Chickens ...A generalised run on the banking system has been a source of fear for the first time in seven decades, while the shadow banking system — broker-dealers, non-bank mortgage lenders, structured investment vehicles and conduits, hedge funds, money market funds, and private equity firms — are at risk of a run on their short-term liabilities.
On the real economic side, all the advanced economies — representing 55 per cent of global GDP — entered a recession even before the massive financial shocks that started in late summer. So we now have recession, a severe financial crisis, and a severe banking crisis in the advanced economies.
Have come home to roost.
The non-G8 countries have the most to lose. We need a 3rd World Mr.Fixit. Where is he? We need to have a 3rd currency bloc and privatization of gold. Third world economies must move to secure long term prosperity for their citizens by privatizing gold.
Governments should stop crowding the gold markets and raise prices - or try nationalizing gold to depress prices.
Announcement
The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping - and unprepared. But, not 2ndlook - who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.
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