Davos: World Faces Wave of Epic Debt Defaults…

Posted by Ambrose Evans-Pritchard - in Davos Switzerland

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money 3553453b

money 3553453b

…fears central bank veteran

“The situation is worse than it was in 2007. Our macroeconomic ammunition to fight downturns is essentially all used up,”

“new “bail-in” rules mean that any deposit holder above the guarantee of €100,000 will have to help pay for it.

“The only question is whether we are able to look reality in the eye and face what is coming in an orderly fashion, or whether it will be disorderly. Debt jubilees have been going on for 5,000 years, as far back as the Sumerians.”

….read more HERE