After Harry Markopolos became an international hero for taking down Bernie Madoff’s $65 billion Ponzi scheme in 2009, Markopolos gave King World News an exclusive interview. Markopolos then gave King World News an exclusive in 2011 when he exposed the stunning corruption and theft that were taking place at Bank of New York Mellon as well as other banks. Today KWN is publishing a portion of the third bombshell interview Markopolos has given to King World News, this time warning a wild card may be about to hurtle the world into the 2nd Great Depression.
Eric King: “Harry, I’ve always said it gets more intense as we go through these type of economic cycles that we are in now. When 2001-2003 unfolded, people didn’t understand how it could get worse until we had (the collapse of) 2008-2009. I’ve been saying for many years that the next one will be worse than 2008-2009. If that (premise) is correct, Harry, what will cause it to be worse than 2008-2009? What has that kind of potential?”
Harry Markopolos: “If you are taking the number two economy out of the equation, which is China. Here is an economy where real estate prices are so insane that every cab driver owns multiple rental units — that’s how you know you are at the peak. When the cab drivers are telling you about investment opportunities, that’s the peak. And so in China you have median home prices that are 20 or even 30 times median household incomes…
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To show you how insane that is, in the United States when that ratio gets to roughly 11, or north of 10 let’s say, that’s typically when real estate has a problem and comes back to earth. And so they (China) are two or three times the insane levels that we have reached in the past. So there’s going to be some problems there where you are probably going to see real estate prices go down 80% or 90% in the most overbought markets in China. That’s going to create a huge crisis in China.”
Eric King: “So as I hear you talk about this, Harry, China has the potential to be the next domino effect that brings down the world financial system.”
3 Ground Zeros For The Next Global Collapse
Harry Markopolos: “I think there is another wild-card out there, Eric. … If I had to pick a ‘Ground Zero’ for systemic risk, it would either be China, the (listen to the audio to learn what the other two are) … and if one of those three goes down, the other two will probably be dragged down with it. And so all of those chickens will come home to roost and it’s going to be a financial crisis that we haven’t…” To listen to the remarkable audio interview with Harry Markopolos that has just been released CLICK HERE OR ON THE IMAGE BELOW.
***ALSO JUST RELEASED: BREAKING: Madoff Whistleblower Harry Markopolos Says US Government Is A Giant Ponzi Scheme, A Full-Blown Panic Is Coming And Journalism Is Dead CLICK HERE.
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