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Reserve Bank of India Governor Raghuram Rajan has warned that the world economy could be heading towards a crash much like the Great Depression of the 1930s as advanced countries in a bid to pull out of the global downturn are working at cross purposes.
As was the case in the 1930s, the lack of coordination between central banks across the world is producing spillovers that may be difficult to control and could plunge the world’s financial system into another crisis, Dr. Rajan said in an interview to the Central Banking Journal on Wednesday.
Dr. Rajan, a former chief economist of the International Monetary Fund, had famously predicted the 2008 global meltdown.
We are taking a greater chance of having another crash at a time when the world is less capable of bearing the cost
The European Central Bank’s “very, very accommodative stance” is getting blunted by the ultra-loose monetary policies being pursued by other central banks, including the Federal Reserve, the Bank of Japan and the Bank of England.
To safeguard against such an eventuality, all central banks must unwind their monetary policies in a coordinated fashion, Dr. Rajan recommended.
originally posted by: subtopia
a reply to: demus
yes but a war against what? terrorism, ebola, Iran, Syria, etc, etc