Financial collapse is around the corner!

As I predicted in my recent messages – financial collapse is around the corner!

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The former chief economist of the Bank of International Settlements and Chairman of the Economic and Development Review Committee of the OECD, William White, warned of the economic struggles facing the globe, mainly that of debt and the lack of defense available to correct the dwindling crisis.

In an interview just ahead of the World Economic Forum, White confirmed that “The situation is worse than it was in 2007. Our macroeconomic ammunition to fight downturns is essentially all used up,” explaining that “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 told the paper. 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. The only question is whether we are able to look reality in the eye and face what is coming in an orderly fashion, or whether it will be disorderly.”

According to recent statistics gathered, White warned of European banks at the highest risk, with the Chinese market and Wall Street at a near “collapse” in the near future.