World Economic Forum Warned Of Economic Chaos To Come
June 24, 2007 (LPAC)--Participants at the World Economic Forum on East Asia, held this weekend in Singapore, were treated to some blunt warnings about the "economic chaos" to come, and the "vicious" aftermath it will leave in its wake.
"You can't predict when it's going to come. You can't predict the scale but there's a feeling that when it comes, it's going to be a pretty large impact and going to be very difficult to manage," warned Tharman Shanmugaratnam, the Second Minister for Finance in Singapore, according to XFN Asia.
Thailand's Minister of Finance Chalongphob Sussangkarn warned that there was no "self-correcting mechanism" to deal with global financial imbalances. "So we are moving basically in a situation where there's no real correcting mechanism and hoping that one day the market will perform a correction," he said. "But as we all know it's like when you stretch an elastic band... eventually it will snap and this will bring about a huge amount of economic chaos in the world."