“The risk of over-tightening by the European Central Bank is nothing less than catastrophic” says Prof Kenneth Rogoff .
At Davos he also said: “Italy is extremely vulnerable. But this could pop anywhere. Global debt has gone up massively since the pandemic: public debt, corporate debt, everything.”
Rogoff believes that it is a miracle that the world averted a financial crisis in 2022, but the odds of a major accident are shortening as the delayed effects of past tightening feed through.
As Rogoff said: “We were very fortunate that we didn’t have a global systemic event in 2022, and we can count our blessings for that, but rates are still going higher and the risk keeps rising.”
But lurking in the murkiness is also the global financial assets/liabilities which is almost $500 trillion including the shadow banking system at 46% of the total. The shadow banking sector includes pension funds, hedge funds and other financial institutions which are largely unregulated.....More Below
https://goldswitzerland.com/as-west-debt-stocks-implode-east-gold-oil-will-explode/
A fresh wave of Iranian retaliatory strikes has crippled a major US air base in Bahrain, with strikes destroying command centers as Iranian forces continue launching firm response to the US-Israeli aggression.
"Ten key and strategic command points and equipment complexes of the American terrorist forces at the 'Sheikh Isa Air Base' in Bahrain were heavily hit by Iranian projectiles," The Islamic Revolution Guards Corps (IRGC) said in a statement on the 15th wave of operation "True Promise 4".
The targets destroyed included the air control command center of the American terrorist forces, aircraft fuel depots, and the building housing high-ranking American commanders, according to the statement.
Earlier in the day the IRGC announced that its naval forces launched a large-scale drone and missile operation on the US air base in the Sheikh Isa area of Bahrain early this morning .......more below
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The Islamic Revolution Guards Corps (IRGC) has announced execution of the 16th wave of its underway Operation True Promise 4 against renewed Israeli-American aggression towards the Islamic Republic.
In a statement issued in late Tuesday, the Corps noted that it had struck the "heart and the northern parts of the occupied territories" with "effective" missile and drone operations conducted by its Aerospace Division.
It cited some of the targets as the general staff of the Israeli regime's army and its ministry of war in Hakiriya, the strategic infrastructures lying in Bnei Brak, military targets stationed in Beit Hakfa, northeast of Tel Aviv, and the military center in Western Galilee.
According to intelligence sources and field monitoring, enemy military casualties have increased to more than 680 killed and wounded by the fourth day of the reprisal, the Corps stated.
The statement pointed to "operational weakness, technical gaps, and the reduced computational capability in the multi-layer defense ...
