It started in a mood of eerie calm, but then 2008 exploded into a global financial earthquake.
It was the year the neo-liberal economic orthodoxy that ran the world for 30 years suffered a heart attack of epic proportions. Not since 1929 has the financial community witnessed 12 months like it. Lehman Brothers went bankrupt. Merrill Lynch, AIG, Freddie Mac, Fannie Mae, HBOS, Royal Bank of Scotland, Bradford & Bingley, Fortis, Hypo and Alliance & Leicester all came within a whisker of doing so and had to be rescued.
Western leaders, who for years boasted about the self-evident benefits of light-touch regulation, had to sink trillions of dollars to prevent the world bank system collapsing.
The ramifications of the Banking Collapse of 2008 will be felt for years if not decades to come.
There were an estimated 4884 excess suicides in 2009 compared with the number expected based on previous trends (2000-07). The increases in suicide mainly occurred in men in the 27 European and 18 American countries; the suicide rates were 4.2% and 6.4% higher, respectively, in 2009 than expected if earlier trends had continued.
For women, there was no change in European countries and the increase in the Americas was smaller than in men (2.3%). Rises in European men were highest in those aged 15-24 (11.7%), while in American countries men aged 45-64 showed the largest increase (5.2%). Rises in national suicide rates in men seemed to be associated with the magnitude of increases in unemployment, particularly in countries with low levels of unemployment before the crisis
Conclusions After the 2008 economic crisis, rates of suicide increased in the European and American countries studied, particularly in men and in countries with higher levels of job loss.
Recession ‘led to 10,000 suicides’
The economic crisis in Europe and North America led to more than 10,000 extra suicides, according to figures from UK researchers.
A study, published in the British Journal of Psychiatry, showed “suicides have risen markedly”.
The research group said some deaths may have been avoidable as some countries showed no increase in suicide rate.
Campaign groups said the findings showed how important good mental health services were.
The study by the University of Oxford and the London School of Hygiene & Tropical Medicine analysed data from 24 EU countries, the US and Canada.
Unemployment, repossessions and debt
It said suicides had been declining in Europe until 2007. By 2009 there was a 6.5% increase, a level that was sustained until 2011.
It was the equivalent of 7,950 more suicides than would have been expected if previous trends continued, the research group said.
Deaths by suicide were also falling in Canada, but there was a marked increase when the recession took hold in 2008, leading to 240 more suicides.
The number of people taking their own life was already increasing in the US, but the rate “accelerated” with the economic crisis, leading to 4,750 additional deaths.
The report said losing a job, having a home repossessed and being in debt were the main risk factors.
However, some countries bucked the trend. Sweden, Finland and Austria all avoided increases in the suicide rate during the recession.
One of the researchers, Dr Aaron Reeves, of the University of Oxford, said: “A critical question for policy and psychiatric practice is whether suicide rises are inevitable.”
‘Policy potentially matters’
He told the BBC: “There’s a lot of good evidence showing recessions lead to rising suicides, but what is surprising is this hasn’t happened everywhere – Austria, Sweden and Finland.
“It shows policy potentially matters. One of the features of these countries is they invest in schemes that help people return to work, such as training, advice and even subsidised wages.
“There are always hard choices to make in a recession, but for me one of the things government does is provide support and protection for vulnerable groups – these services help people who are bearing the brunt of an economic crisis.”
Andy Bell, of the Centre for Mental Health, said: “The study says what we feared for some time: that unemployment, job insecurity and many other factors associated with the recession are associated with poor mental health and suicide.
“It reminds us how important it is to respond to that need and take preventative action where we can, and that primary care is properly resourced and able to identify people who are at risk.”
Beth Murphy, of the charity Mind, said: “Since 2008, we’ve seen an increasing number of people contact the Mind Infoline concerned about the impact of money and unemployment on their mental health.
(People have been abandoned by the rich elites,who caused this crisis, shamefully abandoned by governments who took taxes off them for years, abandoned by their so-called ‘leaders’ and Monarchs and quite simply like a torpedoed ocean liner left ‘to get on with it’)
“Redundancy and other life circumstances brought about by the recession can trigger depression, anxiety and suicidal thoughts for anyone, whether they have previously experienced a mental health problem or not.
“For some people, these factors can become so difficult to cope with that suicide may feel like the only option.”