World’s Most Eminent Economists Declare US Is Imploding in a Debt Trap
Chief Economist of World’s Central Bank* (BIS):
“It is a debt trap.
“The situation is worse than it was in 2007.“
“The global system has lost its anchor, is [headed] to breakdown.”
“By stoking debt bubbles [central banks] have incubated..a 1930s-style [Great Depression].”
“Many of these debts will never be serviced or repaid:
this will be uncomfortable for a lot of people who think they own assets that are worth something.”
“Things are so bad there is no right answer:
If they raise rates it'll be nasty. If they don't raise rates, it just makes matters worse.”
“It was always dangerous to rely on central banks…”
* William White, now OECD chair; quoted in this report by International Business Editor of UK’s The Telegraph,
one of world’s most respected commentators:
“Mr. White was one of the very few central banking voices who [warned] between 2005 and 2008
that Western finance was riding for a fall, the global economy susceptible to a violent crisis.”
The Economist Editor-in-Chief John Micklethwait and Managing Editor Adrian Wooldridge echo his concerns
on Bloomberg TV, warning central banks have lost control.
The Economist decries the global “Debt Trap!” on its editorial page.