Former CEO Of UBS & Credit Suisse:
"It Will All End In A Crash"He warns that central banks will eventually lose their credibility in the markets but that this could take 10 years or more, at which point it will "all end in a crash." What happens then? The former CEO believes that the final outcome will be wholesale financial nationalization: “after that all banks could belong to the state .. After the financial crisis, politics has taken power in the banking sector: It has bound the banks into a regulatory corset and now they can no longer move. Politicians have told central banks: now you determine what is going on with the economy." .. Grubel takes issue with the unprovable claim that only trillions in central bank liquidity injections prevented the entire world from sliding into a 1929-type depression: "It is said that without this money we would fall into the worst recession since 1929. This is a typical utopian-socialist interpretation of the economy, which knows no limit of government debt .. a recession is sometimes necessary to abolish old structures and to bring renewal."
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