The Global Financial System Is Dangerously Unstable and Faces an Avalanche of Bankruptcies: Top Economist Who Predicted 2008 Crash (Source globalresearch.ca) William White [pictured left] is one of the world’s top economists. He was the head economist for the Bank for International Settlements (BIS) – the world’s most prestigious financial institution, called the “central banks’ central bank – comprised of the world’s central banks.  He is now the chief economist for OECD, made up of most of the world’s richest and most powerful countries. As chief economist for BIS, White predicted the 2008 crash. While the mainstream financial media like CNBC has been trumpeting fake, happy news for many years, White confirmed yesterday what the best alternative financial sites have said for a decade: The global financial system has become dangerously unstable and faces an avalanche of bankruptcies that will test social and political stability. “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,” he said.   “It will become obvious in the next recession that many of these debts will never be serviced or repaid, and this will be uncomfortable for a lot of people who think they own assets that are worth something” “The only question is whether we are able to look reality in the eye and face what is coming in an orderly fashion, or whether it will be disorderly.