Shades of Neville Chamberlain In Yellen's Crisis Prediction

In September 1938, on the eve of the Second World War, on returning from Munich Prime Minister Neville Chamberlain assured the British public that there was to be “peace for our time”. This week, some eighty years later, speaking in London Federal Reserve Chair Janet Yellen assured us that in our lifetime we will not experience another financial crisis like the one we experienced in 2008. Ironically, she did so on the very day that the Bank for International Settlements (BIS) issued a stark warning about the dangers of an excessive buildup of debt around the globe.