‘It’ll wipe out every dollar in the world’ – new crash fears as $80 trillion ‘goes missing’ ~ Dec. 8, 2022

_________________________________________________________________________________________________________

‘It’ll wipe out every dollar in the world’ – new crash fears as $80trillion ‘goes missing’

The world faces a staggering financial meltdown with potential losses exceeding the total number of US dollars in circulation.

By Harvey Jones

08:39, Wed, Dec 7, 2022 | UPDATED: 11:07, Wed, Dec 7, 2022

627

An incredible $80trillion is at stake in the next financial crisis (Image: Getty)

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Inflation: Price to be paid says expert

This warning does not come from some headline-grabbing doomsayer but arguably the most respectable financial body of all, the Bank of International Settlements (BIS). This is a body of central bankers based in Basle, Switzerland.

BIS is know as “the central banker’s banker”, an umbrella body for august institutions such as the Bank of England, US Federal Reserve and European Central Bank.

Its researchers can predict financial crises three years in advance using machine learning to aggregate predictions from different models.

Now they are warning of a crash the scale of which we have never seen before, with a staggering $80trillion (£65trillion) at stake.

To put that into perspective, the global financial crisis was triggered by the collapse of Wall Street investment bank Lehman Brothers in September 2008.

hat was the largest corporate bankruptcy in US history but its debts totalled “just” $619billion. That is less than one percent of the sums at stake today.

One global financial expert contacted by Express.co.uk said a hidden corner of the finance world has been stretched to an “unsustainable” point, leaving the world in a “dangerous position”.

It is yet another sign that global finance has got far too big for its boots, leaving the world at its mercy.

READ MORE: Crypto reputation takes ‘blow’ after FTX collapse