Global Financial Crisis Coming – Japan Warns of “Lehman-Scale” Crisis At G7
Japanese Prime Minister Shinzo Abe warned his Group of Seven counterparts today that the world may on the brink of a global financial crisis on the scale of Lehman Brothers.
The Japanese Prime Minister presented data yesterday at the G7 summit he is hosting, showing that commodities prices have fallen 55 percent since 2014, the same margin they fell during the global financial crisis, interpreting this as “warning of the re-emergence of a Lehman-scale crisis”.
The Japanese Prime Minister Shinzo Abe failed in his attempt to have the G7 leaders warn of the risk of a global economic crisis in a communique issued as their summit wrapped up today in Japan.
The final statement failed to address the scale of the financial crisis facing the world today and instead gave the impression that the worst is over with somewhat Orwellian language which declared that G-7 countries “have strengthened the resilience of our economies in order to avoid falling into another crisis.”
The communique gives the impression that there is little risk due to strengthened, resilient economies when the truth is that there are significant risks facing the global financial system and the global economy.
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