If This Isn’t The Start of The Crisis Just Imagine How Bad The Real Crisis Is Going To Be

• If This Isn’t The Start of The Crisis Just Imagine How Bad The Real Crisis Is Going To Be
  by Simon Black, https://www.sovereignman.com/  
  Chances are you’ve never heard of William White. You might have heard of the organization that he used to manage—the Bank of International Settlements (BIS). The BIS is often called the central bank of central banks; their role is essentially to facilitate international financial transactions among the world’s central banks. So they are a major component in the international financial system, just like the IMF and World Bank.
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  William White is a central banker who used to be on the BIS management committee. And this makes him a key member of the global financial establishment. It’s not too often that central bankers are particularly transparent with the public.
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  Ben Bernanke famously told the world in July 2005 that there wouldn’t be a nationwide decline in home prices in the United States. Then just a few months later when home prices did fall, he told Congress that the adverse effects of the housing market were ‘contained’ and wouldn’t affect the broader economy. He was dead wrong on both accounts. And one of the biggest financial crises in history broke out shortly thereafter.
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  Central bankers seem to always miss the crisis just around the corner. That’s pretty scary given that they have the power to dominate and control just about everything in the entire economy. And despite a serial track record of failure, we’re just supposed to trust them to be smart guys. It’s madness.
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  A few days ago, however, William White gave an interview stating some things that you never hear coming out of the mouth of a central banker. Ever. According to White, the global financial system is dangerously unstable.
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  “The situation is worse than in 2007,” he said, and went on to explain that central banks no longer have the ammunition to fight off a major crisis.
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  He railed against the mountain of government debt that has accumulated worldwide, saying that “it will be obvious in the next recession that many of these debts will never be serviced or repaid.”
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  White also suggested that banks, particularly in Europe, will have to be recapitalized on an unimaginable scale. And due to all the new regulations, it will be depositors who have portions of their accounts confiscated by the state in order to fund the bank bailouts.
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  William White is not alone.
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  read more.

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