Economy
Related: About this forum'WORSE THAN 2007': Top banker warns of looming wave of worldwide bankruptcies
'WORSE THAN 2007': Top banker warns of looming wave of worldwide bankruptcies
The worlds financial system has become dangerously unstable and faces an avalanche of bankruptcies that will test social and political stability, according to a leading global banker.
William White, chairman of the OECDs review committee and former chief economist of the Bank for International Settlements, who suggests the stresses in the financial system are now "worse than it was in 2007."
Speaking to the UK Telegraphs Ambrose Evans-Pritchard before the start of the World Economic Forum in Davos, White warned that macroeconomic ammunition to fight further economic downturns is essentially all used up.
Debts have continued to build up over the last eight years and they have reached such levels in every part of the world that they have become a potent cause for mischief, he told the Telegraph.
It will become obvious in the next recession that many of these debts will never be serviced or repaid, and this will be uncomfortable for a lot of people who think they own assets that are worth something. .................(more)
http://www.businessinsider.com/top-banker-warns-of-worldwide-bankruptcies-2016-1
Proserpina
(2,352 posts)If you have the money and legal talent and a stable of grifting politicans and judges to back you up, you will probably be all right, anyhow.
Certainly, even if you lose, under those circumstances you probably have enough excess money to survive, and even pick up bargains from those who don't have the ability to survive: land, resources, whole businesses, etc.
Turbineguy
(37,206 posts)It doesn't pay to analyze this too carefully, because it makes the article long and boring.
EdwardBernays
(3,343 posts)is now in "let's destroy the world economy" mode again...
And considering 90% of the world economy is run either by "feelings" or automation, we're screwed...
the good news is I'm well used to poverty...
Mbrow
(1,090 posts)is the fact that we knew this was the wrong direction 8 years ago and we did NOTHING to try and stop it.
Jerry442
(1,265 posts)I hope we're not writing the script to the sequel as we speak.
tazkcmo
(7,286 posts)Because we did. It's finished and in production.