Deutsche Bank has, according to the FT, warned that:
Credit rating downgrades of troubled bond insurers could trigger a potential financial "tsunami" that could be as far-reaching as the subprime mortgage crisis
I have mentioned this before. I think the risk is enormous.
And it's not a coincidence that a lot of the crap debt is in the unregulated, secret world inappropriately called offshore. The secrecy jurisdictions that make up the tax havens of the world have a lot to answer for. And there days must be numbered.
Thanks for reading this post.
You can share this post on social media of your choice by clicking these icons:
You can subscribe to this blog's daily email here.
And if you would like to support this blog you can, here: