Exclusive: Situation worse than it was in 2007, says chairman of the OECD's review committee.
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.
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WNU Editor: When I read this story last night I said "Ho-Hum". Ambrose Evans-Pritchard is known for his doom and gloom stories .... so this was nothing new to me. But this morning I saw this .... DOW Plunges 450, S&P at Lowest Level Since Late 2014 As Oil Slides (CNBC). More details here .... Markets In TurmOIL: Futures Plunge, Japan Enters Bear Market, Crude And Commodity Currencies Crash (Zero Hedge)
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