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Daily (Telegraph) DOOM

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    Daily (Telegraph) DOOM

    World faces wave of epic debt defaults, fears central bank veteran

    "The global financial system has become dangerously unstable and faces an avalanche of bankruptcies that will test social and political stability, a leading monetary theorist has warned.

    The situation is worse than it was in 2007. Our macroeconomic ammunition to fight downturns is essentially all used up," said William White, the Swiss-based chairman of the OECD's review committee and former chief economist of the Bank for International Settlements (BIS).

    "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 said.

    "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," he told The Telegraph on the eve of the World Economic Forum in Davos.

    "The only question is whether we are able to look reality in the eye and face what is coming in an orderly fashion, or whether it will be disorderly. Debt jubilees have been going on for 5,000 years, as far back as the Sumerians."

    Source: World faces wave of epic debt defaults, fears central bank veteran - Telegraph

    DOOMED!!!

    #2
    Meaningless bollox.

    House prices will rise.
    Money will be printed.
    Bankers bailed out with ever larger bonuses.
    The number of billionaires will double.
    Debt will increase.
    Renters will order sofas and post about Doom.

    Same old same old. Will we even notice?

    Comment


      #3
      Originally posted by DimPrawn View Post
      Renters will order sofas and post about Doom.
      I might be on the market for a new sofa actually, but only if I get to buy my flat...

      Comment


        #4
        Originally posted by AtW View Post
        I might be on the market for a new sofa actually, but only if I get to buy my flat...
        Make sure it's a doomsday-approved sofa....

        Comment


          #5
          I'll accept no substitutes...

          Comment


            #6
            Fire up the copters.....

            Comment


              #7
              Where's my freakin' spade, I'm a little late to the game
              The Chunt of Chunts.

              Comment


                #8
                Originally posted by AtW View Post
                I might be on the market for a new sofa actually, but only if I get to buy my flat...
                If you buy one of my BTL properties, I will throw in a new sofa.

                Comment


                  #9
                  Originally posted by DimPrawn View Post
                  If you buy one of my BTL properties, I will throw in a new sofa.
                  You got BTL???

                  Comment


                    #10
                    Originally posted by AtW View Post
                    You got BTL???
                    Who hasn't? Cmon free money forever, what kind of loser doesn't want that?

                    Comment

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