World Faces Wave of Epic Debt Defaults, Fears Central Bank Veteran - Article by Ambrose Evans-Pritchard

You know times are bad when the former chief economist of the Bank of International Settlements is telling us how the harsh truth without any of the eternal optimism I've been accustomed to hearing from mainstream sources of information.  I agree with Mr White's assessment and Ambrose's article.  
"The global financial system has become dangerously unstable and faces an avalanche of bankruptcies that will test social and political stability, a leading monetary theorist has warned. 
"The situation is worse than it was in 2007. Our macroeconomic ammunition to fight downturns is essentially all used up," said William White, the Swiss-based chairman of the OECD's review committee and former chief economist of the Bank for International Settlements (BIS)."

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