The Next Global Financial Crisis
Four more years.
Four more years.
These are words we hear spoken or chanted at the ends of Olympiads, World Cups and successful re-election campaigns. In this case it is the amount of time we have left until the next global financial crisis, according to one man.
When the who's who of the financial industry gathered at Davos, Switzerland this past month, Mr. Wilkinson was not included at the top level meetings and palm greasing festivities. When you say things like this, it's no wonder the top bankers in the world don't want you at their dinner table.
The fundamentals haven't been addressed at all. The things that caused the previous crisis -- loose monetary policy and trade imbalances -- they're actually bigger now than they were then.
While reading about Mr. Wilkinson, I couldn't help but to think back to another man they
for saying the same exact thing...roughly four years ago.
Meanwhile, Jamie Dimon and Louis Bacon exemplified the back to business as usual approach the industry has been attempting to undertake. Glad handing clients and pitching harder than Roger Clemens when he wasn't juicing.
It seems as though the decision makers whose decisions caused the crisis...are satisfied that they have learned from their mistakes and are ready to move on.
By changing absolutely nothing.
For those interested in a fun read and (perhaps) a great investment guide. Take a peek here for Wilkinson's extended report.
There are certainly some none-too-novel salient points, which I fear, will once again go on ignored.
So, let's hear what our WSO investors have to say about it...
Is Wilkinson full of it?
Are the bubblicious inflatings of commodity and emerging markets something to fear?
Is all well... citizen?