The World on the Verge of Another Financial Crisis

The sum total of the world's debts can never be repaid 

Paul Moore came to broad public attention as a whistleblower during the banking crisis of late 2008. Four years before, he had been dismissed from his position as head of HBOS (Halifax Bank of Scotland) financial risk management after warning the bank—the largest mortgage bank in the U.K. at the time—that it was taking excessive risks.
Paul originally blew his “risk-alert” whistle because he saw that HBOS was in danger of collapse. It was ultimately forced into a merger with RBS (Royal Bank of Scotland) in 2008, which in turn was itself bailed out by a multi-billion-pound infusion of capital from the U.K. Treasury.
During a trip to London last October I asked Paul if he believed anything had changed in terms of financial risk since the 2008 crisis. He answered unequivocally no, explaining that, since the 2008 crisis, the debt risk both in the U.K. and the U.S. has only grown worse.

 

 http://www.theepochtimes.com/n3/1133195-the-world-on-the-verge-of-another-financial-crisis/