Former Fed official warns of ‘urgent’ threat of another financial crisis

MarketWatch/Chris Matthews

Repost from 10-30-2021

graphic image of bank with red flag“Don Kohn, the Fed’s former vice chair for financial supervision, used the opportunity instead to warn of imminent risks to the stability of the global financial system, and called on regulators and lawmakers to take swift action to address those concerns.”

USAGOLD note: The amount of leverage in the system compounds the possibility of black swan events and would likely amplify their effect. Earlier this summer, Kohn, who spent 40 years at the Fed including four as vice chairman, warned about rising inflation saying that the central bank is not well-positioned to deal with it. Now he adds systemic risks to his list of concerns.

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