(Story) – ‘..those BIS dissidents are muttering in the wings.’

‘A decade ago, whenever I chatted to anyone at Switzerlandā€™s Bank for International Settlements, I felt like I was hobnobbing with dissidents .. Earlier this month I travelled to Washington for an International Monetary Fund and World Bank meeting. There was a cheery mood in the air, just as there was in 2006ā€¦ But now, just as before, those BIS dissidents are muttering in the wings. At the IMF gala, Borio (still at the BIS) told me that the pesky matter of debt has not disappeared. On the contrary, since the 2008 credit crisis, it has risen sharply: the level of global debt to gross domestic product is now 40% ā€” yes, 40% ā€” higher than it was in 2008. The world has responded to a crisis caused by excess leverage by piling on more, not less, debt.’