2010: Giant Gathering Storm Clouds
The blind, the deficient, and the compromised fail to fully appreciate and detect the meaning of the Dubai debt default or the Iceland financial failure. They actually believe these busts have been dealt with by the very strength of the capitalist system. These default failures signify a continuation of the credit market crisis that never went away.
This will be the year of magnificent crises that change the face of the global financial structures. Debt will be dumped like a broken Vegas gambler. Paper money will be discarded like yesterday's newspaper.
Read the rest of the article for all the good news and predictions for 2010. Happy New Year!
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2 comments:
How I would solve the financial crisis:
http://vimeo.com/5336882
I was curious and did a search on bank runs. Surprisingly there are not many articles. I do think that the strategic mortgage default would also fall into this catagory. You might be interested in my blog http://americaforfairbanking.blogspot.com I don't write on it as often but try to find articles that may be of interest. Another interesting blog is called I hate Chase Bank. Do I think there will be a bank run? Probably not so much as a change in consumer habits. I could be wrong - fear can sometimes have more powerful consequences than anger and right now many Americans are still in the anger stage. Do I hope for it? No, but I do feel consumers should view their bank as any other service provider and if they don't get good service move somewhere else.
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