GLOBAL WARNING
by Egon von Greyerz
In the last few days various reports have been published from organisations such as the BIS (Bank for International settlement in Basel), Barclays Bank, Royal Bank of Scotland (RBS). They are basically all saying the same thing namely that the world financial situation is extremely precarious.
BIS says: “The current market turmoil is without precedent in the postwar period. With a significant risk of recession in the US, compounded by sharply rising inflation in many countries, fears are building that the global economy might be at some kind of tipping point.” BIS goes on to say: ”The magnitude of the problems yet to be faced could be
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