Deputy head David Lipton says global banking system is not prepared for another downturn
The storm clouds of the next global financial crisis are gathering despite the world financial system being unprepared for another downturn, the deputy head of the International Monetary Fund has warned.
David Lipton, the first deputy managing director of the IMF, said that “crisis prevention is incomplete” more than a decade on from the last meltdown in the global banking system.
“As we have put it, ‘fix the roof while the sun shines’. But, like many of you, I see storm clouds building and fear the work on crisis prevention is incomplete.”
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WNU Editor: I am surprised .... no. Many governments are behaving like the U.S. right now .... U.S. Budget deficit soars in first two months of fiscal year (The Hill).
3 comments:
When the money stops falling out of the sky (stock market) everyone gets a little nervous.
Awesome idea to pass the tax cut that benefits the most wealthy Americans and put s $1.5 trillion hole in the deficit.
So After the next financial meltdown, we can pass more austerity measures and force the poors to subsist on less. See, rich dudes, which I am, can't adjust and live with less, but poors can.
Unfortunately, some will likely die from lack of medical care, starvation, and suicide, but it is for the best. There are to many useless eaters on this planet and rich dudes like me need more of the pie, more air, water, and land.
And the poors are probably better of dead anyway, I mean we will need some around to do drudge work, but not too many.
You're not rich. You're barely middle class.
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