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Let me warn you. If you don't like bad news then pass on reading this article.
The IMF Issued a comprehensive report on the financial state of world economies. The report, which was carefully researched, is full of gloomy findings that may shake you up a bit. Even with massive stimulus efforts worldwide, world economies still face major hurdles. Here are some highlights of the IMF report:
- Global financial institutions face a total of $4.1 trillion in loan losses and other assets.
- The IMF estimates that the US would write down $2.7 trillion in losses up from $2.1 trillion previously estimated.
- Including Japan and Europe write downs are expected to reach $4.1 trillion. Banks will bear 2/3 of these losses with the rest coming from hedge funds, insurance companies and pension funds.
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