World economy stands on the cusp of another crash, warns Lord Mervyn King.

Since the crisis, low interest rates have fuelled asset prices and a desperate search for yield, leaving central banks trapped “in a prisoner’s dilemma” unable to raise rates for fear of slowing growth and causing another downturn.
 
However, short-term measures to maintain market confidence in the aftermath of the crisis has only perpetuated the underlying disequilibrium, Lord King argues.

Telegraph 26 Febr 2016