OECD Economist: We're In 'Epic' Situation Worse Than 2007

William White, the chairman of the Organization for Economic Cooperation and Development (OECD) and former chief economist of the Bank for International Settlements, believes that global financial markets are now much worse off than they were prior to the Financial Crisis. According to White, the world has already exhausted all of its economic ammunition and must face the coming downturn empty-handed.

“The only question is whether we are able to look reality in the eye and face what is coming in an orderly fashion, or whether it will be disorderly,” White said.

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White was one of few who loudly voiced concerns about the potential for a violent global economic downturn between 2005 and 2008.

White added that the world will not be able to look to emerging markets for help this time. “Emerging markets were part of the solution after the Lehman crisis. Now they are part of the problem too,” he said.

Oil and other commodities continue to weigh on global markets in 2016. The S&P 500 is already down 7.9 percent year-to-date, while the United States Oil Fund LP (ETF) USO has plummeted 24.2 percent so far in January.

Disclosure: the author holds no position in the stocks mentioned.