Deputy head David Lipton says global banking system is not prepared for another downturn
The storm clouds of the next global financial crisis are gathering despite the world financial system being unprepared for another downturn, the deputy head of the International Monetary Fund has warned.
David Lipton, the first deputy managing director of the IMF, said that “crisis prevention is incomplete” more than a decade on from the last meltdown in the global banking system.
“As we have put it, ‘fix the roof while the sun shines’. But, like many of you, I see storm clouds building and fear the work on crisis prevention is incomplete.”
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WNU Editor: I am surprised .... no. Many governments are behaving like the U.S. right now .... U.S. Budget deficit soars in first two months of fiscal year (The Hill).
