Economy: ‘The Worst Is to Come’

Those words from the former chief economist of the International Monetary Fund, who warns that the global economic malaise is only at its halfway point, if that. “The U.S. is not out of the woods,” says Ken Rogoff.

Guardian:

Ken Rogoff, the former chief economist at the International Monetary Fund, added to market jitters by warning that the worst of the crisis was yet to come.

“The US is not out of the woods. I think the financial crisis is at the halfway point, perhaps. I would even go further to say ‘the worst is to come’,” he told a financial conference in Singapore.

“We’re not just going to see mid-sized banks go under in the next few months, we’re going to see a whopper, we’re going to see a big one—one of the big investment banks or big banks,” Rogoff said.

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