The financial situation in the world has become so unstable that a new wave of defaults and bankruptcies will soon emerge, says William White, the chairman of the OECD's review committee and former chief economist of the Bank for International Settlements (BIS)."The situation is worse than it was in 2007. Our macroeconomic ammunition to fight downturns is essentially all used up," the economist told the Telegraph newspaper before the World Economic Forum in Davos.
White is one of a few bankers who warned about the rising crisis in the Western financial system before the financial crash eight years ago.
Nobel laureate in economics Robert Shiller : US financial bubble ready to burst http://on.rt.com/6r9b