The loss that A.I.G. is preparing to report on Monday would be the largest ever by any company in a single quarter.
“As we look at 2009, on every issue, with the single exception of Iraq, everything is worse…Pakistan is worse. Afghanistan is worse. Russia is worse. Emerging markets are worse. Everything big out there is worse, and some will be made even worse by the economic crisis.”
There is a geopolitical storm coming, concluded Bremmer, “and it is not priced into the market yet.”
The biggest challenge facing China is not slowing growth but unemployment, which could trigger social unrest, a Chinese government minister has said.