Fears next financial crash has ALREADY started – and will be WORSE than 2007 disaster

BRITAIN may already be on the brink of financial disaster and nobody knows it, it has been warned.

Daily Star

Tom Towers

13 September, 2017

Tomorrow marks the 10th anniversary of the 2007 crash, which saw wage freezes, falling house prices and a higher cost of living with millions still feeling the effects.

The crisis was sparked in the UK when panicked Northern Rock customers withdrew millions of pounds causing the bank to collapse.

Yet now the next financial disaster may already be unknowingly under way and will have an even more devastating effect, according to a US expert.

Businessman Jim Rogers told Daily Star Online: “It may have already started. Most stocks are going down, these things always start small, start slow.

“In 2007, Iceland went bankrupt, most people didn’t even notice and then the next thing you know Ireland went bankrupt.

“By the time Lehman Brothers went bankrupt everyone knew something was wrong. The market did not hit bottom until 2009 and it’s been going down for a couple of years.

“It usually starts that way, when people are not looking.”

Rogers worryingly pointed out that many pension plans in the US are already potentially bankrupt, having already lost $1.3 trillion (£9 billion) in the 2007 crisis.

If the US economy does collapse it will send shockwaves across the world and cripple global markets.

The Central Bank insists there will not be another crash, but history suggests otherwise.

Rogers added: “In America we have had economy problems every four to eight years since the beginning of the Republic. It’s been nine years since the last one so we’re overdue.

“In 2008 we had a problem because of too much debt, now the debt is much, much, much higher everywhere in the world.

“The next time we have a financial problem it’s going to be the worst in your lifetime.”

Brits are already struggling and have significantly less cash to splash than 10 years ago.

Disposable income after bills is down by a shocking 33% since then, from £10,889 in 2007 to £7,253 today.

Hard working-families are forking out a quarter more to feed their children and rent has shot up by the same amount.

The Bank of England Governor Mark Carney has also claimed that Brits are £20,000 poorer as a result of the financial crash.

He told The Sun: “The financial crisis was not just something that happened in banking. Governments had to use your money to save banks from failure.

“When the global financial crisis hit it spread panic through a banking system built on weak foundations and it left everyone in Britain an average of £20,000 worse off.”