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U.S. Fund Manager Warns of Global Financial Collapse

Jan. 13, 2017 (EIRNS)—Mitchell Feierstein, a U.S. manager of the London-based Glacier Environmental Fund who has been exposed to LaRouche’s ideas, warned of a collapsing real estate bubble in the United Kingdom and of the incoming next global financial collapse, in a piece in the Evening Standard Jan. 11.

Feierstein blasts central banks’ policy of keeping zombie banks alive, manipulating asset prices and destroying the real economy, focusing in particular on Marc Carney, the head of the Bank of England. The BOE policy under Carney

"has resulted in a U.K. commercial and residential property bubble that is ready to explode. In Chelsea and Kensington, property transaction volumes have plummeted. Prices collapsed nearly 15% in November as property agents quietly close shop and sack employees across London."

Central banks’ policy "has killed savers, students and seniors while generating record bonuses for chief executives. While earnings may have peaked almost 18 months ago, stock prices keep bubbling and wealth inequality continues to surge to record highs—along with homelessness and underemployment."

Maybe Carney will blame Putin and Brexit for the upcoming problems, Feierstein ironically says.

The oldest bank in the world, Monte dei Paschi, was destroyed

"thanks to the handiwork of JP Morgan, Deutsche Bank, and Nomura. They sold Monte billions of dollars of derivative trades it did not understand. These predictably exploded, leaving the bank bust":

"We are approaching a collapse of the global financial system that will make 2007-09 look minuscule," Feierstein wrote, "and right now we need to audit and abolish the Fed, the Bank and the ECB, which started this mess, and slay the zombies." Feierstein then calls for "a new global banking paradigm," without specifying what it should be.

Feierstein has written a book, Planet Ponzi, which calls for writing off the non-performing debt held by Too Big to Fail banks.