According to Mr. Filger, the unprecedented growth in public debt affecting major advanced and developing economies, justified as the cost of rescuing the global financial system from the abyss, has actually set in motion a process that will ultimately lead to a massive sovereign debt crisis. “Public debt to GDP ratios have grown by staggering proportions, especially in the United States and United Kingdom, while the fundamental affliction of the banking systems in these countries and elsewhere remains unresolved: toxic assets corrupting their balance sheets. When the next stage of the banking crisis erupts, driven in large part by a projected collapse in the commercial real estate market, sovereign governments will have become utterly insolvent, rendering them incapable of borrowing the vast sums required for the next financial bailout,” Sheldon Filger stated.
The combination of government insolvency and banking systems collapsing under the weight of non-performing assets will lead to a critical aggravation of the global economic crisis by 2012, according to the report, which projects a synchronized global depression through at least 2015.
"Global Economic Forecast 2010-2015" is available for purchase at http://www.createspace.com/
Sheldon Filger can be contacted at shel101@mts.net and by phone at 204-786-5845;
