Here’s a fantastic 2003 article in The Guardian by Wynne Godley and Alex Izurieta, one among many predicting the economic and financial crisis which started in 2007.

h/t Jo Michell.

Excerpt:

In fact the new regime is not working. After years of euphoric growth, the world has become locked into a stagnation which gets worse by the day. Large imbalances, particularly in trade and in personal debt, have been allowed to develop in the US and Britain which mean that the growth we have is unsustainable. Given the existing policy regime, medium term prospects begin to look frightening.

The US is already in a growth recession because private investment has fallen while a record balance of payments deficit has been bleeding the circular flow of income on an increasing scale. These negative forces have been partly offset by an unsustainable splurge in household borrowing, a consequence of the fall in interest rates and the boom in house prices, in the absence of any control over credit expansion.

The reference to golf is from British politics from 1989. Go to “Column 750” in the link.