good decision that governments use public money to save business?
"It will not do. Has to be done because the model says that is what should be done. This is to plug a hole, but will open another. We are talking about numbers so brutal that it is impossible to have enough money to cover all holes.
- How will we know we're out of the crisis?
"The recovery will be perceived in the environment. The first sign of recovery will not go into 2012 because the worse. The second sign is Some people start to do things.
- The result of this crisis is the emergence of a new economic power?
"I figure I think the state will go to less and that large corporations have more power. I think General Electric is the first corporation of the future, is a case study. In the future there will be more efficiency, order, development, ...
- Major corporations such as those in the film "Rollerball", which posed a future in which large corporations controlling the world?
"Yes, that's it.