This weekend, whilst most of us were keeping an eye on developments with Hurricane Ike, there was what some descried as a “Force 10 Financial Hurricane” blasting the global financial system. One of the biggest investment banks in the world – Lehman Brothers – has collapsed (filed for bankruptcy). These are profoundly dangerous times for the world economy.
Their predictions and warning have been getting more and more accurate.
In the light of the collapse of Lehman brothers today and bailouts of other massive banks and mortgage companies, they are now declaring that this is it.
Editors Note: We’re at Impact
Over the last 12 months there have been a number of times when informed people thought “this is it.” Well if today and this past weekend aren’t “it”, I don’t know what is. We now have multiple large banks fighting for their lives and a 10 day disruption in gasoline supplies coming out of the Gulf Coast, both on the heels of the government nationalizing $5 trillion in mortgages and the Big three about to let it known that they’re going to need government bailouts as well. And that’s before we even get to the crisis in Georgia over the BTC pipeline, the war in Nigeria MEND declared, or the rapidly collapsing climate
This could be a very interesting week.