U.S. Banking Collapse


Harvard University Professor Kenneth Rogoff, former chief economist of the International Monetary Fund (IMF), said the worst of the global financial crisis is yet to come and “a large U.S. bank will fail in the next few months.”

His comments at a Singapore conference came as shares in Fannie Mae and Freddie Mac sank on a report that the home lenders would, in effect, be nationalized.

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