America’s Big Five Are Plunging the World Into Another Banking Crisis

Saturday, December 20, 2014
By Paul Martin

Ekaterina Kudashkina
Sputniknews.com
18.12.2014

A comeback of the pre-crisis lending practices by the world’s biggest banks could end in another banking crisis. So, what exactly are the banking policies? Radio Sputnik is discussing it with former World Bank economist Peter Koenig.

n his story titled ‘Memories of Financial Crisis Fading as Risks Rise’ an AP economics writer Paul Wiseman points to several factors which banking analysts describe as ‘worrying’:

— a surge in subprime auto loans for financially stretched buyers,

— a US Congress recent vote to ease regulations aimed at reduction of risks to taxpayers and of course,

— the unprecedented rise of America’s five biggest banks which now account for 44 percent of bank assets, compared to 38 percent in 2007…

Says financial consultant Peter Koenig, former World Bank economist, based in Zurich:

I think there is what we would call an impending banking crisis. A new banking crisis is looming on the horizon, I believe. And then, of course, there are many layers to this banking crisis and many elements to it. And if I may, I would like to, perhaps, address three of them, which give clear signals that something is not correct and will not be sustainable over time.

The points that I would like to make are not necessarily listed in order of priority, because they are related, and make no mistake – the coming crisis, like the one in 2008, which is still lingering, is planned. And it is planned by the international banking and financial elite, which is led by Wall Street with the support of the Fed and of the European Central Bank.

The Rest…HERE

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