Why is it that Headline writers are masters of understatements. Certainly there is stronger language at hand that could better convey the gravity of this crisis. This is a situation that was crafted on the hope that all the problems would be worked out along the way. Sounds like a shot-gun marriage - doesn't it?.
Anyway we recommend you read George Sorro's speech from "Festival of Economics" ( no we are not kidding - that's its real name) His talk provides a detailed perspective along a past, present and future outlook outline. Draw your own conclusions, but we still believe there are no one-eyed kings to lead the way out of this mess. And there was never even an exit strategy apparently defined by it originators. Masters of the Universe strike once more.
If you cannot find a copy, email or tweet me, and I will send it to you. It is a insightful narrative from this guru of finance.
Dr Peter G Kinesa
November 23, 2012