Financial Armageddon? It’s not inevitable, but…

Risks in the international financial system have been rising for a while.

In recent months bank valuations and some credit default swaps (CDSs – the rates at which banks insure each other) for European banks have reached levels not even seen during the Credit Crunch of 2008.

Brexit has created a climate of uncertainty – not just for the UK, but for Europe as a whole.

But there is another malign force at work – the relentless rise in debt in a zero-interest world. Even cash-generative China is awash with debt.

A crunch of some kind is coming – though what form it will take is arguable. Financial Armageddon over the next two years is not inevitable, but it is beginning to look likelier than not.

Don’t despair. I’ve got some ideas on how to survive a possible banking collapse…

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Victor Hill: Victor is a financial economist, consultant, trainer and writer, with extensive experience in commercial and investment banking and fund management. His career includes stints at JP Morgan, Argyll Investment Management and World Bank IFC.