There’s an excellent interview in The Market with William White, former chief economist for the BIS, who worries that America is turning against the very financial system it has built.
William White is used to warning the powerful in politics and the financial world – and being ignored by them. The Canadian-born economist has worked for central banks for almost fifty years, including the Bank for International Settlements (BIS) in Basel, where he was chief economist until 2008. He was among the few voices warning of the financial crisis at the time.
Today, he worries about bloated debt levels in most Western economies, complacent financial markets and a fragmentation of the world economic and financial system. «We could see the formation of two blocks, one dollar based, and the other renminbi based, where the renminbi block will be more and more backed by gold. People will choose their block in part based on whom they trust», White says.