"We face extreme danger. Unless there is immediate intervention on every front by all the major powers acting in concert, we risk a disintegration of global finance within days. Nobody will be spared, unless they own gold bars.
...During the past week, we have tipped over the edge, into the middle of the abyss. Systemic collapse is in full train. The Netherlands has just rushed through a second, more sweeping nationalisation of Fortis. Ireland and Greece have had to rescue all their banks. Iceland is facing an Argentine denouement.
The US commercial paper market is closed. It shrank $95bn last week, and has lost $208bn in three weeks. The interbank lending market has seized up. There are almost no bids. It is a ghost market. Healthy companies cannot roll over debt. Some will have to sack staff today to stave off default.
...We are fast approaching the point of no return. The only way out of this calamitous descent is “shock and awe” on a global scale, and even that may not be enough.
Drastic rate cuts would be a good start. Central bankers still paralysed by a misplaced fear of inflation – whether in Europe, Britain, or the US – have become a public menace and should be held to severe account by our democracies. The imminent and massive danger is now self-feeding debt deflation.
The lesson of the 1930s is that any country trying to reflate in isolation will be punished. The crisis will ricochet from one economy to another until every one is crippled. We are seeing it play again in this drama as our leaders fail to rise above their narrow, parochial agendas." LINK
Even more dramatic than Ambrose Evans-Pritchard 's semi-hysterical editorial are the comments left by readers, which are entertaininly insane and also kind of worrisome at the same time.
"Barack Obama brings to the Youth of America Hope and for America and the World, Peace and economic Prosperity. Just believe in Him and follow His teachings. A warning to those who go against Him, you will be cast away. "
"there will be martial law in the usa soon. the illuminati has planned it for years, but the yanks i have been talking to willfight to the death you evil bastards.the nwo will fail bush, cheney etc you have been warned"
"This is the beginning of the End Times. Just wait and see. The "solution" to this problem will be global governance and an end to money as we know it. If you don't take the mark, you will not be able to buy or sell."
Damn, I'm glad my fellow world citizens are so level-headed and reasonable. This should all work out fine.
Um, yeah, we're screwed.
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