Next phase of financial meltdown to start now - In the U.S. and many other countries, the too-big-to-fail banks have become even bigger: Joseph Stigli

The biggest financial financial downturn is about to start. The unemployment may shoot to 20%, most major banks will fail. Dollar will collapse. Stock market will crash. Real estate will get wiped out.

Joseph Stiglitz, the Nobel Prize- winning economist, said the U.S. has failed to fix the underlying problems of its banking system after the credit crunch and the collapse of Lehman Brothers Holdings Inc.

“In the U.S. and many other countries, the too-big-to-fail banks have become even bigger,” Stiglitz said in an interview today in Paris. “The problems are worse than they were in 2007 before the crisis.”

Marla Guthrie
India Daily