Some typical European anti-Americanism here. Everyone's fault by mine.
Nevertheless, this is an important article on the state or and likely futures for the world economy
George C. Karlweis, the brain behind Banque Privee, owned by the late Edmond de Rothschild. His biggest claim to fame: George Soros and the launch of his Quantum Fund in 1969.
An original $100,000 stake in Soros' fund was worth $150 million by 1994. Between 1970 and 2000, the return was 3,365 percent (for 10 consecutive years it did 42.6 percent per year). In 1992, Soros bet billions against the British pound -- and broke the Bank of England ("Black Wednesday").
So the man behind Soros' original success is worth listening to today -- unafraid to speak his mind in retirement.
Bear Stearns got a Triple A rating shortly before it went under, ditto Fannie Mae. Lehman Brothers made A2 before the shipwreck. The subprime mortgage scandal had gone global in the fall of 2008 as the new chairman of the Fed said "the worst is now behind us." Today, America's credit cards are all maxed out.
Read more at www.upi.com
Karlweis argues "it was a ridiculously low federal funds rate, reduced to 1 percent in the early 2000s, by former Fed Chairman Alan Greenspan, that opened the floodgates for subprime mortgages and the worst financial disaster ever, in 2007-08.