BIS Slammed Federal Reserve and Other Central Banks for Blowing Bubbles and then "Using Gimmicks and Palliatives" which "Will Only Make Things Worse" | WHAT REALLY HAPPENED


BIS Slammed Federal Reserve and Other Central Banks for Blowing Bubbles and then "Using Gimmicks and Palliatives" which "Will Only Make Things Worse"

If you have any doubt that the Fed and other central banks should have known that a crash was coming, all you have to do is look at this June 2007 article from the Telegraph:

The Bank for International Settlements, the world's most prestigious financial body, has warned that years of loose monetary policy has fuelled a dangerous credit bubble, leaving the global economy more vulnerable to another 1930s-style slump than generally understood...

The BIS, the ultimate bank of central bankers, pointed to a confluence a worrying signs, citing mass issuance of new-fangled credit instruments, soaring levels of household debt, extreme appetite for risk shown by investors, and entrenched imbalances in the world currency system...

The bank said it was far from clear whether the US would be able to shrug off the consequences of its latest imbalances ...

"Sooner or later the credit cycle will turn and default rates will begin to rise," said the bank.

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