Former Goldman Sachs president says our economic situation will end in tears
Apr 29, 2016
John Thornton seems to have had a come-to-Jesus moment.
“[W]hile you might think that the economy has pretty much recovered from the Great Recession of 2008, one prominent financier thinks the problems that caused that big meltdown have been papered over and will come back to hurt us again…. John Thornton, the former president of Goldman Sachs (GS), who likes to take the long view, says he’s “feeling uneasy” about the global economy right now and thinks we’re living on borrowed time.
“After the events of 2008, really since then, the central banks either collectively or individually have tried to implement policies which would, in effect, buy time for individual governments to take the actions they should take to put their houses in order,” Thornton says.
“By and large, the governments have not done that. So I feel as though we're sitting in 2016 with many of the same problems that we've had for the last eight or 10 years, they haven't been addressed very forcefully, we're living on borrowed time. And sooner or later, that ends in tears.”
The Head of Gold has spoken.
Thornton obviously does not buy into the government rosy reports on the economic outlook for this country. He says that “the same problems that we’ve had for the last eight or 10 years” are still with us today, because the fundamental problems have been “papered over” and not fixed. The main difference is that we now have doubled the national debt to paper over the problem. That’s really expensive wallpaper.
Perhaps Thornton has been reading Revelation 18 lately.
15 The merchants of these things, who became rich from her, will stand at a distance because of the fear of her torment, weeping and mourning…. 19 And they threw dust on their heads and were crying out, weeping and mourning, saying, “Woe, woe, the great city, in which all who had ships at sea became rich by her wealth, for in one hour she has been laid waste!”