Posted 12/12/2023, 2:45:00 PM
Investor Warns of Possible Economic Crash Triggered by Bank Stress, Rising Rates; Higher Inflation, Unemployment Could Follow
- Investor warns of "biggest crash in history" and advises people to withdraw cash from banks
- Crash could be triggered by recent sell-off in bank credit, similar to pre-2008 crisis
- Banks now better prepared than 2008 but higher interest rates putting stress on households
- IMF official warns of second Cold War causing world economy fragmentation and losses
- Weaker global economy risks more inflation, unemployment, lower living standards in UK