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London Telegraph Columnist sees Threat of ‘Lehman-Style Crisis’

March 15, 2015 (EIRNS)—In his March 14 column, Telegraph columnist Liam Halligan warns that the de facto "currency warfare" resulting from the massive "quantitative easing" by the European Central Bank, and the expected imminent increase in U.S. interest rates, threatens to bring on a "Lehman-style crisis," that is, a crash.

The threat comes, he said, because "we live in the age of ‘extraordinary monetary measures’ and ‘central bank diktat.’"

In other words, real economy has nothing to do with it. It’s

"the speed with which they [countries] can depreciate their currencies against one another," which is driving the crisis, and he believes "such situations are prone to escalate into and, ultimately, conflict."

The Financial Times’ writer Gavyn Davies adds that the speculators are counting on a decision being made as early as the Federal Open Market Committee meeting this week, that U.S. interest rates will be raised at the June meeting.