“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 report says at least 16 US military aircraft have been lost since the start of the American-Israeli aggression against Iran, including 10 Reaper strike drones destroyed and a half-dozen other planes badly damaged.
Bloomberg, citing people familiar with the issue, reported that Iranian defenses have so far brought down the uncrewed Reapers, with at least nine being destroyed in the air, and one was hit at an airfield in Jordan by a ballistic missile.
The other two Reapers were reportedly lost to accidents.
The report claimed that the most serious losses were due accidents, including three US F-15s purportedly downed by “friendly fire” in Kuwait, and a KC-135 tanker destroyed during a refueling operation.
That’s while the Islamic Resistance in Iraq last week said that its fighters managed to intercept a strategic KC-135 aircraft belonging to the US military in the skies over...
Iranian Parliament Speaker Mohammad Baqer Qalibaf, has hailed the historic striking of an American F-35 stealth fighter by Iranian forces, declaring that the destruction of this symbol of US arrogance marks the collapse of the Western-led world order.
In a Friday post on his X account, Qalibaf emphasized that the jet represented the core of Washington's delusions of military supremacy.
"The F-35 was not just a fighter jet, it was a monument to the invincibility and arrogance of the American military; a theological symbol, claimed to be invisible to any eye and superior to all power," he wrote before citing a Qur'anic verse: "however, 'the Hand of Allah is above their hands'." (Holy Qur'an, 10:48)
The Islamic Revolution Guards Corps (IRGC) confirmed that its advanced, modern air defense systems successfully neutralized the fifth-generation stealth aircraft over central Iran’s airspace at 2:50 a.m. local time on Thursday.
The Parliament Speaker noted that the myth of American stealth ...
Iranian Foreign Minister Abbas Araghchi has strongly denounced the recent blasphemous remarks against Jesus Christ by the Israeli regime’s prime minister, Benjamin Netanyahu.
"For a man so reliant on goodwill of Christians in the United States, Netanyahu's open disdain for Jesus Christ (PBUH) is remarkable," Araghchi said on Friday on X.
Netanyahu’s unbridled praise for Genghis Khan, "the worst slaughterer our region has ever seen, also fits with his current status as a wanted war criminal," the top Iranian diplomat added.
During a televised address on Thursday, Netanyahu lauded those who disobeyed the path of Jesus and instead committed crimes.
"Jesus Christ has no advantage over Genghis Khan. Because if you are strong enough, ruthless enough, powerful enough, evil will overcome good. Aggression will overcome moderation," Netanyahu said.
The clip of Netanyahu's remark went viral, with many interpreting the comments as blasphemous and anti-Christian.
Condemnations also poured in...
