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Economic Expert Says Global Crash Imminent
Echoes former world bank leader with prediction of global recession
Steve Watson
Infowars.net
November 20, 2007
A leading economic expert has warned that a global crash and recession is imminent on the back of record highs in real estate, stocks and energy, combined with a devaluation of the dollar and continued “speculative bubble thinking”.
Robert Shiller, the Stanley B. Resor Professor of Economics at Yale University told an audience at the annual Dubai International Financial Centre (DIFC) Week that a sharp downward correction is due in the global markets.
Shiller stated:
“Perhaps we have gotten a little too confident in the global economic growth,” said Shiller. “The problem is high oil, stock and real estate prices. I believe that a substantial part is speculative bubble thinking. We have gotten too confident of the prices in these markets,”.
“The unwinding of these markets is the most serious risk facing these markets today,” Shiller added.
With the effects of the credit crunch hitting more and more lower level lenders, it is clear to see that the fallout is spreading and propagating a general decline. We are seeing the unfolding of an overall meltdown that represents a gutting of the United States by neo-mercantilist institutions bent on the formation of a new global monopoly.
Shiller also pointed to the futures market, such as that of the CME in Chicago, which now predicts a major, ongoing decline over the coming four years.
We are witnessing the unfolding of a crash exactly as predicted by Former World Bank Vice President, Chief Economist and Nobel Prize winner Joseph Stiglitz last year.
Stiglitz agreed that the process of hijacking and looting key infrastructure on the part of the IMF and World Bank, as an offshoot of predatory globalization, has now moved from the third world to Europe, the United States and Canada.
Stiglitz warned that the signs were there with plummeting real estate prices in the U.S., stating that a global economic depression could only be avoided if a correction was made.
But no correction will be made because the World Bank/IMF/Globalist doctrine betrays a focused agenda to deliberately foment economic turmoil, riots, and then enforced bondage to eternal debt. We have witnessed this time and time again, their own documents even confirm this as the chosen method of social control.
The shareholders of Federal Reserve, part of the same group of elite families that owns the bank of England, created the IMF and World bank to siphon government funds. Then they effectively steal the real assets of the third world countries that take their loans in some cases at 42% interest. These global loan sharks secure the water, power and roads which are then handed over to private, piratical, letter of mark companies.
China Voices Alarm at Dollar Weakness
Financial Times
November 19, 2007
China on Monday expressed concern at the decline in the dollar, joining a growing chorus of global policymakers alarmed by the weakness in the world’s main reserve currency.
Premier Wen Jiabao told a business audience in Singapore it was becoming difficult to manage China’s $1,430bn foreign exchange reserves, saying that their value was under unprecedented pressure.
“We have never been experiencing such big pressure,” Mr Wen said, according to Reuters. “We are worried about how to preserve the value of our reserves.”
China keeps the currency composition of its reserves a state secret, but some analysts believe that more than two-thirds are probably still held in dollars.
Mr Wen’s comments came as top international economic officials spoke out in support of a strong dollar in the aftermath of the weekend’s Group of 20 summit in South Africa and Opec meeting in Riyadh.
Hank Paulson, US Treasury secretary, told reporters in Ghana: “A strong dollar is in our nation’s interest.”
He said the US economy had its “ups and downs” but he believed that “our long-term economic strength will be reflected in currency markets”.
Mr Paulson and other top US officials, including President George W. Bush, have become increasingly vocal on the dollar in recent days in an apparent effort to signal that they are not indifferent to its fate.
Zhou Xiaochuan, China’s central bank chief, said Beijing wanted a strong dollar because it would help to ensure an orderly resolution of the recent market instability caused by US mortgage lending problems.
“So in this sense, actually we hope to see a strong dollar,” Reuters quoted Mr Zhou as saying. “We support a strong dollar.”
Jean-Claude Trichet, president of the European central bank, told reporters that Mr Zhou’s remarks “echoed what has been said by the monetary authorities of the US”.
“What we are witnessing is unco-ordinated verbal intervention,” said Stephen Jen, head of currency research at Morgan Stanley. “This is useful as in the absence of it, investors and speculators would have interpreted it as the authorities condoning what was going on in the currency markets.”
The Japanese yen rallied against a range of currencies on Monday, notably commodity-based rivals such as the Canadian and Australian dollars. The prospect of China allowing its currency to appreciate against the dollar drove sentiment, traders said.
The dollar was largely unchanged in early US trading. The US currency has shown some tentative signs of stabilisation in the past few days, but many analysts remain bearish.
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U.S. Economic Collapse News Archive
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