Greenlight Capital David Einhorn Says Second Financial Crisis Rolls Over Us If Interest Rates “Ever Go Up Again”

Posted By on December 26, 2010

Beware of the “Ides of March”….This makes all the sense in the world, as the second crisis will likely be bigger and more dynamic then the first one. 

 

America is storing up a second financial crisis by keeping interest rates at record low levels, according to David Einhorn, the hedge fund manager who first publicly warned about the financial catastrophe facing Lehman Brothers.

“The crisis that required zero interest rates has passed,” said Mr Einhorn, who co-founded and runs Greenlight Capital, a $6.5bn (£4.2bn) fund. By not raising rates “it increases the chance that governments will over-borrow and fall into a debt trap”.

The criticism of the Federal Reserve comes as it embarks on another $600bn (£380bn) of quantitative easing – or printing money – in an effort to fire up a stronger recovery next year.

Interest rates around the western world, including in Britain, have sat at or below 1 pc since the near collapse of the financial system in 2008 triggered a global recession.

“If interest rates ever do go up again, you have another crisis,” Mr Einhorn told The Sunday Telegraph.

Those in favour of very low interest rates point to the support it has given the real estate market in the U.S.

More at: http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8224338/Lehman-prophet-fears-second-crisis-if-US-interest-rates-are-kept-low.html

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