In 2008, excess debt pushed the global financial system to the brink. It was a golden opportunity for governments and banks to reform the system. But rather than deal with the problem, they papered over it by issuing more debt. Worldwide debt levels are now $57 trillion higher than in 2008. Even the IMF is waking up to the fact that financial risks are rising.

Doug Casey, Chairman of Casey Research, has a dire warning. He says the ultimate day of reckoning is drawing near and that banks are headed for collapse.

Comparing how the government handles financial problems to how it handles forest fires, Doug said:

"Extinguishing them quickly provides an immediate and visible benefit. But the delayed and forgotten consequence of doing so is that it allows decades of deadwood to accumulate. Then when a fire starts, it can be a once-in-a-century conflagration."