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The head of the World Bank, Robert Zoellick, is about to step down after a 5-year term.
That means he can say what he really thinks. Here, via the Daily Mail, is what he really thinks about what’s going on in Europe and the global financial markets: financial markets face a rerun of the Great Panic of 2008. It’s ‘far from clear that eurozone leaders have steeled themselves’ for the looming catastrophe amid fears of a [...] The summer of 2012 is looking like an “eerie” echo of 2008 but euro zone sovereign debt has replaced mortgages as the risky asset class that markets are anxious about, said Robert Zoellick, President of the World Bank. Banks are under stress and depositors have begun to “jog,” Zoellick wrote in an editorial in the Financial Times on Thursday. “The European Central Bank, like the U.S. Federal Reserve in 2008, has sought [...] While not exactly surprising, today’s Senate failure to extend a bill extending the currently low interest on student loans, after a blocking vote by the GOP may bring even more attention to what Zero Hedge has dubbed one of the biggest bubbles of 2012. From Reuters: U.S. Senate Republicans on Tuesday blocked a White House-backed bill that would end a tax break for some private firms in order to fund an extension of [...] |
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