Galbally;1014773 wrote: Yes, its starting to look like the real panic is setting in, they may be faced with having to suspend trading in the states completely over the weekend. I know there is an IMF meeting over the weekend, and like I said there will be talk of establishing a new global monetary system to replace the now defunct Bretton Woods one. However, thats still going to take years, and a lot of this problem is not actually monetary, its systemactic failure of global capital markets. I also have to add that systematic failure is part and parcel of capitalism, as are huge crashes. So in that sense its not that Capitalism has failed, its just gone into one of its cyclical nosedives, but boy this is a bad one now, may end up being worse than 1929, but hopefully not.
I dunno, we are still only at the start of what is going to be a very long process and in that "phoney war" phase, I think the repercussions politically and economically around the globe are going to extraordinarily serious over the coming months and years, but because this is so big, its impossible to say what they are going to be. What we do know is that the world order we knew has just changed, pretty abruptly.
Gee thanks Gal - I go away for a weekend's music and I come back to find this.
From all happy and relaxed to here we go again will I have a job in the morning in two seconds flat
