A leading financial expert has warned of an impending major financial crisis on the same scale as the 2008 recession.
Albert Edwards, a strategist at international financial services group Société Générale, suggested that the western world is set to be hit with its second major recession in a decade, thanks to deflation caused by developments in the global economy. The market has already been rather unsteady, even just two weeks into the year. Stocks have fallen at a terrifying rate, lending rates are on the rise and the cost of oil is also seeing a steady drop. Edwards’ comments came not long after the Royal Bank of Scotland had its analysts urge investors to ‘sell everything’, at fears of a crisis-inducing stock market crash, much like the one suffered by the Lehman Brothers’ investment bank at the dawn of the recession in 2008. Edwards also suggests that yet another global financial crisis could result in the end of the Eurozone as we know it, despite the many efforts of the European Central bank to avoid this.
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In the face of all the doom and gloom, and another possible recession, many are choosing to keep their attitude positive. In his final State of the Union address today, the ever-optimistic President Barack Obama stated that “anyone claiming that America’s economy is in decline is peddling fiction”. Whether he was referencing the rising lending rates in USA is unclear, but if we needed to hear reassuring words from anyone, it would be from one of the planet’s leading people.