Peter Martin, Jessica Wright
January 19, 2012
Inflation Is Coming
The World's Financial System Is Crumbling. Here's The Worst-Case.
"A much wider financial crisis that could engulf private banks and other financial institutions on both sides of the Atlantic cannot be ruled out," the report says. "Should this happen the ensuing global downturn is likely to be deeper and longer-lasting than the recession of 2008-09.
"Countries do not have the fiscal and monetary space to stimulate the global economy or support the financial system to the same degree as they did in 2008-09. While developing countries are in better shape than high-income countries, they too have fewer resources available. No country and no region will escape."
Read more: http://www.smh.com.au/business/financia ... z1jy5vjI80
Read more: http://www.smh.com.au/business/financia ... z1jy5RKyVP