Global Economist Who Predicted 2008 Meltdown, Again Pessimistic

William White, former economist at the the Bank for International Settlements in Basel, a joint organization of all the world's central banks, who predicted the 2007 financial crisis before it happened, is again at the forefront of controversial predictions. 

Although White retired from the BIS at age 65, he continued his career at another prestigious organization. This Canadian native is now chairman of the Economic and Development Review Committee at the OECD,  an international economic organization of 34 countries. At the annual "happy, go very lucky" get-together at the World Economic Forum in Davos, he was interviewed by the British The Telegraph, and this is what he told The Telegraph's international editor, Ambrose Evans-Pritchard:

"The situation is worse than it was in 2007. Our macroeconomic ammunition to fight downturns is essentially all used up...

" Debts have continued to build up over the last eight years and they have reached such levels in every part of the world that they have become a potent cause for mischief...