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"William White, a former chief economist of the Bank for International 
Settlements (BIS), the central bankers club, who now chairs the OECD’s review 
committee warned that central bankers had “used up all their ammunition”.

“The situation is worse than it was in 2007. Our macroeconomic ammunition to 
fight downturns is essentially all used up. Debts have continued to build up 
over the last eight years and they have reached such levels in every part of 
the world that they have become a potent cause for mischief,” he said on the 
eve of the event."


http://www.theguardian.com/business/2016/jan/20/investors-run-cover-repeat-of-2008-financial-crash-davos-bear-markets



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