He reserves particular criticism for Prime Minister Gordon Brown's actions in his time as a finance minister, blaming him for making cheap credit too easily available.
"People have been deceived on a massive scale," he says. "Brown knew about all of this. It was a mad gamble to keep on expanding credit forever but you cannot expand credit forever."
He foresees deep problems ahead.
"I expect massive unemployment. There will be deep impoverishment and bankruptcies," he says.
"I really think it can lead to a civil unrest. It is really very serious. We're talking about people whose lives are shattered."
But, if the worst comes to pass, Cawkwell can see only one outcome for him personally.
"I shall make a good deal of money," he says.
keyboard shortcuts: V vote up article J next comment K previous comment