Primo Piatto Et Secondo Piatto:
I have been suggesting for quite some time that what we saw in 2008 was just the appetizer ahead of the main course. Globally, including and especially in the U.S., the level of debt and derivatives stashed way on big bank, hedge fund and financial firm (insurance companies, mutual funds, public pension funds) balance sheets is staggering. Multiples of what it was in 2008.
Fuses have been lit all over the globe, including crashing currencies, collapsing industries (think: oil shale/fracking) and de facto defaulting sovereign debt. Even the U.S. Government has de facto defaulted on its debt because the only way it makes payments are via money printing and forced rollover by existing holders.
The head of China’s Dagong Rating Agency has finally stated the obvious in a public forum:
I believe we’ll have to face a new world financial crisis in the next few years… the situation is even worse than ahead of 2008.
You can read the article here: LINK