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Sunday, April 17, 2011

World 'One shock away from crisis' - World Bank Prez

World Bank Prez

The president of the World Bank has warned that the world is “one shock away from a full-blown crisis”.

Robert Zoellick cited rising food prices as the main threat to poor nations who risk “losing a generation”.

He was speaking in Washington at the end of the spring meetings of the World Bank and International Monetary Fund.

Meanwhile, G20 finance chiefs, who also met in Washington, pledged financial support to help new governments in the Middle East and North Africa.

Mr Zoellick said such support was vital.

“The crisis in the Middle East and North Africa underscores how we need to put the conclusions from our latest world development report into practice. The report highlighted the importance of citizen security, justice and jobs,” he said.

He also called for the World Bank to act quickly to support reforms in the region.

“Waiting for the situation to stabilise will mean lost opportunities. In revolutionary moments the status quo is not a winning hand.”

At the Washington meetings, turmoil in the Middle East, volatile oil prices and high unemployment were also discussed.IMF chief Dominique Strauss-Kahn raised particular concerns about high levels of unemployment among young people.

“It’s probably too much to say that it’s a jobless recovery, but it’s certainly a recovery with not enough jobs,” he said.

“Especially because of youth unemployment… there is now a risk that this will be turned into a life sentence, and that there is a possibility of a lost generation,” he said.

The real ‘bank’ so far, Bernanke’s automagic software, monetizing money we loan to bail out everyone from Iceland, Greece and Portugal (thru Euro support), the Auto Workers Union (GM and Chrysler), Fannie, Freddie, Goldman, Bear Stearns, CDS’s, BofA, Citi, COuntrywide, WaMu, the limitless guarantees to underwrite that which everyone knows will fail, postponing what cannot be avoided into larger and larger crises, spreading and deepening the risk until the coming crisis is engraved in granite… WHY?

The outcome is completely predictable.

High and uncontrollable prices, skyrocketing fuel, crashing real estate, failure of faith in the economy, govt and financial institutions.

The disaster’s border and margin is spreading like the first 10 seconds after the big bang, and 1931 will look like a fun day in 1993.

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posted by Epaminondas at permanent link#

1 Comments:

Blogger Silverfiddle said...

Thank the international lefts "Green energy" starve people to feed cars jihad.

Thank the statist oligarchy that constitutes the DC-NY axis of evil that the federal reserve props up by manipulating the currency to our disadvantage.

Sunday, April 17, 2011 11:40:00 pm  

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