"While it is too early to say whether a full-fledged financial crisis is imminent, the trajectory is unpromising," he noted at the outset.
"For the moment, whether the third banking crisis in two decades remains contained is a matter of faith and belief.He, too, draws heavily from history in making his assessment of the situation. "For the moment, financial markets are holding," he continued, "but as one analyst of the 1929 crash observed: 'Everyone was prepared to hold their ground, but the ground gave way.'"Not everyone is quite as concerned about the prospect of an imminent financial crisis.
Nick Sherry was financial services minister in the Rudd government at the time of the GFC, and involved in the moves to safeguard Australian institutions at that point."There's a much greater level of understanding of the risk to banks," he told The Business last week.Watch"There's a great deal of cooperation, understanding, globally, as well as at the national level."
Rabobank global strategist Michael Every is hardly known as a Mr Sunshine in the finance world, but he is also sceptical of a looming financial crisis.
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