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Ambrose Evans-Pritchard–Protectionism beckons as leaders push world into Depression

Posted on October 3, 2011 by Kendall Harmon

Money flows are even more out of kilter. Cross-border liabilities have jumped from $15 trillion to $100 trillion in fifteen years, or 150pc of global GDP. This creates a very big risk.

“Gross financial flows can stop suddenly, or even reverse. They can overwhelm weak or weakly regulated financial systems,” said Mr [Stephen] Cecchetti.

Well, yes, this is now happening. Did anybody think about this when they unleashed globalisation with its elemental deformity, free trade without free currencies?

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Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, --European Sovereign Debt Crisis of 2010, Economy, Euro, Europe, European Central Bank, Foreign Relations, Germany, Globalization, Greece, Politics in General, The Banking System/Sector, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--