Time to get serious: France's President Sarkozy, US President Obama, German Chancellor Merkel and Britain's Prime Minister David Cameron Photo: REUTERSAn Entire System Of Global Trade Is At Risk -- The Telegraph
Next month’s G20 summit must go beyond the usual rhetoric. Confidence in the eurozone’s banking system has to be restored through recapitalisation of its banks.
Sir Mervyn King, the Governor of the Bank of England, this week called the current financial crisis “the most serious… since the 1930s, if ever”, in justification for a further £75 billion of “quantitative easing”. Since Sir Mervyn cited the chaos of the inter-war years, it seems appropriate to quote Winston Churchill: “Want of foresight, unwillingness to act when action would be simple and effective, lack of clear thinking, confusions of counsel, until the emergency comes, until self-preservation strikes its jarring gong – these are the features that constitute the endless repetition of history.”
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My Comment: Should be surprised that we are repeating 2008 .... no. Governments have an addiction to spend .... especially to their own special interest groups. In a time when budgets should have been tightened up and spending controlled .... governments continued business as normal without realizing that business cannot return to normal until our debts are under control. Sighhh .... governments and our banking institutions should have tightened up .... but in the end .... expect this for Europe ... .and this for the U.S. .... and global trade will be the poorer for it.
Update: IMF advisor: 'In The Absence Of A Credible Plan We Will Have A Global Financial Meltdown In Two To Three Weeks' -- American Thinker