Experts Warn of Global Financial Collapse Due to Decisions of Central Banks

Ken Rogoff, the former chief economist at the International Monetary Fund (IMF) and professor of Economics at US Harvard University, said that the current rates of raising interest rates on currencies in the world may lead to an economic "earthquake" that will have repercussions in the entire world.

Speaking to the British newspaper, The Telegraph, Rogoff added that rising interest rates around the world could lead to a global recession, pointing to rising interest rates around the world and economic uncertainty in the United States, in a grim warning to the markets.

Pro. Rogoff warned that the US government could default on its debt later this year, something that could wreak havoc on other major economies.

"Global debt has skyrocketed since the Coronavirus pandemic plus public debt, corporate debt, everything," Rogoff said. He also predicted that Japan would be the one causing the global meltdown because the country might raise interest rates for the first time in 30 years.