Madoff Whistleblower Harry Markopolos Warns A Wild Card Will Hurtle The World Into The 2nd Great Depression
KingWorldNews.com
June 24, 2017
After Harry Markopolos became an international hero for taking down Bernie Madoff’s $65 billion Ponzi scheme in 2009, Markopolos gave King World News an exclusive interview. Markopolos then gave King World News an exclusive in 2011 when he exposed the stunning corruption and theft that were taking place at Bank of New York Mellon as well as other banks. Today KWN is publishing a portion of the third bombshell interview Markopolos has given to King World News, this time warning a wild card may be about to hurtle the world into the 2nd Great Depression.
Eric King: “Harry, I’ve always said it gets more intense as we go through these type of economic cycles that we are in now. When 2001-2003 unfolded, people didn’t understand how it could get worse until we had (the collapse of) 2008-2009. I’ve been saying for many years that the next one will be worse than 2008-2009. If that (premise) is correct, Harry, what will cause it to be worse than 2008-2009? What has that kind of potential?”
China Meltdown
Harry Markopolos: “If you are taking the number two economy out of the equation, which is China. Here is an economy where real estate prices are so insane that every cab driver owns multiple rental units — that’s how you know you are at the peak. When the cab drives are telling you about investment opportunities, that’s the peak. And so in China you have median home prices that are 20 or even 30 times median household incomes…
To show you how insane that is, in the United States when that ratio gets to roughly 11, or north of 10 let’s say, that’s typically when real estate has a problem and comes back to earth. And so they (China) are two or three times the insane levels that we have reached in the past. So there’s going to be some problems there where you are probably going to see real estate prices go down 80% or 90% in the most overbought markets in China. That’s going to create a huge crisis in China.”
The Rest…HERE
