Hooked on Credit; RHUN AP IORWERTH CHECKS OUT THE GLOBAL ECONOMIC CRISIS

Daily Post (Liverpool, England), January 16, 2010 | Go to article overview

Hooked on Credit; RHUN AP IORWERTH CHECKS OUT THE GLOBAL ECONOMIC CRISIS


Byline: SARAH BATLEY

THE credit crunch is affecting people the world round, from farmers in China to householders in New York and Iceland, not just bankers in London, says Rhun ap Iorwerth. He's spoken to those affected at street level in a three-part look at what's happened in the last 18 months in financial terms.

S4C documentary Arian mewn Argyfwng (Cash in Crisis) traces the history of the financial crash which has affected us all.

It looks at the resulting world-wide recession and offers new ideas on how to manage the economy in the future.

Rhun, co-presenter of BBC's Good Morning Wales radio show, said: The root of everything was our dependency on credit. Financial loans were being pushed through the system like a kind of drug. The drug was duping us to believe that the bustle in the High Street's shops was the sign of a healthy economy.

"But where was the care and leadership of the bankers and managers? Were they hooked on the same drug? The first programme, Y Cwymp, (The Crash) traces the history of the crash, and investigates the factors behind the chain of events which led to the big fall out in September 2008, when banking giant Lehman Brothers went bankrupt.

As a result of this, the flow of money across the world stopped, which led to the credit crunch.

Rhun, from Anglesey, was BBC Wales political correspondent in Westminster and Cardiff before becoming a presenter.

In the documentaries he goes back to the fall of the Berlin Wall in the 80s, since this was the event which opened the door to a free market across the world.

He also looks at the big economic picture, and also at how we've all contributed to the disaster.

ARIAN YIn the second programme, Y Boen, (The Agony), Rhun visits several countries across the world to understand more about the effect of the recession on the lives of ordinary people, as well as looking at the situation in Wales. …

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