May 13 - The world economy is starting to look a lot like the Titanic, HSBC chief economist warns
Article: Misc.
Like the ill-fated White Star liner, the global economy is sailing across the ocean with too few lifeboats and an iceberg looming on the horizon, warns HSBC chief economist Stephen King.
And that’s going to be a titanic problem for global policy makers. It’s been six years since the last U.S. recession and though they don’t come like clockwork, King says we are closer to the next one than the last one. But unlike past downturns, the weak recovery from the last recession has not allowed monetary policymakers to replenish their arsenals. Budget deficits are still huge, debt levels too high and while the U.S. economy has improved it’s far from top form.
“We may not know what will cause the next downswing but, at this stage, we can categorically state that, in the event we hit an iceberg, there aren’t enough lifeboats to go round,” said King.
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