Financial desperation and Covid have led to an era of fraud
UK has been in the midst of a golden era of fraud, thanks in part to the pandemic. Con artists have sold unlicensed medicines and essential oils, while fake bio-tech has made individuals wealthy. The Covid pandemic was no different from past pandemics in this respect.
Inflation, central bank interest, and insolvent companies
The other reason for the fraud is financial: a huge amount of capital is flowing around, trillions in stimulus cash and cheap borrowing. Fraudsters are desperate to make increasingly outlandish returns and have invested in the housing market and crypto world, which, unexpectedly, resulted in bubbles and collapses.
A karmic backlash in the aftermath of 2022
Many will never recover their investments, causing a karmic backlash. For decades, risky areas of the global economy, offering unrealistic returns, have encouraged capital flow. As a result, fraud has prospered. However, with inflation on the rise and central bank interest rates historically low, insolvent companies will no longer be able to borrow their way out of trouble. The aftermath of 2022, which can be regarded as ‘the year of peak fraud,’ will make this fact painfully clear.
Read More Here https://www.newstatesman.com/quickfire/2022/12/2022-year-reached-peak-scam
