forexsq - Warning bells, alarms scream louder. But our banks and politicians canât hear, are deaf, in denial. Wonât take action ... not until it is too late.
Thatâs the latest from Simon Johnson and Peter Boone in âThe Doomsday Cycle Turns: Whoâs Next?â Who is next? America, Japan, the euro zone are the triple threat next in the line of fire, in danger of collapsing, thanks to a doomsday conspiracy where global âpolitical and financial systems have aligned to build these dangers rather than suppress them.â
Three years ago, the first warning: âThe Doomsday Cycle.â Since then Simon Johnson, former IMF chief economist, co-authored two bestsellers, â13 Bankers: The Wall Street Takeover and the Next Financial Meltdown,â and recently, âWhite House Burning.â Peter Boone is a research associate at the London School of Economics, which published their doomsday warnings.
In the first they warned: âOver the last 30 years, we have built a financial system that threatens to topple our global economic order, we have let an unsustainable and crazy âdoomsday cycleâ infiltrate our economic system.â This doomsday âcycle will not run forever â¦ The destructive power of the down-cycle will overwhelm the restorative ability of the government, just like it did in 1929-31.â
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