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IMF Chief Warns of Financial Disaster Driven by Inequality
IMF Head Kristalina Georgieva warns of a return of the Great Depression driven by inequality and financial sector instability in a speech delivered at the Peterson Institute of International Economics.
Washington DC - IMF Head Kristalina Georgieva warns of a return of the Great Depression driven by inequality and financial sector instability in a speech delivered at the Peterson Institute of International Economics. Georgieva highlighted new IMF research that compares the current economy to the "roaring 1920s" economy that culminated in the great market crash of 1929.
"The IMF delivered a stark message about the potential for another massive financial disaster that we last experienced during the Great Depression," noted United Nations finance expert and Jubilee USA Director Eric LeCompte. "With inequality on the rise and concerns of stability in the markets, we need to take this warning seriously."
In addition to financial sector stability and growing inequality, Georgieva shared that we face additional challenges in the current economy.
"Trade problems and climate-driven weather events pose additional risks at this time," said LeCompte. "It's imperative that we ensure the financial sector is free of risky behavior and corruption if we want to protect ourselves from another global financial crisis."
"The IMF delivered a stark message about the potential for another massive financial disaster that we last experienced during the Great Depression," noted United Nations finance expert and Jubilee USA Director Eric LeCompte. "With inequality on the rise and concerns of stability in the markets, we need to take this warning seriously."
In addition to financial sector stability and growing inequality, Georgieva shared that we face additional challenges in the current economy.
"Trade problems and climate-driven weather events pose additional risks at this time," said LeCompte. "It's imperative that we ensure the financial sector is free of risky behavior and corruption if we want to protect ourselves from another global financial crisis."
For more information:
http://www.jubileeusa.org
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Unemployment over 15% is considered depression level unemployment. The real unemployment rate went above 15% by 2008 and never dropped below since. It is now 20.8%. See
http://www.shadowstats.com/alternate_data/unemployment-charts
http://www.shadowstats.com/alternate_data/unemployment-charts
For more information:
http://www.shadowstats.com/alternate_data/...
First, read Nobel laureate Joseph Stiglitz's itemization of the destruction of the economy by Nazi Trump:
https://www.globalresearch.ca/truth-trump-economy/5701074
Then follow the websites at least weekly on the disaster that is Trump's economy:
http://www.shadowstats.com/
First paragraph (and more follows):
DAILY UPDATE (January 20th to 22nd – Next Postings: Data Release* - Jan 27th, Commentary** - Jan 22nd) // RECESSION SIGNALS EXPLODE: / Fourth-Quarter 2019 Cass Freight Index Showed Its Worst Collapse in Annual Freight Activity Since the Great Recession / Fourth-Quarter Production and Manufacturing Contracted Both Quarter-to-Quarter and Year-to-Year (Both Before and After GM Strike Consideration); Annual Growth in Positive Mining Activity Still Is Collapsing / Nonsensically Volatile Boom in December Housing Starts Was Not Meaningful, Although the Series Is Trending Higher / Fourth-Quarter Real Retail Sales Contracted for the First Time Since the 2014-2016 Mini-Recession; a Second Consecutive Negative Holiday Shopping Season / Signaling Serious Economic Weakness, Fourth-Quarter 2019 Real Average Weekly Earnings Contracted at an Annualized Quarterly Pace of 0.5% (-0.5%), on Top of Rapidly Slowing Jobs Growth / Year-to-Year December CPI Inflation of 2.29% Was the Strongest Since October 2018 / December Annual Payroll Growth Hit a Two-Year Low, Amidst Faltering Production and Retail Sales, and in Advance of Negative Benchmark Revisions (see Flash Update No. 18) / This Cannot Be the FOMC’s Happy Vision of “Sustainable Moderate Economic Growth”
and
https://wallstreetonparade.com/
https://www.globalresearch.ca/truth-trump-economy/5701074
Then follow the websites at least weekly on the disaster that is Trump's economy:
http://www.shadowstats.com/
First paragraph (and more follows):
DAILY UPDATE (January 20th to 22nd – Next Postings: Data Release* - Jan 27th, Commentary** - Jan 22nd) // RECESSION SIGNALS EXPLODE: / Fourth-Quarter 2019 Cass Freight Index Showed Its Worst Collapse in Annual Freight Activity Since the Great Recession / Fourth-Quarter Production and Manufacturing Contracted Both Quarter-to-Quarter and Year-to-Year (Both Before and After GM Strike Consideration); Annual Growth in Positive Mining Activity Still Is Collapsing / Nonsensically Volatile Boom in December Housing Starts Was Not Meaningful, Although the Series Is Trending Higher / Fourth-Quarter Real Retail Sales Contracted for the First Time Since the 2014-2016 Mini-Recession; a Second Consecutive Negative Holiday Shopping Season / Signaling Serious Economic Weakness, Fourth-Quarter 2019 Real Average Weekly Earnings Contracted at an Annualized Quarterly Pace of 0.5% (-0.5%), on Top of Rapidly Slowing Jobs Growth / Year-to-Year December CPI Inflation of 2.29% Was the Strongest Since October 2018 / December Annual Payroll Growth Hit a Two-Year Low, Amidst Faltering Production and Retail Sales, and in Advance of Negative Benchmark Revisions (see Flash Update No. 18) / This Cannot Be the FOMC’s Happy Vision of “Sustainable Moderate Economic Growth”
and
https://wallstreetonparade.com/
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