Found at BBC.
Ed Balls, former financial advisor to Gordon Brown, admits that this crisis is worse than in the 1930s. He made these declarations at a Labour meeting at Yorkshire and are reported by the media as follows:
The economy is going to define our politics in this region and in Britain in the next year, the next five years, the next 10 and even the next 15 years.
These are seismic events that are going to change the political landscape.
I think that this is a financial crisis more extreme and more serious than that of the 1930s and we all remember how the politics of that era were shaped by the economy.
We now are seeing the realities of globalisation, though at a speed, pace and ferocity which none of us have seen before.
The reality is that this is becoming the most serious global recession for, I'm sure, over 100 years as it will turn out.
Also the deputy governor of the Bank of England, C. Bean, admitted in October that:
This is a once in a lifetime crisis, and possibly the largest financial crisis of its kind in human history.
So here is the truth. And it is the moment of truth for Capitalism as whole: globalization, extreme productivism and even more extreme consumerism, as well as totally deregulated markets were its goals. They achieved them as much as they could and now we are facing the logical conclussion.
It has been a very short lived this phase of Toyotism: just some four decades, but that's the same as my whole lifetime. It is very possible that I may die in a post-capitalist world but that new reality is yet to be created and the uncertainties are immense. In fact we are now entering in a chaotic multifurcation where maybe everything is possible: a unique moment of opportunity, the chance for human creativity and willpower to shape the future, a chance probably not seen since the late 18th century, when there was also an old regime collapsing everywhere.
Brace yourselves: it's going to be very tough, tougher than you probably ever imagined. But the window of opportunity is being opened and that is good news in itself.