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World facing ‘wave of epic debt defaults,’ says economist who predicted Lehman crash

Wednesday, January 20, 2016 8:55

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The financial situation in the world has become so unstable that a new wave of defaults and bankruptcies will soon emerge, says William White, the chairman of the OECD’s review committee and former chief economist of the Bank for International Settlements (BIS).

“The situation is worse than it was in 2007. Our macroeconomic ammunition to fight downturns is essentially all used up,”the economist told the Telegraph newspaper before the World Economic Forum in Davos.

“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,” said White.

Source: http://luismmx.blogspot.com/2016/01/world-facing-wave-of-epic-debt-defaults.html

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