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Former IMF Economist Predicts “Whopper” U.S. Bank Failure, Says Global Financial Crisis Set to Get Much Worse
The global financial crisis is set to get much worse, with a large U.S. bank failure likely in the next few months, former International Monetary Fund (IMF) Chief Economist Kenneth Rogoff has warned.
Speaking at a conference in Singapore, Rogoff, now an economics professor at Harvard University, said that despite hopes that the U.S. economy had turned the corner, the reality is that the worst is to come. And that includes the probable collapse of a “whopper” U.S. bank or investment bank, he said.
“We’re not just going to see mid-sized banks go under in the next few months,” said Rogoff, who…
20Aug2008 | Money Morning | Comments Off | ContinuedWeak Exports and Domestic Spending Declines Push Eurozone to the Recessionary Brink
The Eurozone economy recorded its first decline in more than a decade as slowdowns in the European Union’s largest economies dragged on gross domestic product (GDP).
The Eurozone economy, which covers the 15 nations that share the euro currency, contracted 0.2% in the second quarter, as a 0.5% decline in Germany and a 0.3% decline in France offset gains in the smaller economies of Austria, Portugal and Spain, Eurostat, the European Union’s official statistics office, announced yesterday (Thursday).
The decline marks the Eurozone’s first contraction since 1996, when the euro was introduced and Eurostat began tracking the data.
While declining to speculate on…
15Aug2008 | Money Morning | Comments Off | Continued
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