The head of VTB called for a new global crisis

Kostin noted that the US economy is performing better than before. “China, by the way, has gotten hooked a little, but it seems to me that this is not a death sentence; it also has its own logic, its own economic restructuring,” noted the VTB director.

At the same time, Kostin emphasized that a crisis always occurs unexpectedly, so “you always have to wait.” The businessman recalled that no one expected the coronavirus pandemic, which caused a crisis in the world economy.

The director of VTB recalled the past global crisis and said that at the beginning of the mortgage crisis in the United States in 2007, he was in Washington and called an acquaintance, a “well-known specialist.”

“I say, ‘Listen, what should we do? The crisis has begun.” And he says, “Nothing.” I say, “This hasn’t happened in a hundred years.” “You see, we’ve already missed this one and we won’t live to see the next one in a hundred years. Relax,” Kostin quoted the dialogue.

• September 15 is considered the start date of the 2008 global financial crisis. On that day, the American investment bank Lehman Brothers declared bankruptcy due to problems with mortgage bonds. The collapse of Lehman Brothers is considered to be the culmination of the American mortgage crisis, which began in August 2007, and its transition to the global financial crisis.
• Previously, the Bank of Russia presented three scenarios for the development of world economies, including the Russian one. The regulator described a “baseline” scenario, “increasing fragmentation” and “risky.”
• The “risky” scenario assumes an increase in inflation and a tightening of the countries’ monetary policies. A rapid increase in interest rates will lead to a global financial crisis at the level of 2008, the Central Bank indicated.