THE BANK
for
International
Settlements
(BIS), the
organisation
that fosters
cooperation
between
central
banks, has
warned that
the credit
crisis could
lead world
economies
into a crash
on a scale
not seen
since the
1930s.
In its
latest
quarterly
report, the
body points
out that the
Great
Depression
of the 1930s
was not
foreseen and
that
commentators
on the
financial
turmoil,
instigated
by the US
sub-prime
mortgage
crisis, may
not have
grasped the
level of
exposure
that lies at
its heart.
According to
the BIS,
complex
credit
instruments,
a strong
appetite for
risk, rising
levels of
household
debt and
long-term
imbalances
in the world
currency
system, all
form part of
the loose
monetarist
policy that
could result
in another
Great
Depression.
The report
points out
that between
March and
May of this
year,
interbank
lending
continued to
show signs
of extreme
stress and
that this
could be set
to continue
well into
the future.
It also
raises
concerns
about the
Chinese
economy and
questions
whether
China may be
repeating
mistakes
made by
Japan, with
its so
called
bubble
economy of
the late
1980s.
|
|
Central Bank Body Warns of Great Depression
BY GILL MONTIA
Banking Times, June 09, 2008Published here: Friday, June 13, 2008, 03:57 AM
Last Updated: Friday, June 13, 2008 03:57 AM
BIS Meeting Room
Source: http://www.bankingtimes.co.uk/09062008-central-bank-body-warns-of-great-depression/
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