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


Originally published at:


The actual report is here

It doesnt say what City AM or Cory Doctorow portray it to say. BIS regularly reports on potential risks both localized and systemic but “risk” in this case does not mean certainty.

I liked this one better at City AM

But of course that wont be a boingboing article.


Deja Vu all over again.


What a lovely debt-based world economy you have.
It would be a shame if something were to… happen to it…


I honestly think we won’t make it through the summer before the fragile economy here starts to crumble and that will go around the world


I don’t know, one of the editors could lose their mind and fall for that claptrap.


The 1% won’t be hurt in the least. If we are going to have a crash, I want someone like the Koch (pronounced “cock”) brothers begging me for food afterwards


After the last big one, I kinda think we minion consumers need a joint movement to actively undermine the citadels of money. Things like “Don’t buy Apple Week”, and spoofing demand areas in the economy.

Of course, this would only work at the level of a religion. But we need a new one, and we need this.


Join these stylish guys

But anyway, chances are anyone who would join such a “action” wouldnt be buying Apple products anyway.


Is the sort of imagery used at the top of the post really necessary?


You’re right. Maybe, something like bank regulation, strong unions, nationalizing failed banks, and a strong social safety net? Nah, it’d never work. The weaponized Keynesian recovery from the Great Depression was just a fluke, and Scandinavia is aberrant because, well Scandavia. Duh.


I hadn’t heard of City A.M. until this thread. Now I don’t feel so bad about profiting from industries that knowingly cause enormous human suffering. Thanks, City A.M.!


Me either but these kinds of sites are actually a dime a dozen.


Do you mean an animated gif or a nuclear explosion?


I love that track!


Maybe having a global economy has always been an unrealistic idea.


Exactly that. Normally that sort of doom-and-gloom imagery doesn’t bother
me as much, but 1) the situation isn’t quite that dire and 2) I had made
the mistake of reading my twitter feed before my coffee and my resistance
was already worn down.


So you meant the nuclear explosion then, as in that @doctorow is making a bigger deal out of this than he should.

I’d say it’s all about one’s perspective. Many people don’t see the previous crash in 2008 as a real disaster. To the folks losing some stock valuation, it was a bad day. To the people losing their retirement funds or their houses or their jobs, it was indeed a disaster. Some people are more vulnerable to these entirely controllable market “corrections” and changes than others.


I understand what you’re saying, but equating it to a nuclear blast capable
of vaporizing millions of people at one go and making land uninhabitable
for thousands of years is a little much, don’t you think?

It just seems like click bait, tbh. I expect more from BoingBoing.


Well, yes, if Cory was actually saying that, but I took it as just the sort of hyperbole people use when talking about the “nuclear option”, “blowing things up”, and other such phrases.

Welcome to BoingBoing.

Stick around and you’ll find both more and less. :smile: