(((Whoa, it's field day over at "Global Guerrillas," although actual global guerrillas don't seem to me to have a whole lot to do with today's financial panics. Unless you want to reclassify panicky, self-terrorizing bear speculators as "terrorists,"
which, now that I think about it, actually makes a certain paradigmatic sense.)))
http://globalguerrillas.typepad.com/globalguerrillas/2008/09/financial-meltd.html
Link: Global Guerrillas: FINANCIAL MELTDOWN.
FINANCIAL MELTDOWN
"As anticipated, the global financial system is now in free-fall. The bankruptcy of Lehman, the government take-over of Fannie/Freddie (essentially, a gov't takeover of the entire US mortgage market), the fire sale of Merrill Lynch (moments before it too went into free-fall), the expansion of Federal Reserve emergency lending into securities (which codifies its position as the only source of capital for big financial firms), the looming failure of AIG (the world's biggest insurance company), the impending failure of Washington Mutual (which will deplete the entire FDIC fund in one whack) all point to tougher times ahead.
The easily foreseen failure in the US/UK mortgage markets due to rampant corruption has now developed into a financial black swan that due to entanglements (connectivity), opacity, size, speed, and complexity is beyond the capacity of the US (and its allies) to control. It will get worse as the run on the massive (30 times larger than the US economy) shadow banking system begins in earnest.
To many, this developing situation will be uncharted territory. However, for those of us that have already embraced the trend lines, the roadmap for the next decade is increasingly clear.... (((And, no, you don't even wanna look. But you kinda have to.)))
