'Worse than 2007': Top banker warns of looming wave of worldwide bankruptcies

Business Insider ^ | 1/20/2016 | David Scutt

[Roman_War_Criminal]

The world's 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 OECD's review committee and former chief economist of the Bank for International Settlements, suggests the stresses in the financial system are "worse than it was in 2007."

Speaking with the UK Telegraph's Ambrose Evans-Pritchard before the start of the World Economic Forum in Davos, Switzerland, White warned that macroeconomic ammunition to fight further economic downturns was essentially "all used up."

[VerySadAmerican]

These frauds act like it’s all happened overnight. They’ve seen it coming but to say anything would hurt Obama.

[Snickering Hound]

"It's easy to grin, when you're ship comes in and you've got the stock market beat."

"But the man worthwhile, is the man who can smile, when his shorts are too tight in the seat."

[ConservativeWarrior]

I want a milkshake, and a cheese burger, and a hot dog, and...

[TexasCajun]

"Stay Calm Folks! ...Nothing To Worry About ...Our Economy Is Best Ever!"

[Roman_War_Criminal]

LOL! Just in time as Obola’s presidency comes to an end.

[TigerClaws]

Exactly. It’s going to help Trump. But will be terrible.

China is collapsing. The oil market (and middle east) is on fire and collapsing.

Obama’s state of delusion speech needs to be played against what’s really going on in the world. Good TV ad.

[Night Hides Not]

I'm sitting here patiently, waiting for a call from the FDIC...lol. I was one of nearly 1000 temporary employees hired in Dallas during the last crisis. Great agency to work for.

The amount of work generated by the closure of a large bank will be massive compared to the community banks that were closed.

I don't think we're there yet.

[soupbone1]

Based on this story I left a message at home. Sell the house, sell the car, sell the kids, find someone else I’m never coming home.

[rightwingintelligentsia]

Odd how these financial crises keep happening every 8 years, around Presidential election time.

[L,TOWM]

“You’ll get nothing and like it!”

My takeaway from this story...

[TexasCajun]

"Stop stealing my act Barack!"

[Pietro]

"every 8 years"

Yes, I've noticed.

Business cycle or something sinister?

[Sgt_Schultze]

In W's waning days, he wanted to prop up the auto industry and the banking industry. From the resulting wave of anger sprang the Tea Party - which wanted to chips to fall and the dirty-dealers to pay. Instead, he rushed in sending good money after bad and the muslim successor quadrupled down with QE^infinity.

[familyop]

Yep, the Great Oil Crash of 2015 (and 2016). We found out that after moving our manufacturing base to foreign countries, oil production was all that we had.

;-)

[SkyPilot]

Are financial advisor’s urging their customers to pour more and more of their money into the market? They sure are.

[SkyPilot]

"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."

[dragnet2]

It’s coming.

[dragnet2]

Last week, Obama stated:

“Do not believe those who say we’re in decline”.

[arl295]

Last week, Obama stated:

“Do not believe those who say we’re in decline”.

When a president says that, that is a signal for SELL SELL SELL