HSBC CEO Noel Quinn
The Debt Dilemma
According to Quinn, the rate at which governments worldwide continue to borrow is unsustainable. A reckoning, he suggests, is inevitable and economies could be 'hit hard.' His warning, far from being an isolated view, aligns with the concerns voiced by other Wall Street bankers and global institutions, such as the IMF and World Bank, about the health of the global economy.
Over the years, governments have been borrowing heavily, pushing the global debt to unprecedented levels. Now, that debt is nearing a critical threshold. If this trend continues unchecked, it could potentially trigger a global financial crisis, the likes of which could dwarf the 2008 recession.
Global Concerns and European Challenges
The IMF and World Bank have long been sounding the alarm over this mounting debt. In 2020, global debt reached a record high of $281 trillion, equivalent to a staggering 355% of global GDP. The World Bank, too, has highlighted the growing debt burden, particularly in low-income countries, where the capacity to manage such debt is severely limited.
Quinn also sheds light on Europe's economic predicament. The continent is grappling with a low-growth economy, a problem that has been exacerbated by the COVID-19 pandemic. To tame inflation, Europe may have to resort to maintaining higher interest rates for a prolonged period. However, this also poses a risk of dampening economic growth further.
A Clarion Call for Action
Quinn's warning is not just a prognosis of doom but a call to action. His voice joins a growing chorus of economic experts and institutions expressing grave concerns about the state of the global economy. The mounting debt and high levels of government borrowing pose a significant risk to the stability of the global financial system. It is a problem that requires immediate, concerted action from governments worldwide.
If unchecked, this 'tipping point' on debt could indeed result in a global reckoning. The current rate of borrowing is unsustainable, and economies could be 'hit hard' as a result. This is not merely a hypothetical scenario, but a very real possibility if global debt continues to climb unchecked.
The world's financial health hangs in the balance. Quinn's warning serves as a reminder that the time for action is now, to prevent the tipping point from becoming a point of no return.
Comment: With the above in mind, and considering how the US government could be one of the biggest losers in the next global financial collapse, and so backing of Israel's accelerated genocidal campaign in Gaza makes more sense, because it will serve a number of agendas; it distracts from the undeniable fact that the US has lost its Ukraine-proxy war on Russia; inflation, debt and unjustifiable spending can be blamed on the 'unexpected war in Israel'; this war footing could expedite corrupt spending bills (to continue funding these wars), as well as any other policies that the deep state need to ram through, bypassing the democratic process, including those which could critically impact the upcoming US elections.
The destabilisation of the Middle East will also seriously scupper China's Belt Road Initiative, and the chaos creation campaign also just happens to be near enough to the borders of Russia, and China to be problematic for them.
That's not to give the deep state too much credit in their strategy, because, for the most part, it seems more like their desperation has compelled them to start fires everywhere they can in the hopes that some of them will ultimately serve the agenda: