A warning has been issued to UK bank account holders – with experts informing the Daily Express that they should get cash out of banks quick. Banking experts have warned the financial world is on the brink of the “biggest crash” in history – just like back in 2008, when the crisis hit.
Robert Kiyosaki, author of financial self-help book Rich Dad Poor Dad, told his followers to take cash out of their banks. He said: “Bank credit just sold off like 2008. Get some cash out of banks as you need cash. This may be the start of the biggest crash in history. Hope I am wrong yet no time to play Russian Roulette with your life.”
Paulo Santos Monteiro, Professor of Economics at the University of York, said: “If, as seems likely, interest rates stay higher for longer, this may be a cause for concern for the UK economy. So I am much more concerned about the household sector.
“If the labour market stays strong we should be OK, but if not there could be a recession on the horizon. But it will be a traditional recession and not one like in 2008.” Professor Sambit Bhattacharyya, Head of Department of Economics at the University of Sussex Business School, said the overall public debt burden also poses a threat, sitting “dangerously above” 90 percent of global GDP.
He added: “Western European and North American economies are significantly more leveraged than this average. Which makes them more vulnerable to trade, supply chain and currency related shocks.” Professor Bhattacharyya warned a diversion of global trade is now “inevitable” and will impose short and long-term costs on the world economy.
He warned: “Costs will fall unequally across countries and it seems likely that cost incidence on Western economies would be disproportionately higher. Western economies rely more on international trade to source raw materials, consumer goods, and food compared to their rivals.”
