The next financial crisis is unavoidable, and American
As an economist, I am not naturally inclined to optimism. The chaos of the world, masked by appearances of stability, prompts me to be vigilant. A financial crisis is looming, insidious and silent, which makes it all the more formidable. And its eruption will surprise all those who failed to hear the portentous rumbling. I fear that this crisis will be systemic, inevitable, and impossible to diversify, as it will be based on the explosive combination of two factors: the US public debt, which has probably become unsustainable; and the fragility of the dollar itself, the shaky pillar of the international financial system.