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Queen Elizabeth II and the Economists

In: The Changing Role of Central Banks

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  • Dimitris N. Chorafas

Abstract

On November 5, 2008, not quite two months after the Lehman Brothers bankruptcy and the Western economy’s descent to the abyss, Queen Elizabeth II inaugurated a new building at the London School of Economics. Referring to the financial crisis, she asked the professors: “Why did nobody notice it?” The faculty was caught off guard. Among prominent apologies, the Queen received a letter signed by renowned British economists stating: In summary, extent and severity of the crisis and to head it off, while it had many causes, was principally a failure of the collective imagination of many bright people, both in this country and internationally, to understand the risks to the system as a whole.1

Suggested Citation

  • Dimitris N. Chorafas, 2013. "Queen Elizabeth II and the Economists," Palgrave Macmillan Books, in: The Changing Role of Central Banks, chapter 1, pages 15-36, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-33228-8_2
    DOI: 10.1057/9781137332288_2
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