Fischer: Global Economy Facing 'Approaching Crisis'

[Chris]

Fischer: Global Economy Facing 'Approaching Crisis'
Bank of Israel Governor Stanley Fischer predicted an 'approaching crisis' for world markets at 12th Annual Herzliya Conference.
By Gavriel Queenann
First Publish: 2/1/2012, 4:45 PM

Bank of Israel Governor Stanley Fischer painted a stark picture of the global economy saying the world faced an "approaching crisis." "We have a partial description of the approaching crisis," Fischer said at the Herzliya Conference on Wednesday. "These are the IMF forecasts – its recent forecasts – that they posted just one week ago. The most interesting thing is that, as for the global economy, the growth forecast is 3.3%," he said. "When I was at the IMF ten years ago, we were talking about 3.5 for the global economy as the point between normal growth and recession," he said. "This figure [3.3%] is in recession." Explaining the practical impact, Fischer said, "Buying power is much lower when we talk about exchange rates." Fischer also noted global pessimism about the ongoing economic crisis faced by nations the world over, adding the US alone had not lowered its forecast for 2012.

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[Duncanmc]

When the inevitable global crash happens I think it paves the way for a truly unified one world economy and currency system. I'm not intelligent enough to explain the particulars but a logistical unification of this type must occur for the mark to work as prophesied.

[WKUHilltopper]

When the inevitable global crash happens I think it paves the way for a truly unified one world economy and currency system.

And possibly the idea the world needs a "Mr. Fix-it". I can see how this could be the sales job (con-job) used to justify a one world leader.

[israelmybeloved]

There saying that gas prices could reach as much as $5.00 a gallon by summer, here in the midwest it is right about $3.59. This would not help the economy. People putting $100plus in the tank, trying to make ends meet, to keep their jobs so they can keep paying for gas to get back and forth to work. I can see a bigger recession in the making than we had back in 08-09. Especially if Israel attacks Iran, all bets off with the economy, it will go down hill very fast, not just here, but all over the world. No matter if gas prices gets to be $15.00 a gallon here in the U.S. I will stand with Israel.

No matter where I stand, I stand with Israel