'This is final chord of free market era' Disconcerting interview with consultant to global hedge funds Avi Tyomkin, who links the Israeli social protest to global processes. 'We're heading for a huge global nationalization wave of financial bodies. Presently, the private sector is the problem and governments are the solution' Over recent weeks, we have been hearing the final chord of the free... [more]
'This is final chord of free market era'
Disconcerting interview with consultant to global hedge funds Avi Tyomkin, who links the Israeli social protest to global processes. 'We're heading for a huge global nationalization wave of financial bodies. Presently, the private sector is the problem and governments are the solution'
Over recent weeks, we have been hearing the final chord of the free market era," says hedge fund macro-economics consultant, Avi Tyomkin. "The world is slipping into a new, deep recession which will entail vast privatization of the global financial system. The only banks that will remain standing are the central banks with commercial banks serving as their extension."
Tyomkin paints a future far gloomier then the one he talked about in an interview to Calcalist in December 2008. In that interview, Tyomkin said "Europe is hurtling towards a calamity which will explode in the form of a recession deeper than in any other country in the world", he then claimed. "The European financial system will undergo sever crises and unemployment will climb as well."
He adds that "in contrast to the old world, the private sector is the new world's problem and governments are the solution. This shift will manifest in governments becoming increasingly involved in the market, including regulation, oversight on capital movements and more."
Tyomkin further explains, "Protectionism of local products and hiking import taxes and duties at that, is starting to rear its head once again in the trade war between countries and the abysmal conflict of interests among them. Globalization is in regression."
http://www.ynetnews.com/articles/0,7340,L-4105760,00.html[less]
