by Jeff Berwick
“Alarm bells have been ringing over the explosion of corporate debt levels in emerging economies, which now exceed $25 trillion … Damaging deflationary spirals cannot be ruled out”.
This grim assessment comes from an article posted at Telegraph.co.uk, that quotes a recent annual UN “Conference on Trade and Development” report. The article is entitled, “UN fears third leg of the global financial crisis – with prospect of epic debt defaults,”
The writer’s name is Ambrose Evans-Pritchard and he’s one of Britain’s most prominent journalists, known for his hard-hitting reporting. He’s also the editor of the International Business section of the Daily Telegraph.
Here’s how it begins: