According to White, the global financial system is dangerously unstable.
“The situation is worse than in 2007,” he said, and went on to explain that central banks no longer have the ammunition to fight off a major crisis.
Submitted by Simon Black via SovereignMan.com,
Chances are you’ve never heard of William White.
You might have heard of the organization that he used to manage—the Bank of International Settlements (BIS).
The BIS is often called the central bank of central banks; their role is essentially to facilitate international financial transactions among the world’s central banks.
So they are a major component in the international financial system, just like the IMF and World Bank.
William White is a central banker who used to be on the BIS management committee. And this makes him a key member of the global financial establishment.
It’s not too often that central bankers are particularly transparent with the public.
Ben Bernanke famously told the world in July 2005 that there wouldn’t be a nationwide decline in home prices in the United States.
Then just a few months later when home prices did fall, he told Congress that the adverse effects of the housing market were ‘contained’ and wouldn’t affect the broader economy.
He was dead wrong on both accounts. And one of the biggest financial crises in history broke out shortly thereafter.
Central bankers seem to always miss the crisis just around the corner.
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http://www.zerohedge.com/news/2016-01-21/if-isnt-start-crisis-imagine-how-bad-real-one-will-be
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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