According to the IMF, the world’s next financial meltdown can happen again soon. They contend that the safeguards against this happening again were never put in place by governing institutions.
This isn’t my area of expertise but I do remember when Glass-Stegall was repealed in 1999, that was put in place after the Great Depression of 1929, resulted in our crash of 2008…less than 10 years later.
Many people lost their retirement savings in 2008 because investment ratings were misrepresented by financial institutions and yet…who paid the price? Now when the financial market is global, who presides over everyone that all must adhere to making the playing field equal, fair and as economically safe as possible?
The world economy is at risk of another financial meltdown, following the failure of governments and regulators to push through all the reforms needed to protect the system from reckless behaviour, the International Monetary Fund has warned.
What say you?