The Head Of The Central Bank Of The World Warns That Another Great Financial Crisis May Be ComingMichael Snyder And the fact that he recently warned that the global financial system is currently more fragile in many ways than it was just prior to the collapse of Lehman Brothers should set off all sorts of alarm bells. Speaking of the financial markets, Caruana ominously declared thatit is hard to avoid the sense of a puzzling disconnect between the markets buoyancy and underlying economic developments globally and he noted that markets can stay irrational longer than you can stay solvent. In other words, he is saying what I have been saying for so long. The behavior of the financial markets has become completely divorced from economic reality, and at some point there is going to be a massive correction. So why would the head of the central bank of the world choose this moment to issue such a chilling warning? Does he know something that the rest of us do not? According to a recent article in the Telegraphby Ambrose Evans-Pritchard, Caruana is extremely concerned about rising debt levels and the current level of euphoria in the financial markets Markets seem to be considering only a very narrow spectrum of potential outcomes. They have become convinced that monetary conditions will remain easy for a very long time, and may be taking more assurance than central banks wish to give, he told The Telegraph. Mr Caruana said the international system is in many ways more fragile than it was in the build-up to the Lehman crisis. Debt ratios in the developed economies have risen by 20 percentage points to 275pc of GDP since then. And you know what? Caruana is certainly correct to be warning us about these things. As I have written about previously, the total amount of government debt in the world has grown by about 40 percent since the last recession, and the too big to fail banks have collectively gotten 37 percent larger since that time. The U.S. national debt has grown from about 10 trillion dollars trillion dollarsto more than 17.5 trillion dollars, and even the Bank for International Settlements admits that the global derivatives bubble has grown to at least710 trillion dollars. The massive financial imbalances that we were facing during the last crisis have not been fixed. Instead, they have gotten much, much worse. But should we trust the Bank for International Settlements? Of course not. This is a very secretive organization that very few people know about but that possesses absolutely enormous power. The following is a brief overview of the Bank for International Settlements from one of my previous articles entitled Who Controls The Money? An Unelected, Unaccountable Central Bank Of The World Secretly Does The role that the Bank for International Settlements is playing today was envisioned by the global elite long ago. In another previous article, I quoted from a book that Georgetown University history professor Carroll Quigley wrote in 1975 entitled Tragedy Hope in which he discussed how the BIS was to one day become the apex of the global financial system. And it is interesting to note that Professor Quigley was not against the system that the elite were setting up. He was just an academic that was trying to accurately convey what he had learned about how the global system works. Sadly, the system that Quigley wrote about all the way back in 1975 has fully blossomed today. Every two months, the central bankers of the world travel to Switzerland for Global Economy Meetings in Basel. Most people have never heard of them, but these Global Economy Meetings were actually discussed in the Wall Street Journal So how do you feel about the fact that the central bankers of the world regularly gather to plot their next moves for the global economy? Should an unelected group of central bankers that has no accountability to any national government really have so much power? Please feel free to share what you think by posting a comment below This article first appeared here at the Economic Collapse Blog. Michael Snyder is a writer, speaker and activist who writes and edits his own blogs The American Dream and Economic Collapse Blog. Follow him on Twitter here. 