Monday, April 13, 2009
No matter what they are saying, It’s still not all rosy
According to press reports the IMF may allegedly be increasing its estimate of global bank losses to $4 trillion, a figure consistent with estimates by a variety of independent bank analysts
The RGE Monitor has been suggesting for a while that "total loan losses by US based financial companies could peak at about $3.6 trillion. Essentially, it suggests that the United States' banking system if virtually bankrupt. The IMF is now also catching up and suggesting a figure $4 trillion. It now looks like the G20's $1 trillion injection will be a drop in the bucket. Hold onto your hats - it's not looking pretty at all.