Bank of International Settlements warns of global economic crash, "with a vengeance"

The Bank of International Settlements -- the "central bank for central bankers" -- has released its latest annual report, warning that the looming debt crises in China, Hong Kong and Thailand could precipitate an abrupt collapse, or, as BIS monetary and economic department head Claudio Borio put it, "That end may come to resemble more closely a financial boom gone wrong, just as the latest recession showed, with a vengeance." (more…)