By keeping interest rates so low, central banks have no tools left when the next financial crisis hits, according to a Bank of International Settlements report.
Since Puerto Rico and Greece are both in the news this week, as they suffer financial implosions, perhaps we should take a look at the bigger picture. What will the central banks do if this starts a bigger crisis?
According to one report, they can do nothing because they have already done it. The Telegraph reports, “The world is defenceless against the next financial crisis, warns BIS.”
The world will be unable to fight the next global financial crash as central banks have used up their ammunition trying to tackle the last crises, the Bank of International Settlements has warned.
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