From the always fantastic James Kunstler,
" Knees knocked last week from sea to shining sea as the shape-shifting monster of economic reality cut a swathe of destruction through the markets and financial ranks. The exact nature of this giant beast still remained largely concealed in a fog of accounting gambits, policy blusters, and reporting dodges, but a few intrepid scouts who glimpsed the behemoth up close said it looked like Godzilla with Herbert Hoover's face.
...This is going to be a rough week. Fastening your seat belts may not be enough for this ride. Better superglue yourselves to the floorboards and pray for God's mercy." LINK
To put that in context, links below to the London Times and the New York Times.
"The combined losses of the London, Paris and Frankfurt markets alone amounted to more than $350 billion (£180 billion) — roughly the size of the combined economies of New Zealand, Hungary and Singapore"
"Amid fears that the United States may be in a recession, the decline in stock markets accelerated Tuesday morning as exchanges opened across Asia.
Markets in Tokyo, Hong Kong, Sydney all fell farther in the opening hours of trading Tuesday than they had all day on Monday. The Hong Kong market plunged another 8 percent by early afternoon after tumbling 5.49 percent on Monday. In Tokyo, the Nikkei dropped 5 percent, hitting a low not seen since September 2005 and facing its worst two-day drop in 17 years on concern global growth is faltering."
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