Central bank body warns of Great Depression

[antigop]

http://www.bankingtimes.co.uk/09062008-central-bank-body-warns-of-great-depression/

The Bank for International Settlements (BIS), the organisation that fosters cooperation between central banks, has warned that the credit crisis could lead world economies into a crash on a scale not seen since the 1930s.

In its latest quarterly report, the body points out that the Great Depression of the 1930s was not foreseen and that commentators on the financial turmoil, instigated by the US sub-prime mortgage crisis, may not have grasped the level of exposure that lies at its heart.

According to the BIS, complex credit instruments, a strong appetite for risk, rising levels of household debt and long-term imbalances in the world currency system, all form part of the loose monetarist policy that could result in another Great Depression.

[SergeyDovlatov]

1. and just like the last time, central banks are main culprits in causing the depression

[Tesla]

2. They don't like it when the wealth is spread all around

They like to take it back every now and then.

[nadinbrzezinski]

3. My my now we cassandras are joined!

COOL

This will lead to revolutions... mark me words