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This Is Frightening & Destabilizing To The Financial System
kingworldnews.com / September 25, 2012
Today Rick Rule spoke with King World News about the current danger and frightening instability in the global financial system. Rule, who is now part of Sprott Asset Management, also noted this has created a situation where, “One party to a trade may default.” This reveals that the financial system could once again be in a 2008/2009 crisis type situation in the blink of an eye.
Here is what Rule had to say: “What’s interesting, Eric, with the world increasingly globalized, is the shocks that affect Japan don’t just affect Japan. They affect Europe and the rest of the world. We’ve seen, as an example, the follow-on impacts in 2008 when the US housing crisis tightened up inter-bank lending around the world, and that led to a psychotic break in the markets.”
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Rick Rule continues:
“The banking system is globalized, the trade system is globalized, so things that impact us in one part of the world impact us on a global basis. There are any number of calamitous events (which could take place), and I would suspect the world is full of potential black swans.
The point that Nassim Taleb makes, in his work, is it’s always the black swan that you don’t anticipate that knocks you for a loop….
