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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 | Continued
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