A warning we're headed for another financial crisis.

  Researcher and author John Horvat says the Bank of International Settlement 2014 report warns that the international economic climate is more fragile and more volatile than it was leading up to the economic collapse.  The report says the same signs are back again...huge debt levels and new asset bubbles.

    It says developed nations debt ratios are as high as 275 percent of GNP and emerging economies like China, Brazil, Turkey and others are driving up debt in private credit booms.

     He calls it a moral problem, that people care only about short term profits and care nothing about the consequences to the future.

   Horvat says low interest rates are contributing to the problem, letting investors use cheap money for risky investments, and adds consumers aren't helping by spending money they don't have.   He says banks don't have the capitol they should have, and companies aren't adding to production, they're using their cash for buy back their stock and for mergers, adding those things put on a good show but do little for the economy.  

  He says we've forgotten the lessons from the economic collapse, and we're up to the same old tricks, and advises investors to be cautious.

  Horvath will be at the Barnes and Noble in Coral Gables signing his book "Return to Order" Saturday August 9th.    

Photo credit: 2010 Getty Images