Société Générale tells clients how to prepare for potential 'global collapse'

Chimichurri

(1000+ posts) Send PM | Profile | Ignore

Thu Nov-19-09 08:25 AM
Original message

Société Générale tells clients how to prepare for potential 'global collapse'

Edited on Thu Nov-19-09 08:28 AM by Chimichurri

excerpts from articles)

In a report entitled "Worst-case debt scenario", the bank's asset team said state rescue packages over the last year have merely transferred private liabilities onto sagging sovereign shoulders, creating a fresh set of problems.

Overall debt is still far too high in almost all rich economies as a share of GDP (350pc in the US), whether public or private. It must be reduced by the hard slog of "deleveraging", for years.

"As yet, nobody can say with any certainty whether we have in fact escaped the prospect of a global economic collapse," said the 68-page report, headed by asset chief Daniel Fermon. It is an exploration of the dangers, not a forecast.

http://www.telegraph.co.uk/finance/economics/6599281/Societe-Generale-tells-clients-how-to-prepare-for-global-collapse.html

Printer Friendly | Permalink | | Top

ixion

(1000+ posts) Send PM | Profile | Ignore

Thu Nov-19-09 08:49 AM
Response to Original message

1. "transferred private liabilities" = corporate welfare = taxpayer robbery

:argh: :grr:

Printer Friendly | Permalink | | Top

DU AdBot (1000+ posts)

Mon Apr 29th 2024, 11:30 PM
Response to Original message

Advertisements [?]

Top

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.