Sunday, June 29, 2008

American Financial Fiasco Could Take Down World Economy,,,

Source: Belleville Intelligencer - Ontario, CA

American financial fiasco could take down world economy

Triple warnings this past week: the Royal Bank of Scotland fears a steep fall in the world stock market; the bank of all banks in the world, the BIS, Bank of International Settlements, in
Switzerland, said that a worldwide depression is now a distinct possibility; Morgan Stanley, a leading American Investment firm,
signaled similar pessimistic messages.

So what's happening out there? Frankly, all financial institutions are in deep trouble, and the reason is the American dollar. The situation is so dire that it's not going to make a hoot of difference who becomes the next president of the United States: it's beyond the power of the rulers of the American political and economic system to curtail severe damage to its entire economic enterprise. Neither Obama nor McCain can do anything to stem the disaster that will be fully employed by the end of this year.

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