Who’s in the mood for another financial crisis?
You guys ready for another financial crisis? Coz one is surely on its way.
So says the Bank for International Settlements, the global monetary watchdog owned by central banks.
“That end may come to resemble more closely a financial boom gone wrong, just as the latest recession showed, with a vengeance,” said Claudio Borio, Head of the Monetary and Economic Department at the BIS.
This is the conclusion of the latest and most contradictory BIS report in years. On the one hand it claims the economic conditions of the last year are the most favourable they have been since the Global Financial Crisis, and that unemployment rates have fallen back to levels consistent with full employment. (I do not know how it reaches this conclusion unless it counts the creation of casual and part time jobs towards full employment, despite the fact that at least two-to-three of said jobs are likely going to the same people, struggling to make ends meet).