5 hours agoFinancial Disaster: Lord King warns devastating financial crisis
Periskopi(7 years ago)
(7 years ago)The world is moving unawares of a new economic and financial crisis that would have devastating consequences for the democratic trade system, according to former governor of the Bank of England, Mergyn King. Lord King, who was at the helm of the Threadledle Street during how long the global banking system was about to die a decade ago, said [...]
The world is moving unawares of a new economic and financial crisis that would have devastating consequences for the democratic trade system, according to former governor of the Bank of England, Mergyn King.
Lord King, who was at the head of the Threenedle Street during the time when the global banking system was about to die a decade ago, said that new resistance to thinking meant repeating the chaos of 2008-09, The Guardian, translates Periscopi.
Giving a speech in Washington at the International Monetary Fund's annual meeting [ The IMF], King said there had been no fundamental conflict of ideas that led to the crisis a decade ago.
Another economic and financial crisis would be disastrous for the legitimacy of the democratic trade system,” he said.
He added that the U.S. would suffer from a “financial [magiedon] ” if its central bank, the Federal Reserve, had no power needed to fight another similar episode.
The former governor declared that the political and economic climate had never been more frightening, citing the US-Kina trade war, the unrest in Hong Kong, problems in countries like Argentina and Turkey, increases in tensions between France and Germany over the future of Euro currency and others. /Periscope
