Former BIS Chief Economist: “The System Is Dangerously Unanchored; It Is Every Man For Himself”

Friday, December 19, 2014
By Paul Martin

by Tyler Durden
ZeroHedge.com
12/19/2014

“There is no automatic adjustment of current account deficits and surpluses, they can get totally out of hand. There are effects from big countries to little ones, like Switzerland. The system is dangerously unanchored. It is every man for himself. And we do not know what the long-term consequences of this will be. And if countries get in serious trouble, think of the Russians at the moment, there is nobody at the center of the system who has the responsibility of providing liquidity to people who desperately need it. If we have a number of small countries or one big country which run into trouble, the resources of the International Monetary Fund to deal with this are very limited. The idea that all countries act in their own individual interest, that you just let the exchange rate float and the whole system will be fine: This all is a dangerous illusion.”

The Rest…HERE

One Response to “Former BIS Chief Economist: “The System Is Dangerously Unanchored; It Is Every Man For Himself””

  1. And the greedy, corrupt governments are promoting everyone to gamble rerirements and life savings in the rigged stock market. The federal reserve puppet is working for wall street. The wall street pigs are in control of our government and economy. If that isn’t letting the fox run the henhouse I don’t know what else to call it. Greed and Corruption is destroying america and the world. Get your money out of the stock market now. Buy large items such as real estate etc. Anything but leaving your money in the stock market or leaving it in cash. The big crash is coming and most predict it will be much worse than 2008.

    #563061

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